周四，富时MIB指数上涨0.4%，收于39943点，与欧洲市场的普遍涨幅一致。2025年，欧洲股市继续跑赢美国股市，投资者现在正在权衡是锁定利润还是在关键事件发生前保持敞口。随着7月9日最后期限的临近，焦点仍集中在美欧贸易谈判上。特朗普总统警告称，如果不能达成协议，将对欧盟进口商品征收50%的关税。欧盟贸易专员MarošŠefcovic本周将在华盛顿与美国官员会面，寻求达成一项基本协议，将复杂的行业谈判留待稍后进行。在企业方面，意法半导体领涨2.3%，此前美国取消了对中国芯片设计软件的出口限制。意大利电信（+2.1%）、Unipol（+1.4%）和Finecobank（+1.2%）也表现强劲。下跌方面，A2A（-1.1%）、Diasorin（-1.0%）、Nexi（-0.9%）和Moncler（-0.8%）下跌。

The FTSE MIB rose 0.4% on Thursday to close at 39,943, in line with broad gains across European markets. European equities continue to outperform their US peers in 2025, with investors now weighing whether to lock in profits or stay exposed ahead of key events. Focus remains on US-EU trade talks as the July 9 deadline nears. President Trump has warned of 50% tariffs on EU imports if no agreement is reached. EU Trade Commissioner Maroš Šefcovic will meet with US officials in Washington this week to seek a basic deal, leaving complex sector negotiations for later. On the corporate front, STMicroelectronics led the gains with a 2.3% jump after the US lifted export curbs on chip design software to China. Strong performances were also seen from Telecom Italia (+2.1%), Unipol (+1.4%), and Finecobank (+1.2%). On the downside, A2A (-1.1%), Diasorin (-1.0%), Nexi (-0.9%), and Moncler (-0.8%) declined.

意大利10年期政府债券收益率从早些时候的下跌中恢复，徘徊在3.5%左右，因为投资者消化了强于预期的美国就业报告、最近的贸易发展、对英国公共财政的担忧以及欧洲央行倾向于继续采取宽松政策立场的信号。美国经济在6月份增加了14.7万个工作岗位，超过了11万个的预测，而失业率意外降至4.1%，提振了对美联储降息的预期。与此同时，欧盟表示愿意与美国达成贸易协议，但也为在特朗普总统7月9日的最后期限之前无法达成协议的可能性做好了准备。在货币政策方面，市场目前预计欧洲央行在年底前只会再降息一次，因为在对全球贸易紧张局势、中东不稳定以及欧元最近升值的持续担忧中，官员们保持着谨慎的观望态度。

Italy’s 10-year government bond yield recovered from earlier losses to hover around 3.5%, as investors digested a stronger-than-expected US jobs report, recent trade developments, concerns over UK public finances, and signals from the ECB favoring a continued accommodative policy stance. The US economy added 147,000 jobs in June, surpassing forecasts of 110,000, while the unemployment rate unexpectedly dropped to 4.1%, bolstering expectations for Federal Reserve rate cuts. Meanwhile, the EU expressed readiness for a trade deal with the US but also prepared for the possibility that no agreement will be reached before President Trump’s July 9 deadline. On the monetary policy front, markets now anticipate only one more ECB rate cut before the end of the year, as officials maintain a cautious, wait-and-see approach amid ongoing concerns about global trade tensions, instability in the Middle East, and the euro’s recent appreciation.

周四，富时MIB指数下跌0.4%，至39620点左右，扭转了前一交易日的一些涨幅，表现不如欧洲同行，受金融股下跌的拖累。与此同时，投资者仍关注贸易发展，有消息显示，美国取消了对中国的某些芯片设计出口限制，这是缓和紧张局势和可能达成贸易休战的另一个迹象。在交易所，联合信贷银行和锡耶纳银行领跌，均下跌约1%，其次是联合圣保罗银行（-0.5%）、Bper Banca银行（-0.7%）和Banca Mediolanum银行（-0.4%）。半导体板块的上涨部分抵消了这些损失，意法半导体上涨了1%以上。在数据方面，一项新的PMI调查显示，意大利私营部门和服务业的扩张速度均为3月以来的最低水平。

The FTSE MIB fell 0.4% to around 39,620 on Thursday, reversing some of the previous session’s gains and underperforming its European peers, weighed down by losses in financial stocks. Meanwhile, investors remained focused on trade developments, with news showing that the US lifted certain chip design export restrictions on China—another sign of easing tensions and a possible trade truce. On the bourse, declines were led by UniCredit and Banca Monte dei Paschi di Siena, both down around 1%, followed by Intesa Sanpaolo (-0.5%), Bper Banca (-0.7%), and Banca Mediolanum (-0.4%). These losses were partly offset by gains in the semiconductor sector, with STMicroelectronics advancing more than 1%. On the data front, a fresh PMI survey showed that both the Italian private sector and services sector expanded at their weakest pace since March.

HCOB意大利服务业采购经理人指数从5月份的近一年高点53.2降至2025年6月的52.1，低于市场预测的52.7。虽然这标志着连续第七个月的扩张，但这是自3月以来最疲软的。在新服务推出和客户获胜的支持下，产量和新订单继续以高于平均水平的速度增长，但势头有所减弱。由于欧洲主要市场需求下降和全球贸易紧张局势，出口销售额以五个月来最快的速度下降。在工资上涨以及能源和原材料价格上涨的推动下，投入成本压力也加剧了。尽管如此，公司在转嫁成本方面表现出克制，销售价格以较低的速度上涨。从好的方面来看，就业人数连续第五个月上升，创造就业机会的速度是一年来最快的，这有助于进一步减少积压。最后，由于新客户的引入和对更稳定市场条件的希望，公司对未来12个月的活动仍然持乐观态度。

The HCOB Italy Services PMI fell to 52.1 in June 2025 from May’s near one-year high of 53.2, below market forecasts of 52.7. While it marked the seventh straight month of expansion, it was the weakest since March. Output and new orders continued to grow at above-average rates, supported by new service launches and client wins, but the momentum softened. Export sales dropped at the fastest pace in five months amid waning demand from key European markets and global trade tensions. Input cost pressures also intensified, driven by higher wages and rising energy and raw material prices. Despite this, firms showed restraint in passing on costs, with selling prices rising at a softer rate. On a brighter note, employment rose for a fifth month, with the rate of job creation the fastest in a year, contributing to a further drop in backlogs. Lastly, firms remained optimistic about activity over the next 12 months, buoyed by new client introductions and hopes for more stable market conditions.