富时MIB指数周五上涨约0.5%，收于38421点，结束了连续两个交易日的下跌。市场参与者评估了最新的PMI数据和一组新的企业收益，同时为周日的德国大选做准备。在宏观方面，欧洲和美国经济健康状况的信号喜忧参半。在单一股票中，Campari（+6.3%）脱颖而出，因为其管理层正在考虑削减成本计划。Poste（+2.6%）也有所上涨，这得益于其通过持有Tim的股份在电信行业发挥核心作用的计划。其他显著上涨的股票包括Mps（+2.2%）和Moncler（+2.3%）。不利的一面是，Recordati（-1.4%）和Buzzi（-1.1%）的跌幅最大。本周，该指数上涨约1.2%。

The FTSE MIB rose about 0.5% to close at 38,421 on Friday, halting two straight sessions of losses. Market participants assessed the latest PMI data and a new set of corporate earnings, while bracing for German elections on Sunday. On the macro front, there were mixed signals on the health of the European and US economies. Among single stocks, Campari (+6.3%) stood out as its management considers a cost-cutting plan. Poste (+2.6%) also saw gains, bolstered by its plan to play a central role in the telecom sector through its stake in Tim. Other notable gainers included Mps (+2.2%) and Moncler (+2.3%). On the downside, Recordati (-1.4%) and Buzzi (-1.1%) posted the biggest losses. For the week, the index advanced about 1.2%.

意大利10年期政府债券收益率与欧洲同行一致下跌，此前欧元区（尤其是法国）的PMI数据低于预期，强化了人们对欧洲央行今年进一步降息的预期。2月份的PMI调查显示，欧盟私营部门几乎停滞不前，该指数保持在50.2不变，低于市场预测的50.5。法国是经济增长的主要拖累因素，因为该国的服务业和制造业出现了急剧收缩。尽管有所下降，但在特朗普政府表示，在美俄就结束乌克兰战争进行谈判后，欧洲需要承担更大份额的安全负担后，欧洲债券收益率仍有望每周上涨。投资者也在密切关注周日的德国联邦选举，预计由弗里德里希·默茨领导的保守派基民盟/基社盟集团将获胜，但可能需要联盟伙伴组建政府。

Italy's 10-year government bond yield declined in line with European peers after weaker-than-expected PMI data from the Eurozone, particularly France, reinforced expectations of deeper interest rate cuts from the European Central Bank this year. February’s PMI surveys showed near-stagnation in the bloc’s private sector, with the index remaining unchanged at 50.2, below market forecasts of 50.5. France was the main drag on growth, as the country’s services and manufacturing sectors saw sharp contractions. Despite the drop, European bond yields remained on track for weekly gains after the Trump administration signaled that Europe would need to take on a greater share of its security burden following US-Russia talks on ending the Ukraine war. Investors are also closely watching Germany’s federal election on Sunday, where the conservative CDU/CSU bloc, led by Friedrich Merz, is expected to win but will likely need coalition partners to form a government.

意大利的年通货膨胀率从前两个月的1.3%上升到2025年1月的1.5%，与初步估计一致。这标志着自2023年10月以来消费者价格的最大涨幅，主要是受监管能源成本的大幅上涨（27.5%对12月的12.7%），此前由于俄罗斯停止向欧洲输送天然气，导致部分欧洲国家的电价上涨，从而引发了液化天然气价格的飙升。与此同时，非监管能源价格的下降速度放缓（-3%对-4.2%）。娱乐、文化和个人护理服务的价格上涨速度更快（3.3%对3.1%），尽管这在一定程度上被交通相关服务成本的缓慢增长（2.5%对3.6%）所抵消。与此同时，1月份的年度核心通胀率稳定在1.8%。按月计算，CPI上涨了0.6%，这是自2022年10月以来的最大涨幅，比12月的0.1%有所加速。

The annual inflation rate in Italy rose to 1.5% in January 2025, up from 1.3% in the previous two months, in line with preliminary estimates. This marked the sharpest increase in consumer prices since October 2023, largely driven by a sharp rise in regulated energy costs (27.5% vs. 12.7% in December), following higher power prices across select European countries due to the halt in Russian gas flows to Europe, which triggered a surge in LNG prices. At the same time, the decline in non-regulated energy prices slowed (-3% vs. -4.2%). Prices for recreational, cultural, and personal care services rose at a faster pace (3.3% vs. 3.1%), though this was partly offset by a slower increase in transport-related service costs (2.5% vs. 3.6%). Meanwhile, annual core inflation remained stable at 1.8% in January. On a monthly basis, the CPI jumped 0.6%, marking the largest increase since October 2022, accelerating from a 0.1% rise in December.

富时MIB指数周五早盘微涨至38344点左右，在经历了两个低迷的交易日后略有反弹，反映了欧洲同行的交易区间狭窄。投资者仍然关注即将公布的企业盈利和经济数据。Leonardo SpA股价上涨近2%，此前其电话财报会议公布了强劲的财务业绩，年收入增长11%，达到178亿欧元。其他主要股票也上涨，Davide Campari Milano和意法半导体飙升超过3%，而Stellantis、泰纳瑞斯、普睿司曼和Moncler上涨了1%至2%。在数据方面，意大利1月份的最终通胀读数与初步估计一致，从前两个月的1.3%上升到1.5%，标志着自2023年10月以来消费者价格的最大涨幅。本周，该指数将迎来第四周的上涨。

The FTSE MIB edged higher to around 38,344 in early trading on Friday, rebounding slightly after two subdued sessions and mirroring the tight trading range of its European peers. Investors remained focused on upcoming corporate earnings and economic data. Leonardo SpA rose nearly 2% after reporting strong financial performance in its earnings call, with annual revenue growth of 11% to EUR 17.8 billion. Other major stocks also advanced, with Davide Campari-Milano and STMicroelectronics surging over 3%, while Stellantis, Tenaris, Prysmian, and Moncler gained between 1% and 2%. On the data front, Italy’s final January inflation reading aligned with preliminary estimates, rising to 1.5% from 1.3% in the previous two months, marking the sharpest increase in consumer prices since October 2023. For the week, the index is poised for its fourth weekly advance.