周四，富时MIB扭转早盘下跌，收于40611点，上涨0.6%，这是其连续第六次上涨，因为公用事业和国防巨头的强劲表现抵消了更广泛的欧洲市场的谨慎基调，因为人们担心即将到来的关税可能对经济产生影响。投资者还将注意力转向即将公布的企业盈利，并等待关键的国内数据，包括周五公布的4月消费者通胀和3月贸易平衡的最终读数。在表现最好的公司中，公用事业公司Enel、A2A和Hera分别上涨1.9%、1.3%和2.1%，而国防和航空航天集团Leonardo领涨3.7%，这得益于地缘政治紧张局势加剧和乌克兰战争迅速解决的希望渺茫。

The FTSE MIB reversed early losses to close 0.6% higher at 40,611 on Thursday, marking its sixth consecutive gain, as strong performances from utility and defense giants offset the cautious tone across broader European markets amid concerns over the potential economic fallout from looming tariffs. Investors also turned their focus to upcoming corporate earnings and awaited key domestic data, including the final reading of April’s consumer inflation and March’s trade balance, both due Friday. Among top performers, utility firms Enel, A2A, and Hera rose 1.9%, 1.3%, and 2.1%, respectively, while defense and aerospace group Leonardo led gains with a 3.7% jump, buoyed by heightened geopolitical tensions and fading hopes for a swift resolution to the war in Ukraine.

意大利10年期国债收益率从周三触及的近一个月高点3.726%降至3.65%，原因是投资者消化了疲软的美国经济数据并重新评估了美联储的政策前景。4月份美国零售销售增长大幅放缓，而由于贸易利润率下降，生产者价格下降，这进一步表明特朗普总统的关税可能开始对经济造成压力。与此同时，美联储主席杰罗姆·鲍威尔警告称，长期利率可能会保持高位，由于供应侧冲击日益频繁，通胀可能会变得更加不稳定。在欧洲，货币市场目前将欧洲央行的存款利率定价为年底前1.79%，6月份降息的可能性为95%，因为政策制定者希望保护经济免受贸易紧张局势升级的影响。欧洲央行官员Villeroy de Galhau支持这一观点，他表示，到夏季可能会进一步放松政策，而Joachim Nagel则指出，通胀将“很有可能”趋同于欧洲央行2%的目标。

The yield on Italy’s 10-year BTP fell to 3.65%, down from a near one-month high of 3.726% touched on Wednesday, as investors digested soft US economic data and reassessed the Fed’s policy outlook. April’s US retail sales growth slowed sharply, while producer prices declined due to falling trade margins, adding to signs that President Trump’s tariffs may be starting to weigh on the economy. Meanwhile, Fed Chair Jerome Powell cautioned that long-term interest rates could remain elevated, with inflation potentially becoming more volatile due to increasingly frequent supply-side shocks. In Europe, money markets are now pricing the ECB’s deposit rate at 1.79% by year-end, with a 95% probability of a rate cut in June as policymakers look to shield the economy from escalating trade tensions. Supporting this view, ECB official Villeroy de Galhau suggested further easing could come by summer, while Joachim Nagel noted a “good probability” that inflation will converge toward the ECB’s 2% target.

周四，富时MIB指数小幅下跌至40320左右，结束了连续五天的上涨，反映了欧洲市场对即将到来的关税的潜在经济影响的担忧。投资者还将注意力转向即将发布的收益报告，等待周五公布的4月消费者通胀和3月贸易平衡数据的最终读数。在整个指数中，联合信贷银行（-1.6%）、泰纳瑞斯银行（-2%）、普睿司曼银行（-1.7%）和BPM银行（-1.3%）的跌幅较大。上涨方面，Leonardo SPA领涨，飙升近4%，而Hera上涨超过1%。

The FTSE MIB edged lower to around 40,320 on Thursday, halting a five-day winning streak, mirroring the cautious sentiment spread across European markets amid concerns about the potential economic impact of impending tariffs. Investors also turned their focus to upcoming earnings reports and awaited the final reading of April consumer inflation and March trade balance figures, both due Friday. Across the index, notable losses came from UniCredit (-1.6%), Tenaris (-2%), Prysmian (-1.7%), and Banco BPM (-1.3%). On the upside, Leonardo SPA led gains, soaring nearly 4%, while Hera rose more than 1%.

在米兰，富时MIB指数周三上涨279点，涨幅0.70%。涨幅最大的是Azimut Holding（2.39%）、Unipol Gruppo（2.28%）和Finecobank（2.21%）。最大的损失来自Recordati（-2.85%）、Diasorin（-1.99%）和ERG（-1.30%）。

In Milan, the FTSE MIB Index went up by 279 points or 0.70 percent on Wednesday. Top gainers were Azimut Holding (2.39%), Unipol Gruppo (2.28%) and Finecobank (2.21%). Biggest losses came from Recordati (-2.85%), Diasorin (-1.99%) and ERG (-1.30%).