富时MIB周二扭转早盘跌幅，收于36240点，上涨0.7%，受美国股市广泛反弹和复活节假期后美元走软提振欧洲市场的提振。意大利的基准表现优于其他国家，金融和汽车行业领涨。随着投资者重新转向银行股，联合圣保罗银行和BPER银行股价上涨超过1%。Enel和Eni等能源公司股价上涨超过1%，反映出油价走强，尽管交易员继续关注美中关税谈判和特朗普总统对美联储主席杰罗姆·鲍威尔的再次攻击。不利的一面是，意大利监管机构对其Banco BPM的收购施加了新的条件后，联合信贷银行下跌2.8%。

The FTSE MIB reversed early losses to close 0.7% higher at 36,240 on Tuesday, buoyed by a broad rebound in U.S. equities and a softer dollar that lifted European markets following the Easter break. Italy’s benchmark outperformed alongside, led by financials and autos. Intesa Sanpaolo and BPER Banca jumped over 1% as investors rotated back into bank stocks. Energy names such as Enel and Eni rose more than 1%, reflecting firmer oil prices, even as traders continued to monitor U.S.–China tariff talks and President Trump’s renewed attacks on Fed Chair Jerome Powell. On the downside, UniCredit slipped 2.8% after Italian regulators imposed new conditions on its Banco BPM bid.

周二早盘，富时MIB指数跌至约35700点，与地区同行保持一致，因为投资者在经济不确定性上升的情况下谨慎度假归来。在特朗普总统再次批评美联储主席杰罗姆·鲍威尔之后，市场正在密切关注事态发展，这增加了美联储降息的压力，并重新引发了人们对其独立性的担忧。与此同时，美国和其他国家之间关于关税的贸易谈判正在进行中。在个股中，跌幅最大的包括Stellantis，跌幅超过11%，普睿司曼下跌超过5%，Banca Mediolanum下跌超过6%，联合信贷下跌超过3%。

The FTSE MIB fell to around 35,700 in early trading on Tuesday, aligning with regional peers as investors returned from a holiday break with caution prevailing amid rising economic uncertainty. Markets are closely watching developments following President Trump’s renewed criticism of Fed Chair Jerome Powell, which has increased pressure on the central bank to cut interest rates and reignited concerns about its independence. Meanwhile, trade negotiations between the US and other nations on tariffs are ongoing. Among individual stocks, top laggards included Stellantis, down over 11%, Prysmian losing more than 5%, Banca Mediolanum falling over 6%, and UniCredit declining more than 3%.

意大利10年期BTP收益率稳定在3.645%，接近七周低点，因为投资者权衡了各国央行的新信号和美国的政治风险。在特朗普总统和NEC董事哈塞特暗示可能罢免美联储主席鲍威尔后，人们对美联储独立性的担忧加剧，引发了人们对美国货币政策受到政治干预的担忧。与此同时，欧洲央行按预期将存款利率下调25个基点至2.25%，为2023年初以来的最低水平。该行还从声明中删除了“限制性”一词，并警告称，由于贸易紧张局势，经济前景将恶化。市场目前预计欧洲央行今年将再降息三次。

The yield on the Italian 10-year BTP held steady at 3.645%, near a seven-week low, as investors weighed fresh signals from central banks and political risks in the US. Concerns over the Fed’s independence flared after President Trump and NEC Director Hassett hinted at possibly removing Fed Chair Powell, raising fears of political interference in US monetary policy. Meanwhile, the ECB cut its deposit rate by 25bps to 2.25% as expected, marking the lowest level since early 2023. The bank also dropped the term “restrictive” from its statement and warned of a worsening economic outlook due to trade tensions. Markets are now pricing in three more ECB rate cuts this year.

意大利在2025年2月公布了44.66亿欧元的贸易顺差，与去年同期的60亿欧元顺差相比有所收窄，年进口额大幅增长。进口额每年增长4.1%，达到493.25亿欧元，受外国天然气购买量激增39.6%的推动，意大利电力需求有所增长，而由于年初乌克兰停止供应导致供应不确定，价格上涨。外国购买的食品和饮料（8.2%）、药品（21%）和运输货物也有所增加。反过来，出口每年增长0.8%，达到537.91亿欧元，这是由于药品（31.2%）、除汽车外的运输产品（9.6%）和体育用品（6.5%）的销售额增长抵消了汽车（-11.5%）、机械（-11.5%）以及焦炭和精炼石油化学品（-25.8%）的下降。

Italy posted a trade surplus of €4.466 billion in February of 2025, narrowing from the €6.000 billion surplus in the corresponding period of the previous year amid a jump in annual import turnover. Imports rose by 4.1% annually to €49.325 billion, lifted by a 39.6% surge in foreign purchases of natural gas, amid some traction in Italian power demand while uncertain supply due to the halt of flows from Ukraine at the turn of the year raised prices. Foreign purchases also rose for food and beverages (8.2%), pharmaceutical articles (21%), and transportation goods. In turn, exports grew by a softer 0.8% annually to €53.791 billion, as increased sales of pharmaceutical goods (31.2%), transportation goods excluding autos (9.6%) and sporting goods (6.5%) offset declines in cars (-11.5%), machinery (-11.5%), and coke and refined petroleum chemicals (-25.8%).