周一，富时MIB指数下跌0.4%，收于40166点，与欧洲主要市场的跌幅一致，因为投资者在美国和欧盟之间的贸易紧张局势下监测了第二季度的收益。有报道称，特朗普总统正在推动从8月1日起对欧盟进口商品征收30%的全面关税，这使正在进行的谈判复杂化。作为回应，一些欧盟国家正在考虑援引《反胁迫文书》，如果谈判失败，该文书将允许在关税之外进行更广泛的报复。在周四的欧洲央行会议之前，市场情绪仍然谨慎，预计6月份降息后利率将保持不变，因为政策制定者采取观望态度。在企业方面，Diasorin（-1.66%）、Banco BPM（-1.6%）和Campari（-1.4%）领跌。意法半导体上涨1.5%，而Stellantis的涨幅与市场评估其本月盈利报告是否会像初步报告后担心的那样悲观时相似。

The FTSE MIB fell 0.4% to close at 40,166 on Monday, in line with losses across major European markets, as investors monitored second-quarter earnings amid trade tensions between the US and EU. Reports suggest President Trump is pushing for blanket 30% tariffs on EU imports from August 1, complicating ongoing negotiations. In response, several EU states are considering invoking the Anti-Coercion Instrument, which would allow broader retaliation beyond tariffs if talks fail. Market sentiment remained cautious ahead of Thursday’s ECB meeting, where rates are expected to remain unchanged following June’s cut, as policymakers adopt a wait-and-see stance. On the corporate front, Diasorin (-1.66%), Banco BPM (-1.6%), and Campari (-1.4%) led losses. STMicroelectronics added 1.5%, while Stellantis rose at a similar pace as markets assessed whether its earnings release this month will be as pessimistic as feared following its preliminary report .

意大利10年期债券收益率跌至3.5%，为7月7日以来的最低水平，投资者关注欧洲央行即将出台的政策决定和欧洲最大经济体的PMI数据，这两项数据都将于周四公布。在欧盟与美国正在进行的贸易谈判中，市场情绪也保持谨慎。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，政策制定者在关税风险挥之不去、欧元坚挺和通胀温和的情况下采取观望态度。与此同时，欧元区的快速综合采购经理人指数预计将在7月份小幅上涨。另外，欧盟特使准备最早于本周会面，讨论在与美国总统唐纳德·特朗普的贸易谈判破裂的情况下采取的应急措施，特朗普的关税立场似乎在8月1日的最后期限之前变得强硬。

Italy's 10-year bond yield fell toward 3.5%, its lowest level since July 7, as investors focused on the European Central Bank’s upcoming policy decision and flash PMI data from Europe’s largest economies, both due on Thursday. Sentiment also remained cautious amid ongoing EU-US trade talks. The ECB is widely expected to keep interest rates unchanged after eight consecutive cuts, with policymakers adopting a wait-and-see approach amid lingering tariff risks, a firm euro, and muted inflation. At the same time, the flash composite PMI for the eurozone is forecast to post a modest gain in July. Separately, EU envoys are preparing to meet as early as this week to discuss contingency measures in the event of a breakdown in trade negotiations with US President Donald Trump, whose tariff stance appears to have hardened ahead of the August 1 deadline.

富时MIB指数周一早盘下跌0.8%，至39970点左右，本周开始时持谨慎态度，投资者密切关注贸易谈判并消化了新一轮企业收益。美国商务部长霍华德·卢特尼克表示有信心与欧盟达成协议，而据报道，欧盟正在8月1日截止日期前准备一份美国商品报复性关税清单。与此同时，欧洲央行预计将在近一年来首次保持利率不变，因为人们一直担心美国提高关税可能对欧元区经济产生影响。在企业方面，Stellantis股价下跌近2%，此前这家汽车巨头根据初步数据报告了上半年净亏损。其他值得注意的下跌股包括Enel（-3.3%）、Banco BPM（-2.2%）和Leonardo（-1.6%）。

The FTSE MIB fell 0.8% to around 39,970 in early trading on Monday, starting the week on a cautious note as investors monitored trade negotiations and digested a fresh round of corporate earnings. US Commerce Secretary Howard Lutnick expressed confidence that an agreement with the EU can be reached, while the bloc is reportedly preparing a list of US goods for retaliatory tariffs ahead of the August 1 deadline. Meanwhile, the European Central Bank is expected to leave interest rates unchanged for the first time in nearly a year, amid persistent concerns about the possible impact of higher US tariffs on the eurozone economy. On the corporate front, Stellantis shares dropped nearly 2% after the auto giant reported a first-half net loss based on preliminary figures. Other notable decliners included Enel (-3.3%), Banco BPM (-2.2%), and Leonardo (-1.6%).

周五，富时MIB指数上涨0.4%，收于40308点，表现优于其他主要欧洲指数，得益于积极的企业发展和重量级金融和国防板块的强劲表现。美国和欧盟之间达成贸易协议的希望也支撑了意大利股市。依维柯集团股价飙升8.3%，此前路透社报道称，塔塔汽车公司与持有该卡车生产商27%股份的Exor接洽，讨论潜在的收购或更广泛的合作关系。其他显著上涨的公司包括Leonardo（+2.8%）、Amplifon（+2.5%）和Saipem（+1.8%），而Unipol上涨1.6%，领先保险公司。此外，由于市场继续评估贷款机构并购的前景，BPER Banca和Mediobanca上涨超过1%。在下行方面，Stellantis下跌3.2%，其次是泰纳瑞斯（-1.3%）。

The FTSE MIB rose 0.4% to close at 40,308 on Friday, outperforming other major European indices, amid positive corporate developments and strong sessions for the heavyweight financial and defense sectors. Hopes of a trade deal between the US and the EU also supported Italian equities. Iveco Group surged 8.3% after Reuters reported that Tata Motors approached Exor, which owns a 27% stake in the truck producer, to discuss a potential acquisition or broader partnership. Other notable risers included Leonardo (+2.8%), Amplifon (+2.5%), and Saipem (+1.8%), while Unipol jumped 1.6% to lead insurers. Also, BPER Banca and Mediobanca advanced over 1% as markets continued to assess the outlook of lenders' M&A. On the downside, Stellantis fell 3.2%, followed by Tenaris (-1.3%).