周四，富时MIB指数下跌0.4%，至39620点左右，扭转了前一交易日的一些涨幅，表现不如欧洲同行，受金融股下跌的拖累。与此同时，投资者仍关注贸易发展，有消息显示，美国取消了对中国的某些芯片设计出口限制，这是缓和紧张局势和可能达成贸易休战的另一个迹象。在交易所，联合信贷银行和锡耶纳银行领跌，均下跌约1%，其次是联合圣保罗银行（-0.5%）、Bper Banca银行（-0.7%）和Banca Mediolanum银行（-0.4%）。半导体板块的上涨部分抵消了这些损失，意法半导体上涨了1%以上。在数据方面，一项新的PMI调查显示，意大利私营部门和服务业的扩张速度均为3月以来的最低水平。

The FTSE MIB fell 0.4% to around 39,620 on Thursday, reversing some of the previous session’s gains and underperforming its European peers, weighed down by losses in financial stocks. Meanwhile, investors remained focused on trade developments, with news showing that the US lifted certain chip design export restrictions on China—another sign of easing tensions and a possible trade truce. On the bourse, declines were led by UniCredit and Banca Monte dei Paschi di Siena, both down around 1%, followed by Intesa Sanpaolo (-0.5%), Bper Banca (-0.7%), and Banca Mediolanum (-0.4%). These losses were partly offset by gains in the semiconductor sector, with STMicroelectronics advancing more than 1%. On the data front, a fresh PMI survey showed that both the Italian private sector and services sector expanded at their weakest pace since March.

HCOB意大利服务业采购经理人指数从5月份的近一年高点53.2降至2025年6月的52.1，低于市场预测的52.7。虽然这标志着连续第七个月的扩张，但这是自3月以来最疲软的。在新服务推出和客户获胜的支持下，产量和新订单继续以高于平均水平的速度增长，但势头有所减弱。由于欧洲主要市场需求下降和全球贸易紧张局势，出口销售额以五个月来最快的速度下降。在工资上涨以及能源和原材料价格上涨的推动下，投入成本压力也加剧了。尽管如此，公司在转嫁成本方面表现出克制，销售价格以较低的速度上涨。从好的方面来看，就业人数连续第五个月上升，创造就业机会的速度是一年来最快的，这有助于进一步减少积压。最后，由于新客户的引入和对更稳定市场条件的希望，公司对未来12个月的活动仍然持乐观态度。

The HCOB Italy Services PMI fell to 52.1 in June 2025 from May’s near one-year high of 53.2, below market forecasts of 52.7. While it marked the seventh straight month of expansion, it was the weakest since March. Output and new orders continued to grow at above-average rates, supported by new service launches and client wins, but the momentum softened. Export sales dropped at the fastest pace in five months amid waning demand from key European markets and global trade tensions. Input cost pressures also intensified, driven by higher wages and rising energy and raw material prices. Despite this, firms showed restraint in passing on costs, with selling prices rising at a softer rate. On a brighter note, employment rose for a fifth month, with the rate of job creation the fastest in a year, contributing to a further drop in backlogs. Lastly, firms remained optimistic about activity over the next 12 months, buoyed by new client introductions and hopes for more stable market conditions.

意大利HCOB综合采购经理人指数从5月的52.5降至2025年6月的51.1，这是自3月以来最疲软的扩张。经济放缓的原因是服务业增长放缓（PMI为52.1）和制造业再次收缩（PMI为48.4）。新业务流入也减弱，新订单的增长仅集中在服务业。尽管如此，尽管工厂继续裁员，私营部门的就业人数仍以一年来最快的速度增长。闲置产能的迹象持续存在，积压工作的下降速度略快于上个月。私营部门的投入成本上升，尽管产出费用通胀降至2025年的最低水平。价格上涨仅限于服务业，而制造商的成本和销售价格都有所下降。企业对未来经济活动的信心与5月相比基本保持不变，反映出在行业趋势喜忧参半的情况下持谨慎乐观态度。

Italy’s HCOB Composite PMI fell to 51.1 in June 2025 from 52.5 in May, marking the weakest expansion since March. The slowdown was driven by softer growth in services (PMI at 52.1) and a renewed contraction in manufacturing (PMI at 48.4). New business inflows also weakened, with growth in new orders concentrated solely in the service sector. Despite this, private sector employment rose at the fastest pace in a year, even as factories continued to cut jobs. Signs of spare capacity persisted, with backlogs of work falling at a slightly faster pace than the previous month. Input costs rose across the private sector, though output charge inflation eased to its lowest level in 2025. Price increases were confined to services, while manufacturers saw declines in both costs and selling prices. Business confidence about future activity remained largely unchanged from May, reflecting cautious optimism amid mixed sector trends.

在米兰，富时MIB指数周三上涨224点，涨幅0.57%。涨幅最大的是意法半导体（5.22%）、Moncler（3.89%）和Saipem（3.22%）。跌幅最大的是Hera（-2.69%）、Mediobanca（-2.43%）和Unipol Gruppo（-2.34%）。

In Milan, the FTSE MIB Index rose 224 points or 0.57 percent on Wednesday. Leading the gains are STMicroelectronics (5.22%), Moncler (3.89%) and Saipem (3.22%). Top losers were Hera (-2.69%), Mediobanca (-2.43%) and Unipol Gruppo (-2.34%).