在米兰，富时MIB指数周四上涨298点，涨幅0.74%。锡耶纳银行（3.18%）、Buzzi Unicem（2.83%）和Leonardo SpA（2.37%）领涨。跌幅最大的是Davide Campari Milano（-4.67%）、Moncler（-2.87%）和Italgas（-1.96%）。

In Milan, the FTSE MIB Index gained 298 points or 0.74 percent on Thursday. Gains were led by Banca Monte dei Paschi di Siena (3.18%), Buzzi Unicem (2.83%) and Leonardo SpA (2.37%). Biggest losers were Davide Campari-Milano (-4.67%), Moncler (-2.87%) and Italgas (-1.96%).

周四，意大利股市徘徊在40200点左右，此前欧洲央行将利率下调25个基点至2%，这是一年多来的第八次降息。随着通胀率目前接近2%的目标，以及各服务业的价格增长放缓，央行正将重点转移到欧元区疲软的增长上，而美国的关税威胁加剧了这一增长。欧元区政府债券上涨，意大利国债收益率下跌5个基点。欧洲央行还注意到公共支出增加的潜在支持。在国内方面，意大利4月份零售额有所增长，食品销售额价值增长1.3%，数量增长0.9%，非食品类商品也有所增长。在米兰，建筑类股上涨约1.9%，而原材料类股跌幅最大，下跌约1%。

The Italian stock market hovered around 40,200 on Thursday after the ECB cut rates by 25 basis points to 2%, its eighth cut in just over a year. With inflation now near the 2% target and price growth easing across services, the central bank is shifting its focus to weak eurozone growth, worsened by US tariff threats. Eurozone government bonds rallied, with Italian yields down five basis points. The ECB also noted the potential support from higher public spending. On the domestic front, Italian retail sales rose in April, with food sales up 1.3% in value and 0.9% in volume, and non-food goods also increasing. In Milan, construction stocks rose about 1.9%, while raw materials posted the largest drop, down arround 1%.

意大利10年期BTP收益率跌至3.45%，触及2月中旬以来的最低水平，此前欧洲央行决定按预期降息并下调2025年和2026年的通胀前景。欧洲央行现在预测，2025年和2026年的整体通胀率平均为2.0%和1.6%，均比3月份的预测低0.3个百分点，理由是能源价格假设降低和欧元走强。不包括能源和食品在内的核心通胀率预计将在2025年保持稳定在2.4%，在2026年和2027年分别保持1.9%。在经济增长方面，欧洲央行预计2025年GDP将增长0.9%，2026年增长1.1%，2027年增长1.3%。政策制定者表示，在工资压力缓解和企业利润帮助吸收成本增长的支持下，通货膨胀有望恢复到2%的中期目标。与此同时，克里斯蒂娜·拉加德总统表示，欧洲央行的宽松周期即将结束，这表明在今天的举措之后可能会暂停。

Italy’s 10-year BTP yield fell toward 3.45%, touching its lowest level since mid-February, following the European Central Bank’s decision to cut interest rates as expected and revise down its inflation outlook for 2025 and 2026. The ECB now forecasts headline inflation to average 2.0% in 2025 and 1.6% in 2026—both 0.3 percentage points lower than its March projections—citing reduced energy price assumptions and a stronger euro. Core inflation, which excludes energy and food, is projected to remain steady at 2.4% in 2025 and 1.9% in both 2026 and 2027. On the economic growth front, the ECB expects GDP to expand by 0.9% in 2025, 1.1% in 2026, and 1.3% in 2027. Policymakers indicated that inflation is on track to return to the 2% medium-term target, supported by easing wage pressures and corporate profits helping to absorb cost increases. Meanwhile, President Christine Lagarde stated that the ECB is nearing the end of its easing cycle, signaling that a pause could follow today’s move.

2025年4月，意大利零售额环比增长0.7%，从3月份修正后的0.4%的下降中反弹，超过了市场预期的0.2%的增长。这一增长是由食品（3月份为1.3%对-0.4%）和非食品（0.2%对-0.3%）的销售额再次增长推动的。按年度计算，4月份零售贸易增长3.7%，为2023年6月以来的最大增幅，此前一个月修正后下降2.7%。

Retail sales in Italy rose by 0.7% month-on-month in April 2025, rebounding from a revised 0.4% fall in March and beating market expectations of a 0.2% increase. The growth was driven by a renewed rise in sales of both food products (1.3% vs -0.4% in March) and non-food products (0.2% vs -0.3%). On an annual basis, retail trade jumped by 3.7% in April, its largest gain since June 2023, following a revised 2.7% decline in the previous month.