意大利10年期英国国债收益率降至3.51%，为三个月来的最低水平，与欧洲同行和美国国债收益率一致，此前最新的美国经济数据强化了人们对美联储今年可能多次降息的预期。尽管美国经济在第一季度的收缩略低于预期，但消费者支出和企业盈利等关键指标走弱，贸易对增长的影响比之前估计的要大。此外，围绕美国法院推翻特朗普总统全球关税政策的裁决的乐观情绪开始消退。在货币政策方面，预计欧洲央行将在6月份的会议上降息，随后可能会暂停进一步宽松政策。

Italy’s 10-year BTP yield fell to 3.51%, its lowest level in three months, moving in line with European peers and US Treasury yields after updated US economic data reinforced expectations that the Federal Reserve may cut interest rates several times this year. Although the US economy contracted slightly less than anticipated in the first quarter, key indicators such as consumer spending and corporate earnings came in weaker, and trade weighed more heavily on growth than previously estimated. Also, optimism surrounding a US court decision overturning President Trump’s global tariff policy began to fade. On the monetary policy front, the European Central Bank is expected to cut interest rates at its June meeting, likely followed by a pause in further easing.

周四，富时MIB指数抹去早盘涨幅，收于39938点，下跌0.4%，追随其他欧洲基准，因为市场重新考虑了欧洲贸易的前景。虽然欧洲股市最初在美国商事法庭阻止唐纳德·特朗普总统征收的大多数全球关税后上涨，但米兰交易所放弃了涨幅，因为白宫承诺采取其他关税措施消除了人们对没有贸易壁垒的乐观情绪。媒体和公用事业股领跌欧洲股市。在意大利，莱昂纳多、忠利、普睿司曼和Buzzi的表现最差，Buzzi也是如此。另一方面，Unipol、Brunello Cucinelli、Inwit和Mediobanca领涨指数。

The FTSE MIB erased early gains to close 0.4% lower at 39,938 on Thursday, tracking other European benchmarks as markets reconsidered the outlook on European trade. While European equities initially rose after a US Commercial Court blocked most global tariffs imposed by President Donald Trump, the Milan exchange gave up gains as White House pledges to pursue other tariff means erased optimism of no trade barriers. Media and utilities stocks lead the declines across Europe. In Italy, Leonardo, Generali, Prysmian, and Buzzi were among the worst performers, with Buzzi. On the other hand, Unipol, Brunello Cucinelli, Inwit, and Mediobanca lead gains on the index.

继上个月下降0.4%之后，意大利工业销售额在2025年3月环比下降1.6%。这标志着连续第二个月下降，受到国内市场（-1.3%）和国外市场（-2.1%）销售额下降的拖累。在主要工业集团中，能源（-12.2%）、资本货物（-2.8%）和中间产品（-0.7%）的订单下降，而消费品（+1.0%）的需求增加。3月份工业销售同比下降1.1%，较2月份修正后的1.6%有所缓解。

Industrial sales in Italy dropped by 1.6% month-over-month in March 2025, following a 0.4% fall in the previous month. This marked the second consecutive monthly decline, weighed down by lower sales in both the domestic market (-1.3%) and the foreign market (-2.1%). Among major industrial groupings, orders fell for energy (-12.2%), capital goods (-2.8%), and intermediate goods (-0.7%), while demand for consumer goods (+1.0%) increased. On a yearly basis, industrial sales decreased by 1.1% in March, easing from a revised 1.6% drop in February.

意大利5年期债券拍卖：2.73%，此前为3.05%。意大利5年期债券拍卖：2.73%，此前为3.05%

Italy 5-y Bond Auction: 2.73% vs previous 3.05%.Italy 5-y Bond Auction: 2.73% vs previous 3.05%