意大利10年期债券收益率升至3.5%，结束了连续两天的下跌，这得益于新宣布的美日贸易协定的缓解，该协定缓解了对全球关税升级的担忧，并重新点燃了人们对美国和欧盟之间达成类似协议的期望。尽管如此，市场情绪仍然谨慎。报道显示，欧盟特使正在准备应急措施，以防与特朗普总统的贸易谈判陷入僵局，因为他的政府在8月1日的最后期限之前采取了更激进的立场。投资者的注意力现在转移到周四的欧洲央行政策会议和欧元区最大经济体PMI数据的发布上。人们普遍预计，欧洲央行在连续八次降息后将保持利率稳定，因为官员们在贸易紧张局势持续、欧元坚挺和通胀疲软的情况下暂停评估前景。货币市场完全预计到年底将降息25个基点，9月份降息的可能性约为50%。

Italy's 10-year bond yield rose toward 3.5%, ending a two-day losing streak, driven by relief over the newly announced US-Japan trade agreement, which eased fears of escalating global tariffs and reignited expectations for a similar deal between the US and the EU. Still, market sentiment remains cautious. Reports indicate that EU envoys are preparing contingency measures in case trade negotiations with President Trump falter, as his administration takes a more aggressive stance ahead of the August 1 deadline. Investor focus now shifts to Thursday’s European Central Bank policy meeting and the release of flash PMI data from the eurozone’s largest economies. The ECB is widely expected to hold rates steady after eight straight cuts, as officials pause to assess the outlook amid lingering trade tensions, a firm euro, and weak inflation. Money markets are fully pricing in a 25 basis point rate cut by year-end, with about a 50% probability of it occurring in September.

周三，富时MIB指数上涨超过1%，收于40600点，接近两周高点，因为美国和日本之间的贸易协议激发了人们对进一步协议和降低关税的乐观情绪。特朗普总统宣布，日本将对其对美国的出口征收15%的关税，承诺在美国投资5500亿美元，并向美国主要产品开放市场。他还指出，欧盟官员将于今天抵达进行贸易谈判。与此同时，投资者消化了一波企业盈利报告。银行业巨头联合信贷银行股价上涨近3%，此前该行公布第二季度净利润同比增长25%，达到33亿欧元，包括一次性项目，并上调了全年预期。Moncler和Saipem也将在当天晚些时候公布他们的结果。主要行业涨幅更大，汽车板块表现强劲。依维柯集团飙升近5%，而法拉利和Stellantis上涨约2%。

The FTSE MIB rose over 1% toward 40,600 on Wednesday, approaching a two-week high, as a trade deal between the US and Japan fueled optimism for further agreements and lower tariffs. President Trump announced that Japan would impose a 15% tariff on its exports to the US, commit to $550 billion in US investments, and open its market to key American products. He also noted that European Union officials are set to arrive today for trade negotiations. Meanwhile, investors digested a wave of corporate earnings reports. Banking giant UniCredit jumped nearly 3% after reporting a 25% year-on-year increase in second-quarter net profit to €3.3 billion, including one-off items, and raising its full-year guidance. Moncler and Saipem were also due to release their results later in the day. Broader gains were seen across key sectors, with notable strength in autos. Iveco Group surged nearly 5%, while Ferrari and Stellantis rose around 2%.

富时MIB指数收平于40165点，避免了因投资者评估一批国内企业发展而导致的更广泛的欧洲抛售。由于阿涅利家族控股的Exor正在进行企业重组，依维柯集团股价飙升7.8%。该战略包括剥离Iveco的国防部门并探索资产出售。有报道称，塔塔汽车公司正在关注依维柯的卡车业务，如果达成协议，还有进一步上涨的空间。意大利邮政在公布强劲的上半年业绩后上涨2.8%，收入增长4.8%至65亿欧元，调整后息税前利润增长11.5%至17亿欧元，净利润增长14%至12亿欧元。该公司上调了2025年的展望，目前预计调整后的息税前利润为32亿欧元，净利润为22亿欧元，同时确认了其股息政策。此外，联合信贷银行将于明天公布报告。

The FTSE MIB closed flat at 40,165, avoiding the broader European sell-off due as investors assessed a batch of domestic corporate developments. Iveco Group surged 7.8% amid ongoing corporate restructuring by Exor, the Agnelli family’s holding. The strategy includes spinning off Iveco’s defense unit and exploring asset sales. Reports suggest Tata Motors is eyeing Iveco’s truck business, with room for further upside seen if a deal is struck. Poste Italiane jumped 2.8% after reporting strong H1 results, with revenue rising 4.8% to €6.5 billion, adjusted EBIT up 11.5% to €1.7 billion, and net profit increasing 14% to €1.2 billion. The company raised its 2025 outlook, now expecting €3.2 billion in adjusted EBIT and €2.2 billion in net profit, while confirming its dividend policy. Also, UniCredit was due to report tomorrow.

富时MIB指数周二早盘微跌0.2%，至40090点左右，标志着连续第二个交易日下跌，因为投资者在唐纳德·特朗普总统设定的8月1日最后期限之前保持谨慎。欧盟正争先恐后地在截止日期前与美国达成贸易协议，但据说欧盟正在准备应对措施，以防没有达成协议。与此同时，投资者继续评估企业盈利报告，也在等待美联储主席杰罗姆·鲍威尔今天晚些时候的讲话，以进一步了解美联储的政策方向。在企业方面，跌幅显著的包括意法半导体（-1.7%）、Mediobanca（-1%）、普睿司曼（-0.9%）和Unipol Gruppo（-0.9%。

The FTSE MIB edged 0.2% lower to around 40,090 in early trading on Tuesday, marking its second consecutive session of losses as investors remained cautious ahead of the August 1 deadline set by President Donald Trump. The EU is scrambling to reach a trade agreement with the US before the deadline, but the bloc is said to be preparing its countermeasures in case no deal is struck. Meanwhile, investors continued to assess corporate earnings reports and are also awaiting remarks from Federal Reserve Chair Jerome Powell later today for further insight into the US central bank’s policy direction. On the corporate front, notable decliners included STMicroelectronics (-1.7%), Mediobanca (-1%), Prysmian (-0.9%), and Unipol Gruppo (-0.9%).