周三早盘，富时MIB指数下跌至39307点左右，削减了前一交易日的涨幅，反映了各地区市场的谨慎情绪。投资者在4月2日美国互惠关税之前仍处于紧张状态，有报道称特朗普总统正在考虑一项两阶段计划，包括高关税和潜在的让步。与此同时，欧盟贸易专员与美国高级贸易官员会面，就下周对欧盟商品征收高额关税进行谈判，但结果仍不确定。在企业方面，法拉利、意法半导体、普睿司曼和Recordati领跌，各下跌超过1%。Nexi（-1.3%）、Davide Campari Milano（-1.4%）和倍耐力（-1.5%）也落后。

The FTSE MIB declined to around 39,307 in early trading on Wednesday, trimming gains from the previous session and reflecting cautious sentiment across regional markets. Investors remained on edge ahead of the April 2 US reciprocal tariffs, with reports indicating that President Trump is considering a two-phase plan with high tariffs and potential concessions. Meanwhile, the EU Trade Commissioner met with top US trade officials to negotiate against steep tariffs on EU goods next week, though the outcome remained uncertain. On the corporate front, Ferrari, STMicroelectronics, Prysmian, and Recordati led losses, each dropping more than 1%. Nexi (-1.3%), Davide Campari-Milano (-1.4%), and Pirelli (-1.5%) also lagged.

在米兰，富时MIB指数周二上涨412点，涨幅1.06%。涨幅最大的是联合信贷银行（3.01%）、意大利中央银行（2.78%）和联合圣保罗银行（2.29%）。

In Milan, the FTSE MIB Index went up by 412 points or 1.06 percent on Tuesday. Top gainers were UniCredit (3.01%), Banca Mediolanum (2.78%) and Intesa Sanpaolo (2.29%).

意大利10年期政府债券收益率飙升至3.9%，达到一周高点，因投资者权衡了PMI数据和欧洲央行政策制定者的温和信号。3月份的调查显示，欧元区商业活动以七个月来最快的速度扩张，尽管增长低于预期，这是由于长期制造业收缩放缓造成的。德国经济活动升至10个月高点，而法国经济继续萎缩。在欧元区的其他地区，产出再次实现了稳健增长。与此同时，市场已经完全消化了欧洲央行4月份降息25个基点的预期，此前包括de Galhau、Cipollone和Stournaras在内的官员发表了鸽派言论。此外，拉加德总统警告经济增长放缓，但淡化了欧盟对美国关税进行报复时的通胀风险，表明欧洲央行不会以更高的利率作出回应。

Italy’s 10-year government bond yield surged to 3.9%, reaching a one-week high as investors weighed flash PMI data and dovish signals from European Central Bank policymakers. The March survey showed that Eurozone business activity expanded at its fastest pace in seven months, though growth fell short of forecasts, driven by a slowdown in the prolonged manufacturing contraction. Germany saw activity rise to a 10-month high, while France continued to contract. Elsewhere in the Eurozone, output posted another solid increase. Meanwhile, markets have fully priced in a 25 bps ECB rate cut in April, following dovish remarks from officials including de Galhau, Cipollone, and Stournaras. Additionally, President Lagarde warned of weaker economic growth but downplayed inflation risks in the event of EU retaliation against U.S. tariffs, signaling that the ECB would not respond with higher rates.

周一，富时MIB指数下跌0.2%，收于38973点，扭转了早盘涨幅，因为投资者评估了欧洲经济数据，并等待美国总统唐纳德·特朗普将于4月2日生效的互惠关税的进一步明确。尽管有报道称，这些措施的范围可能比最初威胁的范围要窄，但人们对潜在的贸易中断仍持担忧态度。在欧洲，PMI数据呈现出喜忧参半的信号，欧元区制造业产出两年来首次扩张，而服务业增长放缓，增加了该地区经济前景的不确定性。在意大利，金融股表现喜忧参半，Enel、Eni和Leonardo领跌，下跌1.3%至2.4%，而Banca Mediolanum、Telecom Italia和Stellantis上涨，上涨2%至2.1%。

The FTSE MIB fell 0.2% to close at 38,973 on Monday, reversing early gains as investors assessed European economic data and awaited further clarity on U.S. President Donald Trump’s reciprocal tariffs, set to take effect on April 2nd. While reports suggested the measures could be narrower in scope than initially threatened, concerns persisted over potential trade disruptions. In Europe, PMI data presented mixed signals, with Eurozone manufacturing output expanding for the first time in two years, while services sector growth slowed, adding to uncertainty over the region’s economic outlook. In Italy, financial stocks saw mixed performances, with Enel, Eni, and Leonardo leading losses, down between 1.3% and 2.4%, while Banca Mediolanum, Telecom Italia, and Stellantis advanced, rising between 2% and 2.1%.