2025年7月，意大利的经常账户盈余从去年同期的59亿欧元增至87亿欧元。这标志着自2020年10月以来最大的经常账户盈余，这得益于商品账户（75亿欧元对2024年7月的64亿欧元）和服务账户（21亿欧元对19亿欧元）的更广泛盈余。此外，初级收入平衡从一年前的13亿欧元赤字转变为9亿欧元盈余。另一方面，次级收入赤字从11亿欧元扩大到18亿欧元。

Italy’s current account surplus rose to €8.7 billion in July 2025 from €5.9 billion in the same month last year. This marked the largest current account surplus since October 2020, driven by a wider surplus in the goods account (€7.5 billion vs €6.4 billion in July 2024) and the services account (€2.1 billion vs €1.9 billion). Additionally, the primary income balance swung to a surplus of €0.9 billion from a deficit of €1.3 billion a year ago. On the other hand, the secondary income deficit expanded to €1.8 billion from €1.1 billion.

周四，富时MIB指数上涨0.3%，至约42000点，结束了两天的下跌，与地区同行保持一致。交易员继续消化美联储的最新政策举措，美联储如预期般降息25个基点，并暗示年底前可能至少再降息两次。尽管如此，美联储主席杰罗姆·鲍威尔对进一步宽松政策持谨慎态度，称此举是应对劳动力市场疲软的风险管理措施。整个欧元区的注意力都转向了英格兰银行，预计该行将保持利率稳定。在企业方面，法拉利（+1.4%）、莱昂纳多（+1.8%）、普睿司曼（+2.2%）和意法半导体（+2.1%）均实现强劲增长。金融股也是早盘上涨股之一，包括Banco（+1.4%）、Banca Mediolanum（+1.1%）和Banca Monte dei Paschi di Siena（+2.6%）。

The FTSE MIB rose 0.3% to around 42,000 on Thursday, halting a two-day decline and moving in line with regional peers. Traders continued to digest the Federal Reserve’s latest policy move, in which the central bank cut rates by 25 bps as expected and signaled the possibility of at least two more reductions before year-end. Despite this, Fed Chair Jerome Powell struck a cautious tone on further easing, describing the move as a risk-management measure in response to a softening labor market. Across the Eurozone, attention turns to the Bank of England, which is expected to hold interest rates steady. On the corporate front, strong gains were seen from Ferrari (+1.4%), Leonardo (+1.8%), Prysmian (+2.2%), and STMicroelectronics (+2.1%). Finance stocks were also among early gainers, including Banco (+1.4%), Banca Mediolanum (+1.1%), and Banca Monte dei Paschi di Siena (+2.6%).

意大利10年期政府债券收益率小幅下跌至3.48%，为一周来的最低水平，因为投资者消化了主要央行的新信号。美联储今年首次降息，以应对劳动力市场降温的迹象，但表示对未来的宽松政策采取了谨慎的态度。主席杰罗姆·鲍威尔将此举描述为风险管理步骤，强调政策制定者认为没有必要急于进一步削减开支，从而降低了人们对更快放松货币政策的预期。在欧元区，欧洲央行官员也持谨慎态度，强调了关税、持续的服务通胀、食品价格上涨和财政政策不确定带来的风险。欧洲央行上周维持利率不变，表明其宽松周期可能即将结束。与此同时，意大利债券收益率首次与法国债券收益率趋同，表明投资者在政府崩溃后对法国更加谨慎，而对意大利的信心有所改善。

Italy’s 10-year government bond yield edged lower toward 3.48%, the lowest in a week, as investors digested fresh signals from major central banks. The US Federal Reserve delivered its first rate cut of the year in response to signs of labor market cooling, but indicated a measured approach to future easing. Chair Jerome Powell described the move as a risk-management step, stressing that policymakers see no need to rush with additional cuts, tempering expectations for a faster pace of monetary loosening. In the eurozone, ECB officials also struck a cautious note, highlighting risks from tariffs, persistent services inflation, rising food prices, and uncertain fiscal policy. The ECB left rates unchanged last week, suggesting its easing cycle may be nearing completion. Meanwhile, Italian bond yields converged with their French equivalents for the first time, showing investors are now more cautious about France after the government collapse, while confidence in Italy has improved.

在米兰，富时MIB指数周三下跌550点，跌幅1.29%。MFE MediaForEurope（-5.99%）、Banca Generali（-3.63%）和UniCredit（-3.54%）领跌。

In Milan, the FTSE MIB Index dropped 550 points or 1.29 percent on Wednesday. Losses were led by MFE-MediaForEurope (-5.99%), Banca Generali (-3.63%) and UniCredit (-3.54%).