周四，由于宏观经济数据疲软和企业业绩悲观，富时MIB指数下跌超过0.6%，跌至43000点以下。尽管预计意大利经济将略有扩张，但第三季度经济停滞不前，而欧元区GDP的总体扩张增加了欧元区的借贷成本。欧洲央行将利率维持在2%，重申未来的举措将取决于数据，而无需预先承诺政策路径。Stellantis股价下跌超过9%，此前其第三季度盈利报告强调了外汇逆风和强劲收入的潜在一次性费用。尽管第三季度业绩强劲，普睿司曼仍下跌4%，反映出对未来挑战的担忧。Amplifon在报告调整后净利润下降27.7%至5.633亿欧元后下跌2%。从好的方面来看，Campari在报告有机息税前利润增长19.5%后飙升超过10%，几乎是预测的两倍。

The FTSE MIB fell over 0.6% to below the 43,000 mark on Thursday amid weak macroeconomic data and pessimistic corporate results. Italy’s economy stagnated in Q3 despite expectations of a slight expansion, while an aggregate GDP expansion for the Eurozone increased borrowing costs for the bloc. The ECB kept rates at 2%, reiterating that future moves will be data-dependent without pre-committing to a policy path. Stellantis slumped over 9% after its third quarter earnings report highlighted FX headwinds and potential one-off charges against strong revenues. Prysmian fell 4% despite robust Q3 results, reflecting concerns over future challenges. Amplifon lost 2% after reporting a 27.7% drop in adjusted net profit to €563.3 million. On the upside, Campari surged over 10% after reporting organic EBIT growth of 19.5%, nearly double forecasts.

意大利10年期国债收益率攀升至3.4%，为10月14日以来的最高水平，投资者消化了欧元区和美国央行的鹰派信号。欧洲央行连续第三次会议保持利率稳定，并指出通胀前景基本保持不变，而美联储今年第二次降息25个基点，主席杰罗姆·鲍威尔警告称，12月的进一步宽松“并非板上钉钉”。尽管收益率更高，但意大利的借贷成本在周四的拍卖中有所下降，财政部以3.46%的总收益率出售了45亿欧元的新10年期英国国债，该国债将于2036年2月到期，为2024年11月以来的最低水平。经济数据显示，意大利经济在第三季度意外停滞，受到工业部门收缩和服务业停滞的拖累，而失业率上升至6.1%，高于6%的预期。

Italy’s 10-year BTP yield climbed to 3.4%, its highest level since October 14, as investors digested hawkish signals from both the Eurozone and US central banks. The ECB held interest rates steady for a third consecutive meeting, noting that the inflation outlook remains broadly unchanged, while the Fed cut rates by 25 basis points for the second time this year, with Chair Jerome Powell cautioning that further easing in December is “not a foregone conclusion.” Despite higher yields, Italy’s borrowing costs fell at Thursday’s auctions, with the Treasury selling €4.5 billion of a new 10-year BTP maturing in February 2036 at a 3.46% gross yield, the lowest since November 2024. Economic data showed the Italian economy unexpectedly stalled in Q3, weighed down by a contraction in the industrial sector and stagnant services, while the unemployment rate rose to 6.1%, above expectations of 6%.

2025年8月，意大利工业销售额环比下降0.7%，扭转了7月份0.4%的增长。外国市场的下降更为明显，销售额下降了1.8%，而前一个月增长了0.9%，而国内销售额在7月份持平后小幅下降了0.1%。批发贸易的跌幅最大（-2.0%），而其他服务业的跌幅较小（-0.3%）。按年度计算，8月份工业销售小幅下降0.1%，而前一个月增长1.2%。

Industrial sales in Italy fell by 0.7% month-on-month in August 2025, reversing a 0.4% increase in July. The decline was more pronounced in the foreign market, where sales dropped 1.8% compared to a 0.9% rise in the previous month, while domestic sales decreased slightly by 0.1% after remaining flat in July. The largest drop was seen in wholesale trade (-2.0%), whereas other services saw a more modest decline (-0.3%). On a yearly basis, industrial sales edged down 0.1% in August, following a 1.2% growth in the prior month.

意大利10年期英国国债收益率升至3.4%，为10月14日以来的最高水平，因为欧洲投资者在欧洲央行今天晚些时候的政策决定之前对美联储的鹰派立场做出了反应。周三，美联储今年第二次降息25个基点，但主席杰罗姆·鲍威尔警告称，12月的进一步宽松“不是板上钉钉的事”。与此同时，意大利的借贷成本在周四的拍卖中有所下降，财政部在2036年2月到期的新的10年期BTP中出售了45亿欧元，总收益率为3.46%，为2024年11月以来的最低水平。经济数据显示，意大利经济在第三季度意外停滞，受到工业部门收缩和服务业停滞的拖累，而失业率微升至6.1%，高于保持在6%的预期。

Italy’s 10-year BTP yield rose to 3.4%, its highest level since October 14, as European investors reacted to the Federal Reserve’s somewhat hawkish stance ahead of the ECB’s policy decision later today. On Wednesday, the Fed cut interest rates by 25 basis points for the second time this year, but Chair Jerome Powell warned that further easing in December is “not a foregone conclusion.” Meanwhile, Italy’s borrowing costs fell at Thursday’s auctions, with the Treasury selling €4.5 billion in a new 10-year BTP maturing in February 2036 at a gross yield of 3.46%, the lowest since November 2024. Economic data showed the Italian economy unexpectedly stalled in Q3, weighed down by a contraction in the industrial sector and stagnant services, while the unemployment rate edged up to 6.1%, above expectations of remaining at 6%.