在米兰，富时MIB指数周二下跌231点，跌幅0.58%。Leonardo SpA（-4.54%）、Mediobanca（-3.83%）和Bper Banca（-3.08%）领跌。抵消跌幅，涨幅最大的是Davide Campari Milano（3.43%）、Moncler（2.48%）和Enel（2.31%）。

In Milan, the FTSE MIB Index dropped 231 points or 0.58 percent on Tuesday. Losses were led by Leonardo SpA (-4.54%), Mediobanca (-3.83%) and Bper Banca (-3.08%). Offsetting the fall, top gainers were Davide Campari-Milano (3.43%), Moncler (2.48%) and Enel (2.31%).

富时MIB指数下跌0.6%，收于39561点，与欧元区整体市场一致，因投资者消化了央行信号和贸易谈判。最新数据显示，6月份欧元区通胀率升至2%，促使欧洲央行行长克里斯蒂娜·拉加德指出，通胀目标已经实现，并限制了今年进一步削减的赌注。美联储主席杰罗姆·鲍威尔强调，在关税不确定的情况下，美国将“观望”通胀如何演变。与此同时，欧盟寻求在7月9日最后期限之前的任何协议中立即免除美国的关键关税，尽管预计会出现不对称。在企业方面，Leonardo下跌了5%，而Mediobanca、BPER Banca和Banca Popolare di Sondrio各下跌了3%以上，为贷款机构设定了步伐。另一方面，中国有前景的经济数据提振了奢侈品和烈酒公司，Brunello Cucinelli、Moncler和Camapri上涨了3.5%至2%。

The FTSE MIB index fell 0.6% to close at 39,561, in line with broader Eurozone markets, as investors digested central bank signals and trade talks. Fresh data showed that inflation in the Eurozone rose to 2% in June, prompting ECB President Christine Lagarde to note that the inflation target had been achieved and limit bets of additional cuts this year. Fed Chair Jerome Powell stressed a cautious stance amid tariff uncertainty, saying the US would “wait and see” how inflation evolves. Meanwhile, the EU seeks immediate relief from key US tariffs in any deal ahead of the July 9 deadline, though asymmetry is expected. On the corporate front, Leonardo dropped 5% while Mediobanca, BPER Banca, and Banca Popolare di Sondrio dropped over 3% each to set the pace for lenders. On the other hand, promising economic data from China lifted luxury and spirits firms, with Brunello Cucinelli, Moncler, and Camapri adding between 3.5% and 2%.

意大利10年期政府债券收益率小幅下跌至3.48%，因为市场认为最近的经济数据和欧洲央行的言论支持持续的宽松立场。在欧洲央行中央银行论坛上发表讲话时，克里斯蒂娜·拉加德总统指出，6月份的通胀率与欧洲央行2%的目标保持一致，但她警告说，双方仍存在风险，特别是由于地缘政治紧张局势加剧和经济碎片化加剧。温和的通胀读数与持续的增长阻力相吻合，包括贸易争端、中东不稳定和欧元走强。在美国，对美联储今年晚些时候降息的预期仍然很高，因为部分受关税影响的通胀担忧仍在加剧。

Italy’s 10-year government bond yield edged down toward 3.48%, as markets viewed recent economic data and remarks from the European Central Bank as supportive of a continued accommodative stance. Speaking at the ECB Forum on Central Banking, President Christine Lagarde noted that June inflation aligned with the ECB’s 2% target, but cautioned that risks remain on both sides, particularly due to rising geopolitical tensions and increasing economic fragmentation. The moderate inflation reading coincided with persistent growth headwinds, including trade disputes, instability in the Middle East, and the strengthening euro. In the US, expectations for interest rate cuts by the Federal Reserve later this year remain high, as inflation concerns—partly driven by the impact of tariffs—continue to build.

HCOB意大利制造业采购经理人指数从5月份的49.2降至2025年6月的48.4，标志着连续第15个月收缩，是三个月来最快的收缩。新订单继续下降，导致产出水平进一步下降。由于国内和国际客户的需求疲软，产量仍然大幅收缩。因此，公司削减了采购和就业，同时也减少了预生产库存。与此同时，6月份通胀压力有所缓和，这反映在投入成本和产出价格的下降上。供应商折扣在很大程度上转移给了客户，因为企业旨在保持竞争力。最后，意大利制造商6月份的产出预期仍然乐观，尽管在全球经济不确定性和客户需求疲软的情况下，信心降至去年11月以来的最低水平。

The HCOB Italy Manufacturing PMI fell to 48.4 in June 2025 from 49.2 in May, signaling a 15th straight month of contraction and one that was the fastest in three months. New orders continued to decline, triggering a further reduction in output levels. The contraction in production remained substantial, driven by weak demand from both domestic and international clients. As a result, companies cut back on purchasing and employment, while also reducing pre-production inventories. Meanwhile, inflationary pressures moderated in June, reflected in decreases in both input costs and output prices. Supplier discounts were largely transferred to customers as businesses aimed to maintain competitiveness. Finally, output expectations among Italian manufacturers remained positive in June, though confidence slipped to its lowest level since last November amid global economic uncertainty and subdued customer demand.