富时MIB指数周二上涨0.2%，收于40074点，追随欧洲央行周四政策决定前欧洲市场的谨慎情绪。投资者对欧元区通胀低于预期做出反应，这加剧了降息25个基点的预期。在意大利，消费者行为发生了变化，77%的受访者因物价上涨而调整了支出。意大利5月HCOB制造业PMI略有下降，表明经济势头可能正在放缓，但仍相对稳定。与此同时，经合组织下调了其全球增长前景，理由是美国贸易紧张局势的影响越来越大。在米兰，Stmicroelectronics（+3.44%）和Stellantis（+2.58%）领涨，而Mediobanca（-3.04%）是当天跌幅最大的股票之一。

The FTSE MIB rose 0.2% to close at 40,074 on Tuesday, tracking cautious sentiment across European markets ahead of the ECB’s policy decision on Thursday. Investors reacted to softer-than-expected Eurozone inflation, which has fueled expectations of a 25 bps rate cut. In Italy, consumer behavior has shifted, with 77% of survey respondents adjusting spending due to rising prices. Italy’s HCOB Manufacturing PMI for May declined slightly, suggesting economic momentum may be slowing but remains relatively stable. Meanwhile, the OECD trimmed its global growth outlook, citing mounting fallout from US trade tensions. In Milan, Stmicroelectronics (+3.44%) and Stellantis (+2.58%) led gains, while Mediobanca (-3.04%) was among the session’s top decliners.

意大利10年期英国国债收益率小幅降至3.5%左右，接近2月下旬以来的最低水平，因为欧元区通胀数据低于预期，巩固了本周晚些时候欧洲央行降息25个基点的预期，并重新引发了进一步宽松的猜测——尽管最近政策制定者发出了暂停加息的信号。欧元区通胀率从4月份的2.2%降至5月份的1.9%，自2024年9月以来首次低于2.0%的预测和欧洲央行的目标。服务业通胀降至2022年3月以来的最低水平，而核心通胀达到三年多来的低点。在经合组织下调全球增长前景和持续的贸易紧张局势下，更广泛的市场情绪仍然谨慎，据报道，在前总统特朗普最近威胁要将钢铁和铝的关税提高一倍后，美国敦促在周三之前达成最终贸易协议。

Italy’s 10-year BTP yield edged down to around 3.5%, nearing its lowest level since late February, as softer-than-expected Eurozone inflation data solidified expectations for a 25 basis point ECB rate cut later this week and revived speculation of further easing—despite recent signals from policymakers favoring a pause. Eurozone inflation slowed to 1.9% in May from 2.2% in April, slipping below both the 2.0% forecast and the ECB’s target for the first time since September 2024. Services inflation dropped to its lowest since March 2022, while core inflation reached a more than three-year low. Broader market sentiment remained cautious amid the OECD’s downgraded global growth outlook and persistent trade tensions, with the U.S. reportedly pressing for final trade offers by Wednesday following recent threats by former President Trump to double tariffs on steel and aluminum.

意大利的失业率从3月份的6.1%降至2025年4月的5.9%，低于市场预期。这一比率恢复到2007年4月以来的最低水平，上一次记录是在2月份。失业人数比上月减少4.8万人，降至近18年来的低点151.4万人，而就业人数保持不变，为2420万人。在就业人员中，临时工增加了2.1万人，个体经营者增加了5.3万人，而永久工减少了7.1万人。与此同时，劳动力参与率从3月份的66.9%小幅降至66.8%。15-24岁年轻人的失业率也从上个月的20.4%降至19.2%。

The unemployment rate in Italy fell to 5.9% in April 2025 from 6.1% in March, coming in below market expectations. The rate returned to its lowest level since April 2007, last recorded in February. The number of unemployed persons declined by 48 thousand from the previous month to a nearly 18-year low of 1.514 million, while the number of employed remained unchanged at 24.2 million. Among the employed, the number of temporary employees rose by 21 thousand and self-employed individuals increased by 53 thousand, while permanent workers declined by 71 thousand. Meanwhile, the labor force participation rate edged down to 66.8% from 66.9% in March. The youth unemployment rate for those aged 15–24 also fell, to 19.2% from 20.4% in the previous month.

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The FTSE MIB index fell by 0.7% to around 39,670 in early trading on Tuesday, marking a second consecutive day of losses, as uncertainty over US President Donald Trump’s tariff policies kept investors cautious. Meanwhile, the White House said on Monday that President Trump and Chinese President Xi Jinping are likely speak this week, after both sides accused each other of violating the trade truce. On the geopolitical front, talks between Ukraine and Russia held in Istanbul on Monday failed to make a breakthrough on an immediate halt to their fighting. Attention now turns to the European Central Bank’s policy decision due on Thursday, where the bank is widely expected to cut rates by 25bps. On the corporate front, financial stocks were among the early laggards, led by Mediobanca (-3.2%). Heavyweights UniCredit and Intesa Sanpaolo also lost 1% and 0.8%, respectively.