富时MIB指数微跌0.2%，收于40600点，因市场评估了欧洲贸易前景、欧洲央行政策和悲观的盈利结果。欧洲央行保持利率不变，正如预期的那样，拉加德总统指出，欧元区经济仍然具有弹性，这促使市场减少了今年降息的赌注。一年多来首次暂停宽松周期。与此同时，两名欧盟外交官周三表示，与美国的贸易谈判正朝着15%的关税趋同，这反映了美日框架，并减少了早些时候30%关税的威胁。在企业方面，意法半导体在十多年来首次出现季度亏损后暴跌超过16%。Moncler下降了近6%，销售额下降了2%，受旅游活动疲软的影响，尤其是在欧洲、中东和非洲地区和日本。

The FTSE MIB edged down 0.2% to close at 40,600 as markets assessed the outlook for European trade, the ECB's policy, and pessimistic earnings results. The ECB held its rates unchanged as expected and President Lagarde noted that the Eurozone's economy remains resilient, driving markets to pare bets of rate cuts this year. pausing its easing cycle for the first time in over a year. In the meantime, two EU diplomats said Wednesday that trade talks with the US are converging toward a 15% tariff, mirroring the US-Japan framework and reducing the threats of 30% tariffs from earlier. On the corporate front, STMicroelectronics plunged over 16% after posting its first quarterly loss in more than a decade. Moncler dropped nearly 6% as sales declined by 2%, hurt by weaker tourist activity, especially in EMEA and Japan.

意大利10年期债券收益率升至3.55%大关，此前欧洲央行在过去一年连续八次降息后，于周四选择保持利率不变。欧洲央行表示将采取谨慎态度，选择在欧盟和特朗普政府正在进行的贸易谈判中等待并评估情况，8月1日的最后期限即将到来。据报道，欧盟和美国即将达成协议，对某些欧洲商品征收15%的关税，同时取消其他商品。在货币市场，投资者已经完全消化了到12月降息25个基点的预期，9月降息的可能性接近50%。在经济方面，PMI数据显示，7月份欧元区私营部门活动加速至11个月高点，略高于市场预期。

Italy's 10-year bond yield rose toward the 3.55% mark, after the European Central Bank opted to keep interest rates unchanged on Thursday, following eight consecutive cuts over the past year. The ECB signaled a cautious approach, choosing to wait and assess conditions amid ongoing trade negotiations between the EU and the Trump administration, with an August 1 deadline approaching. According to reports, the EU and US are close to reaching an agreement that would introduce 15% tariffs on certain European goods while eliminating others. In the money markets, investors have fully priced in a 25-basis-point rate cut by December, with nearly a 50% chance of it arriving as soon as September. On the economic front, flash PMI data showed Eurozone private sector activity accelerating to an 11-month high in July, slightly beating market expectations.

意大利10年期债券收益率微涨至3.52%，市场对贸易谈判重新持乐观态度，并预计欧洲央行即将做出政策决定。有报道称，欧盟和美国即将达成协议，对部分欧洲进口商品征收15%的关税，同时取消其他进口商品。人们普遍预计，欧洲央行在连续八次降息后将保持利率不变，因为政策制定者正在权衡持续的贸易不确定性、欧元坚挺和通胀疲软。货币市场完全预计到12月将降息25个基点，最早在9月降息的可能性几乎相等。在经济方面，PMI数据显示，7月份欧元区私营部门活动加速至11个月高点，略高于市场预期。

Italy's 10-year bond yield inched up to 3.52%, amid renewed optimism over trade talks and in anticipation of the European Central Bank’s upcoming policy decision. Reports suggest the EU and US are close to reaching an agreement that would impose 15% tariffs on select European imports while removing others. The ECB is widely expected to keep rates unchanged following eight consecutive cuts, as policymakers weigh ongoing trade uncertainty, a firm euro, and subdued inflation. Money markets are fully pricing in a 25-basis-point cut by December, with nearly even odds of it occurring as early as September. On the economic front, flash PMI data showed Eurozone private sector activity accelerating to an 11-month high in July, slightly beating market expectations.

周四，富时MIB指数继续下跌至40300点，表现不如地区同行，因为疲软的企业盈利抑制了市场情绪。意法半导体公布第二季度亏损，这是十多年来的首次亏损，由于重组成本而低于预期，股价暴跌11%，有望成为2023年7月以来最糟糕的一天。Moncler股价下跌近4%，此前该公司报告称，按固定汇率计算，第二季度收入下降1%，受欧洲和日本游客支出疲软的影响。尽管第二季度收入增长10%，Saipem仍下跌0.3%，而Italgas在报告半年核心利润增长28%后上涨0.3%。在有报道称欧盟和美国即将达成协议，对特定进口商品征收15%的关税，同时取消对其他进口商品的关税后，贸易乐观情绪的恢复限制了损失。交易员们也在等待欧洲央行当天晚些时候的政策决定，在最近的降息之后，利率预计将保持稳定。涨幅最大的股票包括Stellantis（+9.1%）、Banca Generali（+2.9%）和Prysmian（+2.3%）。

The FTSE MIB extended its decline toward 40,300 on Thursday, underperforming regional peers as weak corporate earnings dampened sentiment. STMicroelectronics posted a second-quarter loss—its first in over a decade—missing expectations due to restructuring costs, with shares plunging 11%, on track for their worst day since July 2023. Moncler slid nearly 4% after reporting a 1% drop in Q2 revenue at constant exchange rates, hurt by weaker tourist spending in Europe and Japan. Saipem slipped 0.3% despite a 10% jump in Q2 revenue, while Italgas rose 0.3% after reporting a 28% increase in half-year core profit. Losses were limited by renewed trade optimism, following reports that the EU and US are nearing a deal to apply 15% tariffs on select imports while lifting duties on others. Traders also awaited the ECB’s policy decision later in the day, with rates expected to remain steady after recent cuts. Top gainers included Stellantis (+9.1%), Banca Generali (+2.9%), and Prysmian (+2.3%).