周五，富时MIB指数跌至40260左右，放弃了前一交易日的一些涨幅，因为投资者对全球贸易发展保持谨慎。美国总统特朗普和中国国家主席Xi最近通了电话，双方同意重启贸易谈判，市场希望得到更多澄清。然而，缺乏具体结果使投资者情绪低落。交易员还关注即将发布的美国就业报告，以寻求进一步的方向。在欧洲，欧洲央行如预期般降息，但拉加德总统表示可能不会进一步降息，这表明宽松周期可能即将结束。在整个指数中，Leonardo、意法半导体和Stellantis是最大的输家，各自下跌超过1%。相比之下，Recordati领涨，涨幅超过2%。尽管周五有所下跌，该指数仍有望连续第二周上涨。

The FTSE MIB dropped to around 40,260 on Friday, giving up some gains from the previous session, as investors stayed cautious over global trade developments. Markets looked for more clarity after a recent phone call between US President Trump and China’s President Xi, where both leaders agreed to restart trade talks. However, the lack of concrete results kept investor sentiment muted. Traders also focused on the upcoming US jobs report for further direction. In Europe, the ECB cut interest rates as expected, but President Lagarde signaled that further rate cuts might not happen, indicating the easing cycle could be ending. Across the index, Leonardo, STMicroelectronics, and Stellantis were among the biggest losers, each falling more than 1%. In contrast, Recordati led the gainers, rising over 2%. Despite Friday’s dip, the index is on track for its second consecutive weekly gain.

在米兰，富时MIB指数周四上涨298点，涨幅0.74%。锡耶纳银行（3.18%）、Buzzi Unicem（2.83%）和Leonardo SpA（2.37%）领涨。跌幅最大的是Davide Campari Milano（-4.67%）、Moncler（-2.87%）和Italgas（-1.96%）。

In Milan, the FTSE MIB Index gained 298 points or 0.74 percent on Thursday. Gains were led by Banca Monte dei Paschi di Siena (3.18%), Buzzi Unicem (2.83%) and Leonardo SpA (2.37%). Biggest losers were Davide Campari-Milano (-4.67%), Moncler (-2.87%) and Italgas (-1.96%).

周四，意大利股市徘徊在40200点左右，此前欧洲央行将利率下调25个基点至2%，这是一年多来的第八次降息。随着通胀率目前接近2%的目标，以及各服务业的价格增长放缓，央行正将重点转移到欧元区疲软的增长上，而美国的关税威胁加剧了这一增长。欧元区政府债券上涨，意大利国债收益率下跌5个基点。欧洲央行还注意到公共支出增加的潜在支持。在国内方面，意大利4月份零售额有所增长，食品销售额价值增长1.3%，数量增长0.9%，非食品类商品也有所增长。在米兰，建筑类股上涨约1.9%，而原材料类股跌幅最大，下跌约1%。

The Italian stock market hovered around 40,200 on Thursday after the ECB cut rates by 25 basis points to 2%, its eighth cut in just over a year. With inflation now near the 2% target and price growth easing across services, the central bank is shifting its focus to weak eurozone growth, worsened by US tariff threats. Eurozone government bonds rallied, with Italian yields down five basis points. The ECB also noted the potential support from higher public spending. On the domestic front, Italian retail sales rose in April, with food sales up 1.3% in value and 0.9% in volume, and non-food goods also increasing. In Milan, construction stocks rose about 1.9%, while raw materials posted the largest drop, down arround 1%.

意大利10年期BTP收益率跌至3.45%，触及2月中旬以来的最低水平，此前欧洲央行决定按预期降息并下调2025年和2026年的通胀前景。欧洲央行现在预测，2025年和2026年的整体通胀率平均为2.0%和1.6%，均比3月份的预测低0.3个百分点，理由是能源价格假设降低和欧元走强。不包括能源和食品在内的核心通胀率预计将在2025年保持稳定在2.4%，在2026年和2027年分别保持1.9%。在经济增长方面，欧洲央行预计2025年GDP将增长0.9%，2026年增长1.1%，2027年增长1.3%。政策制定者表示，在工资压力缓解和企业利润帮助吸收成本增长的支持下，通货膨胀有望恢复到2%的中期目标。与此同时，克里斯蒂娜·拉加德总统表示，欧洲央行的宽松周期即将结束，这表明在今天的举措之后可能会暂停。

Italy’s 10-year BTP yield fell toward 3.45%, touching its lowest level since mid-February, following the European Central Bank’s decision to cut interest rates as expected and revise down its inflation outlook for 2025 and 2026. The ECB now forecasts headline inflation to average 2.0% in 2025 and 1.6% in 2026—both 0.3 percentage points lower than its March projections—citing reduced energy price assumptions and a stronger euro. Core inflation, which excludes energy and food, is projected to remain steady at 2.4% in 2025 and 1.9% in both 2026 and 2027. On the economic growth front, the ECB expects GDP to expand by 0.9% in 2025, 1.1% in 2026, and 1.3% in 2027. Policymakers indicated that inflation is on track to return to the 2% medium-term target, supported by easing wage pressures and corporate profits helping to absorb cost increases. Meanwhile, President Christine Lagarde stated that the ECB is nearing the end of its easing cycle, signaling that a pause could follow today’s move.