在米兰，富时MIB指数周一上涨487点，涨幅1.14%。涨幅最大的是意法半导体（3.92%）、Leonardo SpA（3.56%）和Moncler（3.04%）。

In Milan, the FTSE MIB Index rose 487 points or 1.14 percent on Monday. Leading the gains are STMicroelectronics (3.92%), Leonardo SpA (3.56%) and Moncler (3.04%).

周一，富时MIB指数上涨1.1%，收于43054点，投资者为美联储会议和预期的降息做好了准备。根据芝加哥商品交易所的FedWatch工具，全球股市创下新高，交易员几乎肯定美联储周三将降息25个基点。意大利经济部长Giancarlo Giorgetti表示，尽管美国进口关税存在不确定性，但意大利计划将2025年和2026年的GDP增长预测分别保持在0.6%和0.8%。在企业方面，Brunello Cucinelli（+5.7%）在摩根大通开始增持评级和125欧元目标后领涨指数。联合圣保罗银行（+2.5%）、莱昂纳多（+3.7%）、意法半导体（+4%）、联合信贷银行（+1.3%）和Moncler（+3.3%）也上涨，而Amplifon下跌2.3%。

The FTSE MIB gained 1.1% to close at 43,054 on Monday, as investors positioned for the Fed meeting and an expected rate cut. Global shares hit fresh record highs, with traders nearly certain of a 25bps Fed reduction on Wednesday, according to CME’s FedWatch tool. Italy plans to maintain GDP growth forecasts of 0.6% for 2025 and 0.8% for 2026, Economy Minister Giancarlo Giorgetti said, despite uncertainties linked to US import tariffs. On the corporate front, Brunello Cucinelli (+5.7%) led the index after JPMorgan initiated coverage with an overweight rating and €125 target. Intesa Sanpaolo (+2.5%), Leonardo (+3.7%), STMicroelectronics (+4%), Unicredit (+1.3%), and Moncler (+3.3%) also advanced, while Amplifon fell 2.3%.

意大利10年期政府债券收益率回落至3.5%，投资者展望了货币政策的关键一周。普遍预计美联储将在周三降息至少25个基点，同时关注最新的经济预测和主席杰罗姆·鲍威尔的新闻发布会，以寻找年底前的线索。政策制定者面临着在劳动力市场降温与关税带来的通胀压力之间取得平衡的挑战，而美联储的独立性问题依然存在。在其他地方，预计英格兰银行和日本银行将保持借贷成本不变。在欧洲，欧洲央行上周表示，其降息阶段可能已经结束，行长克里斯蒂娜·拉加德强调，增长风险似乎“更加平衡”

Italy’s 10-year government bond yield slipped back toward 3.5% as investors looked ahead to a pivotal week for monetary policy. The US Federal Reserve is widely expected to cut rates by at least 25 basis points on Wednesday, with attention also on updated economic projections and Chair Jerome Powell’s press conference for clues on the path into year-end. Policymakers face the challenge of balancing a cooling labor market against inflationary pressures from tariffs, while questions over the Fed’s independence linger. Elsewhere, the Bank of England and the Bank of Japan are anticipated to leave borrowing costs unchanged. In Europe, the ECB signaled last week that its rate-cutting phase may have concluded, with President Christine Lagarde emphasizing that growth risks appear “more balanced.”

意大利在2025年7月公布了79亿欧元的贸易顺差，高于一年前的68亿欧元，高于预期的55亿欧元，因为出口增长快于进口。出口同比增长7.3%，达到616亿欧元，这得益于对非欧盟（+9.9%）和欧盟（+4.8%）市场的销售额增加。强劲增长来自运输设备，不包括机动车（+45.6%）、药品（+28.5%）、贱金属（+7.0%）和食品、饮料和烟草（+6.1%）。按目的地划分，美国（+24.1%）、东盟（+37.4%）、西班牙（+13.8%）、英国（+9.0%）、法国（+4.7%）、瑞士（+9.5%）和波兰（+12.5%）的出货量大幅增长，而荷兰（-7.8%）、中国（-4.0%）和土耳其（-2.5%）的出货率则有所下降。与此同时，进口增长了6.1%，非欧盟购买量激增13.1%，而欧盟购买量小幅增长0.8%。2025年1月至7月，出口增长2.9%，进口增长4.8%，贸易顺差从去年的360亿欧元缩小到307亿欧元。

Italy posted a trade surplus of €7.9 billion in July 2025, up from €6.8 billion a year earlier, above the expected €5.5 billion, as exports rose faster than imports. Exports grew 7.3% year-on-year to €61.6 billion, driven by higher sales to non-EU (+9.9%) and EU (+4.8%) markets. Strong gains came from transportation equipment excluding motor vehicles (+45.6%), pharmaceuticals (+28.5%), base metals (+7.0%), and food, beverages & tobacco (+6.1%). By destination, shipments rose sharply to the US (+24.1%), ASEAN (+37.4%), Spain (+13.8%), UK (+9.0%), France (+4.7%), Switzerland (+9.5%), and Poland (+12.5%), while declines were recorded for the Netherlands (-7.8%), China (-4.0%), and Turkey (-2.5%). Meanwhile, imports increased 6.1%, with non-EU purchases surging 13.1% versus a modest 0.8% rise from the EU. Over January–July 2025, exports rose 2.9% while imports advanced 4.8%, narrowing the trade surplus to €30.7 billion from €36.0 billion last year.