周二，意大利10年期政府债券收益率微升至3.52%，与欧洲同行一致，因为投资者消化了德国和欧元区强于预期的情绪数据，同时为全球货币政策的关键一周做准备。人们普遍预计，美联储周三将降息至少25个基点，市场关注最新的经济预测和主席杰罗姆·鲍威尔的新闻发布会，以获取年底政策路径的信号。政策制定者面临着权衡劳动力市场降温与关税驱动的通货膨胀的挑战，而对美联储独立性的持续担忧增加了不确定性。在其他地方，预计英格兰银行和日本银行都将保持利率不变。在欧洲，欧洲央行上周表示其降息周期可能已经结束，行长克里斯蒂娜·拉加德指出，增长风险似乎“更加平衡”

Italy’s 10-year government bond yield edged up to 3.52% on Tuesday, moving in line with European peers as investors digested stronger-than-expected sentiment data from Germany and the Eurozone while preparing for a pivotal week in global monetary policy. The US Federal Reserve is widely expected to cut rates by at least 25 basis points on Wednesday, with markets focused on updated economic projections and Chair Jerome Powell’s press conference for signals on the policy path into year-end. Policymakers face the challenge of weighing a cooling labor market against tariff-driven inflation, while lingering concerns about the Fed’s independence add uncertainty. Elsewhere, the Bank of England and the Bank of Japan are both expected to keep rates unchanged. In Europe, the ECB last week signaled its rate-cutting cycle may be over, with President Christine Lagarde noting that growth risks appear “more balanced.”

意大利的年度消费者价格通胀率从上个月的1.7%降至2025年8月的1.6%，这证实了初步估计，并标志着自5月以来的最低水平。放缓的主要原因是受监管的能源商品（12.9%对7月的17.1%）和非受监管的能源商品（-6.3%对-5.2%）的价格增长放缓，同时通信服务（0.2%对0.5%）和加工食品（2.7%对2.8%）的涨幅减弱。相比之下，未加工食品（5.6%对5.1%）、娱乐、文化和个人护理服务（3%对2.7%）以及交通服务（3.5%对3.3%）的通货膨胀率有所上升。不包括能源和新鲜食品在内的核心通胀率从2%微升至2.1%。按月计算，消费者价格指数上涨0.1%，较7月份0.4%的涨幅有所回落。由于夏季销售，欧盟统一CPI环比下降0.2%，而年通胀率从1.7%降至1.6%。

The annual consumer price inflation in Italy eased to 1.6% in August 2025 from 1.7% in the prior month, confirming preliminary estimates and marking the lowest since May. The slowdown was mainly driven by softer price growth for regulated energy goods (12.9% vs 17.1% in July) and non-regulated energy goods (-6.3% vs -5.2%), alongside weaker gains in communication services (0.2% vs 0.5%) and processed food (2.7% vs 2.8%). In contrast, inflation accelerated for unprocessed food (5.6% vs 5.1%), recreational, cultural, and personal care services (3% vs 2.7%), and transportation services (3.5% vs 3.3%). Core inflation, excluding energy and fresh food, edged up to 2.1% from 2%. On a monthly basis, consumer prices increased 0.1%, easing from a 0.4% gain in July. The EU-harmonized CPI fell 0.2% month-on-month due to summer sales, while annual inflation slowed to 1.6% from 1.7%.

富时MIB指数周二早盘下跌0.7%，至42760点以下，标志着其六个交易日的连胜结束。在美联储为期两天的政策会议之前，交易员变得谨慎，普遍预计将降息25个基点。在企业方面，金融类股对该指数造成沉重压力，锡耶纳银行（-1.8%）、Mediobanca银行（-1.0%）、联合信贷银行（-1.%）、联合圣保罗银行（-1.2%）和Banca Mediolanum银行（-1.3%）均出现明显下跌。与此同时，对Mediobanca的收购要约今天恢复，并将持续到9月22日，预计进一步的出价将使MPS的股份接近80%。MPS目前持有Mediobanca 62.3%的股份。

The FTSE MIB Index dropped 0.7% to below 42,760 in early Tuesday trade, marking an end to its six-session winning streak. Traders turned cautious ahead of a two-day policy meeting of the US Federal Reserve, where a 25bps rate cut is widely expected. On the corporate front, financial stocks weighed heavily on the index, with notable losses seen in Banca Monte dei Paschi di Siena (-1.8%), Mediobanca (-1.0%), UniCredit (-1.0%), Intesa Sanpaolo (-1.2%), and Banca Mediolanum (-1.3%). Meanwhile, the takeover bid for Mediobanca resumes today and will remain open until September 22, with further bids expected to push MPS's stake closer to 80%. MPS currently holds a 62.3% stake in Mediobanca.

意大利8月最终CPI上涨1.6%，而预赛同比上涨1.6%。Prior+1.7%HICP+1.6%vs+1.7%prelim-Prior+1.7%来源发布略有延迟。核心年度通胀率从7月的2.0%略微加速至8月的2.1%。

Italy August final CPI +1.6% vs +1.6% y/y prelim.Prior +1.7% HICP +1.6% vs +1.7% y/y prelim Prior +1.7% Slight delay in the release by the source. Core annual inflation accelerated slightly from 2.0% in July to 2.1% in August.