周三，富时MIB指数下跌0.2%，至约43000点，结束了四天的上涨，因为投资者在当天晚些时候关注联邦公开市场委员会的政策决定，并评估了新一批公司报告。Moncler股价下跌近4%，此前其第三季度收入按固定汇率计算下降了1%，尽管美洲的销售额有所上升，但欧洲和日本的旅游需求疲软。在美国总统特朗普和中国国家主席Xi举行贸易谈判之前，莱昂纳多也下跌了1%以上。从好的方面来看，FinecoBank上涨了2%以上，此前巴克莱银行将该股从均衡权重上调至超重，并提高了目标价。其他显著上涨的股票包括Stellantis（+2.8%）和Bper Banca（+1.4%）。与此同时，市场普遍预计美联储将降息25个基点，并密切关注美联储主席杰罗姆·鲍威尔关于未来货币政策路径的信号。

The FTSE MIB fell 0.2% to around 43,000 on Wednesday, snapping a four-day gain, as investors focused on the FOMC policy decision later in the day and assessed a fresh batch of corporate reports. Moncler dropped nearly 4% after its Q3 revenues declined 1% at constant exchange rates, weighed down by soft tourist demand in Europe and Japan, despite rising sales in the Americas. Leonardo was also down more than 1% ahead of trade talks between US President Trump and Chinese President Xi. On the upside, FinecoBank gained over 2% after Barclays upgraded the stock from Equalweight to Overweight and raised its price target. Other notable gainers included Stellantis (+2.8%) and Bper Banca (+1.4%). Meanwhile, markets are widely expecting a 25bps rate cut from the Federal Reserve and are closely watching for signals from Fed Chair Jerome Powell on the future path of monetary policy.

在米兰，富时MIB指数周二上涨217点，涨幅0.51%。领涨的是Azimut Holding（3.86%）、Stellantis N.V.（1.63%）和Banca Generali（1.61%）。跌幅最大的是法拉利（-2.21%）、米兰康帕里（-2.15%）和Interpump集团（-1.58%）。

In Milan, the FTSE MIB Index rose 217 points or 0.51 percent on Tuesday. Leading the gains are Azimut Holding (3.86%), Stellantis N.V. (1.63%) and Banca Generali (1.61%). Top losers were Ferrari NV (-2.21%), Davide Campari-Milano (-2.15%) and Interpump Group (-1.58%).

富时MIB指数周二上涨0.5%，收于43128点，在银行的支持下延续了前一交易日的涨幅，因为市场评估了全球贸易和国内经济政策的前景。特朗普总统和Xi总统定于周四会晤，此前谈判代表为达成潜在协议扫清了道路，提升了全球经济增长的前景。经济部长Giorgetti表示，意大利正在研究如何将养老金和保险资金引入国内项目，这也促进了国内增长和信贷活动。金融股领涨，Azimut上涨3.6%，联合圣保罗银行上涨0.9%，而锡耶纳银行上涨0.5%。此外，法国巴黎银行首席执行官表示，该行对与意大利银行建立资产管理合作关系持开放态度后，联合信贷银行上涨近1%。与此同时，由于意大利的反对，忠利和BPCE可能会在没有达成具有约束力的协议的情况下，让他们计划的合并截止日期失效。公用事业股也上涨，Enel上涨1.3%，Snam上涨1.3%，Terna上涨1.1%。

The FTSE MIB gained 0.5% to close at 43,128 on Tuesday, extending gains from the prior session with support from banks as markets assessed the outlook of global trade and domestic economic policy. Presidents Trump and Xi are set to meet Thursday after negotiators cleared a path toward a potential deal, lifting the outlook on global growth. Domestic growth and credit activity was also boosted by Economy Minister Giorgetti saying Italy is studying ways to channel pension and insurance funds into domestic projects. Financials led the advance, with Azimut advancing 3.6% and Intesa Sanpaolo up 0.9%, while Banca Monte dei Paschi di Siena rose 0.5%. Also, UniCredit rose nearly 1% after BNP Paribas’ CEO said the bank is open to an asset management partnership with the Italian lender. Meanwhile, Generali and BPCE are likely to let their planned merger deadline lapse without a binding deal amid Italian opposition. Utilities also rose, with Enel up 1.3%, Snam 1.3%, and Terna 1.1%.

意大利10年期英国国债收益率徘徊在3.39%左右，略低于10月27日的两周高点3.42%，因为投资者在央行做出决定之前保持谨慎。意大利经济显示出增强的迹象，10月份商业信心超过预期，达到2024年5月以来的最高水平，而消费者信心指数连续第二个月上升。意大利政府已批准2026年总额为187亿欧元的预算，目标是财政赤字占国内生产总值的2.8%，并将其提交议会年底批准。投资者正在等待本周晚些时候欧元区的关键通胀数据，这可能会影响对欧洲央行未来政策举措的预期。人们普遍预计，欧洲央行将在周四维持利率不变，而市场几乎可以肯定，美联储将在周三实施今年第二次降息25个基点。

Yields on Italy’s 10-year BTPs hovered around 3.39%, dipping slightly from a two-week high of 3.42% on October 27, as investors remained cautious ahead of central bank decisions. Italy’s economy showed signs of strengthening, with business sentiment exceeding forecasts in October to its highest level since May 2024, while the consumer confidence index rose for a second consecutive month. The Italian government has approved the 2026 budget totaling €18.7 billion, targeting a fiscal deficit of 2.8% of GDP, and submitted it to parliament for year-end approval. Investors are awaiting key euro area inflation data later this week, which could influence expectations for future ECB policy moves. The European Central Bank is widely expected to keep rates on hold on Thursday, while markets are nearly certain the Federal Reserve will implement its second 25-basis-point rate cut of the year on Wednesday.