受金融板块下跌拖累，富时MIB指数周三下跌0.4%，收于41907点。忠利股价下跌2.9%，此前公布了几项投资组合调整，包括减少对Netflix（-9.2%）和可口可乐（-9.7%）的持股，同时增加对蓝猫头鹰资本和高盛的头寸。联合圣保罗银行股价下跌1.6%，因其与第一银行的合并进入最后阶段，预计将于10月31日完成，等待监管机构的最终批准。其他主要银行也下跌，Banca Popolare di Sondrio下跌3.1%，BPER下跌3.0%。法国巴黎银行证券公司将Nexi股票评级下调至中性，并将其目标价下调至5.30欧元，原因是银行BPM（-2.8%）和建行的去迁移以及北欧客户业务的重新外包等特殊事件，Nexi股价下跌5.4%。莱昂纳多下跌超过4%，因中东地缘政治紧张局势缓解拖累国防股，而汽车制造商表现出色，法拉利上涨2.9%，Stellantis上涨3.2%。

The FTSE MIB fell 0.4% to close at 41,907 on Wednesday, dragged down by losses in the financial sector. Generali dropped 2.9% after disclosing several portfolio adjustments, including reducing its holdings in Netflix (-9.2%) and Coca-Cola (-9.7%) while increasing positions in Blue Owl Capital and Goldman Sachs. Intesa Sanpaolo fell 1.6% as its merger with First Bank entered the final phase, with completion expected by October 31 pending final regulatory approval. Other major banks also retreated, with Banca Popolare di Sondrio down 3.1% and BPER 3.0%. Nexi tumbled 5.4% after BNP Paribas Exane downgraded the stock to Neutral and cut its target price to EUR 5.30, citing extraordinary events such as the de-migration of Banco BPM (-2.8%) and CCB, and the re-insourcing of a Nordic client’s operations. Leonardo declined over 4% as easing geopolitical tensions in the Middle East weighed on defense stocks, while automakers outperformed, with Ferrari up 2.9% and Stellantis 3.2%.

意大利10年期英国国债收益率降至3.4%，为2024年12月以来的最低水平，这得益于意大利财政措施和美联储降息押注的增加。意大利政府计划向银行和保险公司征收35亿欧元的税，以帮助为2026-2028年的预算提供资金，预计这些措施将使预算赤字从2025年占GDP的3.3%降至2026年的2.8%。 与此同时，美联储主席杰罗姆·鲍威尔强调了美国劳动力市场的疲软，强化了本月再次降息的预期。投资者也在密切关注美中贸易争端和法国政治局势的发展。周二，在北京拒绝增加对美国大豆的购买后，特朗普总统威胁要对中国实施食用油禁运。此外，法国暂停养老金改革缓解了政治不确定性，社会党排除了不信任投票的可能性。

Yields on Italy’s 10-year BTPs fell to 3.4%, the lowest since December 2024, supported by Italian fiscal measures and rising bets on Federal Reserve rate cuts. The Italian government plans a €3.5 billion levy on banks and insurers to help fund its 2026–2028 budget, measures expected to trim the budget deficit from 3.3% of GDP in 2025 to 2.8% in 2026. Meanwhile, Federal Reserve Chair Jerome Powell highlighted weakness in the US labor market, reinforcing expectations for another rate cut this month. Investors were also keeping a close eye on developments in the US–China trade dispute and the political situation in France. On Tuesday, President Trump threatened a cooking oil embargo on China after Beijing declined to increase purchases of US soybeans. Also, France’s suspension of pension reform eased political uncertainty, with the Socialist Party ruling out a no-confidence vote.

富时MIB指数周三早盘上涨0.5%，至42270点左右，从五周多来的低点反弹，与大多数欧洲同行保持一致。法国高端巨头LVMH公布强劲盈利后，奢侈品股上涨，引发了人们对奢侈品需求下滑可能正在缓解的乐观情绪。Moncler在意大利奢侈品牌中领涨，涨幅超过8%，其次是Brunello Cucinelli和法拉利，涨幅均超过2%。其他值得注意的上涨股包括联合信贷银行（+1%）、Stellantis（+2.8%）、Davide Campari Milano（+2.5%）、Buzzi Unicem（+2.3%）和意大利电信（+3.7%）。不利的一面是，Leonardo（-2%）和Nexi（-4%）出现亏损，Nexi受到Marshall Wace大量空头头寸和Intermonte在第三季度业绩公布前下调目标价的压力。

The FTSE MIB rose 0.5% to around 42,270 in early trading on Wednesday, rebounding from a more than five-week low and moving in line with most of its European peers. The rise was driven by gains in luxury stocks after French premium giant LVMH posted strong earnings, sparking optimism that that the slump in luxury demand may be easing. Moncler led the advance among Italian luxury names, surging over 8%, followed by Brunello Cucinelli and Ferrari, both rising more than 2%. Additional notable gainers included UniCredit (+1%), Stellantis (+2.8%), Davide Campari-Milano (+2.5%), Buzzi Unicem (+2.3%), and Telecom Italia (+3.7%). On the downside, Leonardo (-2%) and Nexi (-4%) posted losses, with Nexi pressured by a large short position from Marshall Wace and a target price cut by Intermonte ahead of third-quarter results.

根据本次政府债券到期的场外银行间收益率报价，意大利10年期债券收益率降至3.4以下。

Italy 10Y Bond Yield decreased below 3.4, according to over-the-counter interbank yield quotes for this government bond maturity.