周四早盘，富时MIB指数下跌超过1%，至41970点左右，与欧洲股市整体走势一致。市场情绪仍然谨慎，因为市场参与者继续权衡全球货币政策前景，特别关注美联储官员定于当天晚些时候发表的一系列演讲。在个股中，早盘下跌的包括莱昂纳多（-1.5%）、普睿司曼（-1%）、泰纳瑞斯（-2.1%）、Moncler（-1%。

The FTSE MIB fell more than 1% to around 41,970 in early trading on Thursday, moving lower in line with broader European markets. Sentiment remained cautious as market participants continued to weigh the global monetary policy outlook, with particular attention on a series of speeches from Federal Reserve officials scheduled later in the day. Among individual stocks, early movers to the downside included Leonardo (-1.5%), Prysmian (-1%), Tenaris (-2.1%), Moncler (-1%), Recordati (-1.2%), and Buzzi Unicem (-1.7%), while some counters managed gains, led by Stellantis (+1.3%), Telecom Italia (+1.4%), and Saipem (+1%).

周三，富时MIB指数跌至42474点，投资者消化了美联储主席杰罗姆·鲍威尔关于美国进一步降息时机的谨慎评论，并关注了国内并购头条新闻。在美国总统特朗普发表鹰派北约言论后，莱昂纳多股价上涨4.5%。Banco BPM上涨1.2%，因意大利政府表示将为与法国农业信贷银行的潜在合作设定条件，而联合信贷银行在与德国商业银行的持续收购猜测中上涨0.3%。相比之下，Monte dei Paschi下跌1.9%，该银行被Banco BPM列为潜在的并购选择。

The FTSE MIB slipped to 42,474 on Wednesday as investors digested cautious comments from Fed Chair Jerome Powell on the timing of further US rate cuts and followed domestic merger headlines. Leonardo jumped 4.5% after hawkish NATO remarks from US President Trump boosted defense names. Banco BPM gained 1.2% as the Italian government said it would set conditions on a potential tie-up with Crédit Agricole, while UniCredit added 0.3% amid ongoing takeover speculation with Commerzbank. In contrast, Monte dei Paschi lost 1.9%, the bank was listed as a pontential M&A option by Banco BPM.

意大利10年期政府债券收益率保持在3.58%附近，接近9月初以来的最高水平，因为投资者在美联储主席杰罗姆·鲍威尔最近发表评论后仍持谨慎态度。鲍威尔强调了美国经济面临的“双向风险”，有迹象表明劳动力市场疲软，而通胀压力持续存在。投资者现在关注周五公布的美国个人消费支出（PCE）价格指数，该指数可能会对全球利率预期产生重大影响。在国内，意大利计划本周晚些时候出售高达87.5亿欧元的5年期和10年期政府债券。在地缘政治方面，北约警告俄罗斯将使用“一切必要工具”进行自卫，而特朗普则表示乌克兰可以收回所有俄罗斯占领的领土。

Italy’s 10-year government bond yield held near 3.58%, approaching its highest level since early September, as investors remained cautious following Federal Reserve Chair Jerome Powell’s recent comments. Powell highlighted the “two-way risks” facing the US economy, with signs of a weakening labor market while inflationary pressures persist. Investors now focus on the US Personal Consumption Expenditures (PCE) price index, due Friday, which could significantly influence global interest rate expectations. Domestically, Italy is scheduled to sell up to €8.75 billion of 5-year and 10-year government bonds later this week. On the geopolitical front, NATO warned Russia it would use “all necessary tools” to defend itself, while Trump said Ukraine could reclaim all Russian-occupied territory.

周三早盘，富时MIB指数下跌超过1%，至约41800点，创下两周低点，表现落后于其他欧洲基准指数。投资者权衡了美联储主席杰罗姆·鲍威尔的言论，他对进一步放松政策持谨慎态度，称官员们在平衡通胀风险和劳动力市场疲软的同时，对时机存在不确定性。他还表示，股票估值仍然很高。与此同时，在美国总统特朗普加强了对俄罗斯的言论，表示相信乌克兰在欧盟的支持下可以收回其领土后，地缘政治紧张局势仍然是人们关注的焦点。大多数主要股票的交易价格较低，包括Stellantis（-3%）、Mediobanca（-2%）、Banca Monte dei Paschi di Siena（-1.8%）、Tenaris（-1.5%）、Moncler（1.5%）、Intesa Sanpaolo（-1.1%）和Ferrari（-1.2%）。

The FTSE MIB dropped over 1% to around 41,800 in early Wednesday trading, hitting a two-week low and underperforming other European benchmarks. Investors weighed comments from US Fed Chair Jerome Powell, who struck a cautious tone on further policy easing, citing uncertainty over timing as officials balance inflation risks with labor market weakness. He also flagged that equity valuations remain elevated. Meanwhile, geopolitical tensions remained in focus after US President Trump intensified his rhetoric on Russia, expressing confidence that Ukraine, with EU support, could reclaim its territory. Most major stocks traded lower, including Stellantis (-3%), Mediobanca (-2%), Banca Monte dei Paschi di Siena (-1.8%), Tenaris (-1.5%), Moncler (-1.5%), Intesa Sanpaolo (-1.1%), and Ferrari (-1.2%).