意大利在2025年2月公布了44.66亿欧元的贸易顺差，与去年同期的60亿欧元顺差相比有所收窄，年进口额大幅增长。进口额每年增长4.1%，达到493.25亿欧元，受外国天然气购买量激增39.6%的推动，意大利电力需求有所增长，而由于年初乌克兰停止供应导致供应不确定，价格上涨。外国购买的食品和饮料（8.2%）、药品（21%）和运输货物也有所增加。反过来，出口每年增长0.8%，达到537.91亿欧元，这是由于药品（31.2%）、除汽车外的运输产品（9.6%）和体育用品（6.5%）的销售额增长抵消了汽车（-11.5%）、机械（-11.5%）以及焦炭和精炼石油化学品（-25.8%）的下降。

Italy posted a trade surplus of €4.466 billion in February of 2025, narrowing from the €6.000 billion surplus in the corresponding period of the previous year amid a jump in annual import turnover. Imports rose by 4.1% annually to €49.325 billion, lifted by a 39.6% surge in foreign purchases of natural gas, amid some traction in Italian power demand while uncertain supply due to the halt of flows from Ukraine at the turn of the year raised prices. Foreign purchases also rose for food and beverages (8.2%), pharmaceutical articles (21%), and transportation goods. In turn, exports grew by a softer 0.8% annually to €53.791 billion, as increased sales of pharmaceutical goods (31.2%), transportation goods excluding autos (9.6%) and sporting goods (6.5%) offset declines in cars (-11.5%), machinery (-11.5%), and coke and refined petroleum chemicals (-25.8%).

意大利2月份全球贸易平衡为44.66亿欧元，高于预测（33.1亿欧元）。意大利2月份全球贸易平衡为44.66亿欧元，高于预测（33.1亿欧元）

Italy Global Trade Balance came in at €4.466B, above forecasts (€3.31B) in February.Italy Global Trade Balance came in at €4.466B, above forecasts (€3.31B) in February

富时MIB周四收跌0.5%，收于35885点，结束了欧洲央行将利率下调25个基点至2.25%后的三天连胜，正如普遍预期的那样。尽管这一决定反映了欧元区通胀的缓解和经济增长的疲软，但围绕美国贸易政策的持续不确定性继续给经济前景蒙上阴影。在企业方面，MFE下跌4.6%，领跌跌幅，而Moncler下跌2.3%，尽管其第一季度收入超出预期，但对成本压力和关税的担忧掩盖了业绩。银行业巨头也下跌，联合信贷银行下跌1.5%。与此同时，焦点转移到了外交上，意大利总理Giorgia Meloni准备当天晚些时候在华盛顿会见美国总统唐纳德·特朗普，旨在缓解美国对欧洲商品征收关税导致的贸易紧张局势。

The FTSE MIB trimmed earlier losses to close 0.5% lower at 35,885 on Thursday, snapping a three-day winning streak after the ECB cut interest rates by 25 basis points to 2.25%, as widely expected. While the decision reflects easing inflation and sluggish growth across the Eurozone, persistent uncertainty surrounding U.S. trade policy continued to cloud the economic outlook. On the corporate front, MFE slumped 4.6%, leading the losses, while Moncler dropped 2.3% despite beating first-quarter revenue expectations, as concerns about cost pressures and tariffs overshadowed the results. Banking giants also retreated, with UniCredit down 1.5%. Meanwhile, focus shifted to diplomacy, as Italian Prime Minister Giorgia Meloni prepared to meet U.S. President Donald Trump in Washington later in the day, aiming to ease trade tensions over American tariffs on European goods.

意大利10年期BTP收益率在4月份降至3.7%，与欧洲央行将关键利率下调25个基点后欧元区其他债务收益率的下降相一致。此举是市场预期的，因为美国总统特朗普的关税危及欧洲主要行业的一个关键需求来源，放大了增长担忧，并由于欧元走强和下行通胀风险而增加了央行的削减空间。央行还指出，企业和家庭信心下降也将对融资条件产生紧缩影响。欧洲央行和美联储在通胀风险方面的相反方向突显出，尽管欧元区较大经济体的政府支出有所增加，但今年欧洲主权债券的表现明显优于美国国债。此外，由于罗马没有大幅增加赤字，10年期英国国债与外滩之间的利差接近四年多来的最低水平。

The yield on the Italian 10-year BTP fell to 3.7% in April, tracking the decline in other Eurozone debt yields after the European Central Bank lowered its key interest rates by 25bps. The move was expected by markets as tariffs by US President Trump jeopardize a key source of demand for major European industries, magnifying growth concerns and increasing the cutting room for the central bank due to the euro's strength and downside inflation risks. The central bank also noted that reduced confidence for businesses and households will also have a tightening impact on financing conditions. The opposite direction on inflation risks that the ECB and Fed have flagged underscored the sharp outperformance of European sovereign bonds to US Treasuries this year, despite the increase in government spending by larger Euro Area economies. Also, the spread between the 10-year BTP and the Bund held close to its lowest in over four years as Rome refrains from significantly increasing its deficit.