周三，富时MIB指数上涨0.1%，收于41785点，保持了昨日大幅下跌的大部分，因为投资者的注意力仍集中在欧洲债券市场，欧洲债券市场长期和超长期收益率的上升表明政府的借贷成本更高。意大利经济部长吉安卡洛·乔尔盖蒂会见了联盟党领导人，探讨了银行为2026年扩张性预算措施提供资金的问题。欧元区7月生产者价格意外上涨，由于资本和消费品，同比上涨0.2%，而意大利8月服务业采购经理人指数降至51.5的七个月低点，反映出尽管国内订单增加，但增长疲软。在企业方面，金融类股涨跌互现（联合信贷+1%，忠利-0.8%），汽车类股波动（法拉利+1.2%，Stellantis-2.7%），公用事业类股大致持平（Enel+0.5%，A2A-0.2%），显示出在宏观不确定性中的选择性股票反应。

The FTSE MIB gained 0.1% to close at 41,785 on Wednesday, holding most of yesterday's sharp losses as investor attention remained on the European bond market, where rising long- and ultra-long-term yields suggest higher borrowing costs for governments. Italy’s Economy Minister Giancarlo Giorgetti met with League party leaders to explore bank funding for expansionary 2026 budget measures. Eurozone producer prices surprised to the upside in July, rising 0.2% year-on-year due to capital and consumer goods, while Italian services PMI slowed to a seven-month low of 51.5 in August, reflecting weaker growth despite higher domestic orders. On the corporate front, financials traded mixed (Unicredit +1%, Generali -0.8%), autos fluctuated (Ferrari +1.2%, Stellantis -2.7%), and utilities were broadly flat (Enel +0.5%, A2A -0.2%), showing selective stock reactions amid macro uncertainty.

意大利10年期政府债券收益率跌至3.6%，在周二短暂达到5月中旬以来的最高水平后，追随美国和欧洲同行的下跌。下跌之际，投资者消化了低于预期的美国就业岗位空缺数据，这加强了人们对美联储将在9月恢复降息的押注。尽管有所下降，但欧洲的财政担忧依然存在，这是由国防开支增加的前景和德国计划的基础设施投资推动的。与此同时，8月份欧元区通胀率加速至2.1%，略高于预测和欧洲央行2%的目标，强化了人们对央行将在下周会议上保持利率稳定的预期。

Italy’s 10-year government bond yield fell to 3.6%, tracking declines in US and European peers after briefly reaching its highest level since mid-May on Tuesday. The drop came as investors digested weaker-than-expected US job openings data, which strengthened bets that the Federal Reserve will resume rate cuts in September. Despite the decline, fiscal concerns in Europe persist, driven by prospects of rising defense spending and Germany’s planned infrastructure investments. Meanwhile, eurozone inflation accelerated to 2.1% in August, slightly above forecasts and the ECB’s 2% target, reinforcing expectations that the central bank will hold interest rates steady at next week’s meeting.

周三，富时MIB指数稳定在41700点左右，此前在欧洲市场普遍抛售的情况下，上一交易日下跌1.6%。周二的下跌是由于对主要经济体政府债务增加和潜在通胀影响的担忧加剧，这严重影响了市场情绪。与此同时，投资者正在消化新的PMI调查，意大利私营部门显示出三个月来最强劲的扩张，因为工厂活动的重新增长帮助抵消了服务业的疲软增长。在银行股受到最新抛售的冲击后，整个交易所的反弹由联合信贷银行（+0.9%）、Recordati（+1%）和Banca Generali（+0.6%）领涨。其他表现突出的公司包括法拉利和意法半导体，分别上涨1.2%和2.2%。

The FTSE MIB stabilized around 41,700 on Wednesday, following a 1.6% slide in the previous session that came amid a broader European market sell-off. Tuesday’s downturn was fueled by mounting concerns over rising government debt in major economies and the potential inflationary fallout, which weighed heavily on sentiment. Meanwhile, investors are digesting fresh PMI surveys, with Italy’s private sector showing its strongest expansion in three months as renewed growth in factory activity helped offset softer gains in the services sector. Across the bourse, rebounds were led by UniCredit (+0.9%), Recordati (+1%), and Banca Generali (+0.6%), after banking stocks bore the brunt of the latest sell-off. Other notable performers included Ferrari and STMicroelectronics, which advanced 1.2% and 2.2%, respectively.

HCOB意大利服务业采购经理人指数从7月的52.3降至2025年8月的51.5，与预测一致，为1月以来的最低水平。尽管新订单稳步增长，但由于新客户的增加和国内需求的改善，新订单以六个月来的最快速度增长，但增长放缓。然而，国内和国外销售之间的差异仍然存在，因为出口订单连续第十三个月下降，尽管速度有所放缓。就业增长也放缓，尽管积压的工作连续第六个月减少，这表明目前的人员配置水平可能足以满足需求。此外，成本压力加剧，公司报告燃料、能源、租金和其他业务投入的支出增加。与此同时，产出价格以九个月来最低的速度上涨。最后，未来12个月的商业信心保持积极，但降至四年半以来的最低水平之一。

The HCOB Italy Services PMI fell to 51.5 in August 2025 from 52.3 in July, in line with forecasts and marking the lowest reading since January. The slowdown came despite a solid increase in new orders, which grew at its fastest pace in six months, attributed to new client wins and improved domestic demand. However, the divergence between domestic and foreign sales persisted, as export orders dropped for the thirteenth consecutive month, albeit at a softer pace. Employment growth also slowed, though backlogs of work decreased for the sixth month in a row, suggesting that current staffing levels may be sufficient to meet demand. Moreover, cost pressures intensified, with firms reporting higher expenses for fuel, energy, rent, and other business inputs. Meanwhile, output prices rose at the weakest rate in nine months. Finally, business confidence for the next 12 months remained positive but fell to one of the lowest levels recorded in over four-and-a-half years.