受通胀数据降温的支撑，富时MIB指数周五上涨0.26%，收于40087.4点。意大利的协调通胀率从2.0%降至1.9%，而全国指数从1.9%降至1.7%。投资者将这些数据以及西班牙的类似数据解读为强化了欧洲央行在6月5日会议上降息的预期。意大利的表现优于欧洲同行，因为贸易紧张局势再次爆发后，更广泛的市场面临压力。美国总统特朗普指责中国“完全违反”了一项初步贸易协议，拖累了欧洲情绪，抹去了泛欧斯托克600指数早些时候的涨幅。意大利公司Fidia（+18%）是欧洲市场表现最好的公司之一。Italgas（+2.63%）、Recordati（+2.23%）和Inwit（+1.47%）也强劲上涨。从行业来看，医疗保健和公用事业领涨，而建筑类股下跌。

The FTSE MIB rose 0.26% on Friday to close at 40,087.4, supported by cooling inflation data. Harmonized inflation in Italy eased to 1.9% from 2.0%, while the national index slowed to 1.7% from 1.9%. Investors interpreted the data—along with similar figures from Spain—as reinforcing expectations of a rate cut by the ECB at its June 5 meeting. Italy outperformed European peers as broader markets came under pressure following renewed trade tensions. US President Trump accused China of “totally violating” a preliminary trade deal, dragging down European sentiment and erasing earlier gains on the pan-European Stoxx 600. Italian company Fidia (+18%) was among the top performers across European markets. Italgas (+2.63%), Recordati (+2.23%), and Inwit (+1.47%) also posted strong gains. Sector-wise, healthcare and utilities led advances, while construction stocks declined.

意大利生产者价格指数（年环比）：2.6%（4月），此前为3.9%。意大利生产者价格指数（年环比）：2.6%（4月），此前为3.9%

Italy Producer Price Index (YoY): 2.6% (April) vs previous 3.9%.Italy Producer Price Index (YoY): 2.6% (April) vs previous 3.9%

意大利10年期BTP收益率在5月收于3.5%左右，接近2月28日以来的最低水平，因为投资者处理了一系列广泛的经济数据，并评估了其对欧洲央行政策方向的影响。与预期一致，意大利5月份的消费者价格通胀放缓至1.7%，为2月份以来的最低水平，连续20个月低于欧洲央行2.0%的目标。法国和西班牙也出现了类似的通缩趋势，这增强了市场对欧洲央行将在即将召开的会议上再降息25个基点的预期。与此同时，全球情绪仍然谨慎，因为美国上诉法院暂时暂停对前总统特朗普贸易关税的阻止的消息增加了一层不确定性。

Italy’s 10-year BTP yield ended May around the 3.5% mark, near its lowest level since February 28, as investors processed a broad set of economic data and evaluated its implications for the European Central Bank’s policy direction. In line with expectations, Italy’s consumer price inflation slowed to 1.7% in May, the lowest rate since February, remaining below the ECB’s 2.0% target for the 20th straight month. Similar disinflationary trends were observed in France and Spain, strengthening market expectations that the ECB will cut interest rates by another 25 basis points at its upcoming meeting. Meanwhile, global sentiment remained cautious, as news of a US appeals court temporarily pausing the block on former President Trump’s trade tariffs added a layer of uncertainty.

初步数据显示，2025年5月，意大利的年度消费者价格通胀率从3月和4月的1.9%降至1.7%。这一数字符合市场预期，标志着自2月以来的最低通胀率。这也连续20个月低于欧洲央行2.0%的目标，强化了欧元区第三大经济体持续存在通缩压力的观点。按月计算，继4月份上涨0.1%后，5月份消费者价格持平，略低于预期的0.1%涨幅。

Italy’s annual consumer price inflation eased to 1.7% in May 2025, down from 1.9% in both March and April, according to preliminary data. The figure was in line with market expectations and marked the lowest inflation rate since February. It also remained below the European Central Bank’s 2.0% target for the 20th consecutive month, reinforcing the view of persistent disinflationary pressures in the eurozone’s third-largest economy. On a monthly basis, consumer prices were flat in May, following a 0.1% increase in April and coming in slightly below the expected 0.1% rise.