在惠誉即将进行主权评级审查之前，意大利10年期政府债券收益率升至3.56%，为两周来的最高水平。在最近欧元区外围经济体西班牙和葡萄牙评级上调后，在政治稳定和公共财政健康的支持下，该机构普遍预计将意大利的信用评级上调一个档次。最近几周，意大利债券与德国和法国的息差收窄，反映出财政状况有所改善。经济部长吉安卡洛·乔尔盖蒂表示，意大利今年的预算赤字可能会降至欧盟3%的门槛以下，比计划提前一年。本周，由于德国债务发行增加和央行政策分歧，欧元区更广泛的政府债券仍不稳定。美联储在暂停九个月后降息，而日本央行保持稳定，但表示对今年晚些时候加息持开放态度。英格兰银行也保持借贷成本不变。

Italy’s 10-year government bond yield rose to 3.56%, its highest level in two weeks, ahead of Fitch’s upcoming sovereign rating review. The agency is widely expected to lift Italy’s credit rating by one notch, supported by political stability and healthier public finances, following recent upgrades to fellow peripheral eurozone economies Spain and Portugal. Italian bond spreads versus Germany and France have narrowed in recent weeks, reflecting fiscal improvement. Economy Minister Giancarlo Giorgetti has suggested that Italy’s budget deficit could fall below the EU’s 3% threshold this year—one year earlier than planned. Broader eurozone government bonds remained volatile this week amid increased German debt issuance and diverging central bank policies. The Federal Reserve cut rates after a nine-month pause, while the Bank of Japan held steady but signaled openness to a hike later this year. The Bank of England also kept borrowing costs unchanged.

2025年7月，意大利建筑业产出同比增长5.2%，低于上个月的5.7%。然而，这标志着该行业连续第七个月实现增长。经季节性调整的月度数据显示，7月份产出增长0.7%，扭转了前一个月0.1%的下降趋势。在过去的七个月里，建筑产量比去年同期增长了4.7%。

Construction output in Italy increased by 5.2% year-on-year in July 2025, slowing from a 5.7% gain in the previous month. Nevertheless, this marked the seventh consecutive month of growth in the sector. On a seasonally adjusted monthly basis, output rose by 0.7% in July, reversing a 0.1% fall in the preceding month. Over the past seven months, construction output grew by 4.7% compared to the same period last year.

周四早盘，富时MIB指数下跌0.4%，至约42100点，削减了上一交易日的涨幅，表现不如大多数欧洲同行。交易员继续消化全球货币政策举措，同时也关注美国总统特朗普和中国国家主席Xi就贸易谈判发出的信号。银行业的表现喜忧参半。意大利联合信贷银行（+1.4%）、联合圣保罗银行（+0.9%）、Bper Banca银行（+1.3%）和Finecobank银行（+1.5%）上涨，此前有报道称意大利可能获得惠誉评级上调，这反映了政治稳定和公共财政的改善。相比之下，锡耶纳银行（-1.0%）和BPM银行（-0.7%）股价下跌。其他明显落后的公司包括泰纳瑞斯（-1.2%）和意法半导体（-0.8%）。本周，富时MIB指数仍将下跌1%以上。

The FTSE MIB fell 0.4% to around 42,100 in early trading on Thursday, trimming gains in the last session and underperforming most European peers. Traders continued to digest global monetary policy moves, while also monitoring a call between US President Trump and China’s President Xi for signals on trade negotiations. Within the banking sector, performance was mixed. UniCredit (+1.4%), Intesa Sanpaolo (+0.9%), Bper Banca (+1.3%), and Finecobank (+1.5%) advanced after reports suggested Italy could receive a Fitch ratings upgrade, reflecting political stability and improving public finances. In contrast, Banca Monte dei Paschi di Siena (-1.0%) and Banco BPM (-0.7%) traded lower. Other notable laggards included Tenaris (-1.2%) and STMicroelectronics (-0.8%). For the week, the FTSE MIB remains on track for a decline of more than 1%.

在米兰，富时MIB指数周四上涨353点，涨幅0.84%。涨幅最大的是意法半导体（4.83%）、法拉利NV（3.39%）和Amplifon（2.79%）。跌幅最大的是MFE MediaForEurope（-2.82%）、意大利电信（-1.20%）和Davide Campari Milano（-1.08%）。

In Milan, the FTSE MIB Index rose 353 points or 0.84 percent on Thursday. Leading the gains are STMicroelectronics (4.83%), Ferrari NV (3.39%) and Amplifon (2.79%). Top losers were MFE-MediaForEurope (-2.82%), Telecom Italia (-1.20%) and Davide Campari-Milano (-1.08%).