受联合圣保罗银行疲软业绩的压力，富时MIB指数周五小幅下跌至43175点。该银行公布2025年第三季度利润为23.7亿欧元，与去年同期基本持平后，该股下跌2.2%。尽管利润略高于预期，但营业收入下降了2.3%。意大利电信下跌2.3%，有报道称伊利亚特集团和CK和记黄埔正在考虑在意大利进行潜在合并，这将使市场减少到三大供应商。公用事业板块表现不佳，Enel下跌0.3%，Hera下跌1.9%，Terna下跌0.5%，Snam下跌0.6%。从好的方面来看，普睿司曼在第三季度业绩强劲后上调了2025年全年预期，收入同比增长9.2%，高于预期。Interpump上涨4.3%，此前Equita将其评级从“持有”上调至“买入”，预计其第三季度预览将恢复正的有机增长。联合信贷银行（UniCredit）股价上涨1.4%，此前该行将其在希腊阿尔法银行（Alpha Bank）的持股比例提高至约29.5%。

The FTSE MIB edged down to close at 43,175 on Friday, pressured by weak results from Intesa Sanpaolo. The stock lost 2.2% after the bank reported a Q3 2025 profit of EUR 2.37 billion, virtually unchanged from a year earlier. Although profits were slightly above expectations, operating revenues fell 2.3%. Telecom Italia slipped 2.3% amid reports that Iliad Group and CK Hutchison are considering a potential merger in Italy, which would reduce the market to three major providers. The utilities sector underperformed, with Enel down 0.3%, Hera 1.9%, Terna 0.5%, and Snam 0.6%. On the upside, Prysmian rose 2% after raising its full-year 2025 guidance following strong third-quarter results, with revenue up 9.2% year-on-year, above expectations. Interpump advanced 4.3% after Equita upgraded its rating to “Buy” from “Hold,” expecting a return to positive organic growth in its third-quarter preview. UniCredit gained 1.4% after raising its stake in Greece’s Alpha Bank to about 29.5%.

意大利10年期英国国债收益率稳定在3.4%，投资者在欧元区和美国央行的鹰派暗示与国内通胀急剧放缓之间取得了平衡。10月份的整体通胀率降至1.2%，为一年来最低，远低于1.6%的市场预期。与此同时，欧元区通胀率降至2.1%，与预测相符。早些时候的报告突显了意大利第三季度经济增长的意外停滞，这是由工业部门收缩和服务业停滞造成的，而失业率上升至6.1%，略高于预期的6%。在政策方面，欧洲央行连续第三次会议保持利率稳定，理由是通胀前景不变，而美联储今年第二次降息25个基点，主席杰罗姆·鲍威尔警告称，12月的进一步宽松“并非板上钉钉”

Italy’s 10-year BTP yield stabilized at 3.4% as investors balanced hawkish cues from both the Eurozone and US central banks against a sharp slowdown in domestic inflation. October’s headline inflation fell to 1.2%, the lowest in a year and well below market expectations of 1.6%. Meanwhile, Eurozone inflation eased to 2.1%, in line with forecasts. Earlier reports highlighted an unexpected stall in Italy’s Q3 economic growth, driven by a contraction in the industrial sector and stagnant services, while unemployment rose to 6.1%, slightly above the anticipated 6%. On the policy front, the ECB held interest rates steady for a third consecutive meeting, citing an unchanged inflation outlook, whereas the Fed cut rates by 25 basis points for the second time this year, with Chair Jerome Powell cautioning that further easing in December is “not a foregone conclusion.”

周四，由于宏观经济数据疲软和企业业绩悲观，富时MIB指数下跌超过0.6%，跌至43000点以下。尽管预计意大利经济将略有扩张，但第三季度经济停滞不前，而欧元区GDP的总体扩张增加了欧元区的借贷成本。欧洲央行将利率维持在2%，重申未来的举措将取决于数据，而无需预先承诺政策路径。Stellantis股价下跌超过9%，此前其第三季度盈利报告强调了外汇逆风和强劲收入的潜在一次性费用。尽管第三季度业绩强劲，普睿司曼仍下跌4%，反映出对未来挑战的担忧。Amplifon在报告调整后净利润下降27.7%至5.633亿欧元后下跌2%。从好的方面来看，Campari在报告有机息税前利润增长19.5%后飙升超过10%，几乎是预测的两倍。

The FTSE MIB fell over 0.6% to below the 43,000 mark on Thursday amid weak macroeconomic data and pessimistic corporate results. Italy’s economy stagnated in Q3 despite expectations of a slight expansion, while an aggregate GDP expansion for the Eurozone increased borrowing costs for the bloc. The ECB kept rates at 2%, reiterating that future moves will be data-dependent without pre-committing to a policy path. Stellantis slumped over 9% after its third quarter earnings report highlighted FX headwinds and potential one-off charges against strong revenues. Prysmian fell 4% despite robust Q3 results, reflecting concerns over future challenges. Amplifon lost 2% after reporting a 27.7% drop in adjusted net profit to €563.3 million. On the upside, Campari surged over 10% after reporting organic EBIT growth of 19.5%, nearly double forecasts.

意大利10年期国债收益率攀升至3.4%，为10月14日以来的最高水平，投资者消化了欧元区和美国央行的鹰派信号。欧洲央行连续第三次会议保持利率稳定，并指出通胀前景基本保持不变，而美联储今年第二次降息25个基点，主席杰罗姆·鲍威尔警告称，12月的进一步宽松“并非板上钉钉”。尽管收益率更高，但意大利的借贷成本在周四的拍卖中有所下降，财政部以3.46%的总收益率出售了45亿欧元的新10年期英国国债，该国债将于2036年2月到期，为2024年11月以来的最低水平。经济数据显示，意大利经济在第三季度意外停滞，受到工业部门收缩和服务业停滞的拖累，而失业率上升至6.1%，高于6%的预期。

Italy’s 10-year BTP yield climbed to 3.4%, its highest level since October 14, as investors digested hawkish signals from both the Eurozone and US central banks. The ECB held interest rates steady for a third consecutive meeting, noting that the inflation outlook remains broadly unchanged, while the Fed cut rates by 25 basis points for the second time this year, with Chair Jerome Powell cautioning that further easing in December is “not a foregone conclusion.” Despite higher yields, Italy’s borrowing costs fell at Thursday’s auctions, with the Treasury selling €4.5 billion of a new 10-year BTP maturing in February 2036 at a 3.46% gross yield, the lowest since November 2024. Economic data showed the Italian economy unexpectedly stalled in Q3, weighed down by a contraction in the industrial sector and stagnant services, while the unemployment rate rose to 6.1%, above expectations of 6%.