周五早盘，富时MIB指数下跌0.7%，至39640点左右，结束了连续两个交易日的上涨，因为投资者在即将到来的7月9日关税暂停截止日期前变得谨慎。唐纳德·特朗普总统周四表示，他将于周五开始致函各国，概述他们将对美国进口商品征收的关税税率。与此同时，在华盛顿举行的欧盟-美国贸易谈判没有取得任何重大进展。在国内新闻方面，意大利5月份零售额环比下降0.4%，扭转了4月份0.7%的增长，未达到市场0.5%的增长预期。在企业方面，几只重量级股票拖累指数下跌，包括BPER Banca（-1.9%）、Stellantis（-1.5%）、意法半导体（-1.4%）和法拉利（-1.2%）。该指数目前正处于小幅周损的轨道上。

The FTSE MIB slipped 0.7% to around 39,640 in early trading on Friday, ending two consecutive sessions of gains, as investors turned cautious ahead of the looming July 9 tariff pause deadline. President Donald Trump said on Thursday that he would begin sending letters to countries on Friday outlining the tariff rates they will face on imports to the US. Meanwhile, EU-US trade talks in Washington concluded without any significant progress. In domestic news, Italy’s retail sales fell 0.4% month-on-month in May, reversing a 0.7% rise in April and missing market expectations of a 0.5% growth. On the corporate front, several heavyweight stocks dragged the index lower, including BPER Banca (-1.9%), Stellantis (-1.5%), STMicroelectronics (-1.4%), and Ferrari (-1.2%). The index is now on track for a modest weekly loss.

2025年5月，意大利零售额较上月下降0.4%，削减了上月0.7%的增长，与预期的0.5%增长形成鲜明对比。营业额下降的原因是食品价格暴跌0.9%，超过了非食品销售额的不变水平。这些数字与销售量下降0.5%相一致，因为零售价格在此期间基本保持不变。与上一年相比，零售额增长了1.3%，其中食品增长了2.5%，非食品增长了0.4%。

Retail sales in Italy fell by 0.4% from the previous month in May of 2025, trimming the 0.7% increase from the previous month and contrasting sharply with expectations that they would have increased 0.5%. The lower turnover was owed to a 0.9% slump in food goods, which outweighed the unchanged level of sales for non-food goods. These figures were consistent with a 0.5% drop in the volume of sales, as retail prices were loosely unchanged in the period. From the previous year, retail sales were 1.3% higher, amid a 2.5% jump for food goods and a 0.4% increase in non-food goods.

HCOB意大利建筑业采购经理人指数从5月份的50.5微降至2025年6月的50.2，表明该行业持续但小幅扩张。尽管经济放缓，但由于新订单增加以及公开招标和NRRP的支持，经济活动连续第四个月保持增长。住房和土木工程出现温和增长，土木工程在经历了九个月的下滑后反弹。相比之下，商业建筑四个月来首次下降。随着公司雇佣了更多员工，并在项目流入增加的情况下恢复了分包商的使用，就业人数以15个月来最快的速度增长。投入品采购也略有增长，扭转了之前的低迷局面，尽管由于需求增加和库存短缺，供应链延误持续存在。尽管面临持续的挑战，但商业信心攀升至2024年5月以来的最高水平，在强劲的新订单增长和营销努力的支持下，企业对未来的活动越来越乐观。

The HCOB Italy Construction PMI edged down to 50.2 in June 2025 from 50.5 in May, signaling a continued but marginal expansion in the sector. Despite the slowdown, activity stayed in growth territory for the fourth month, driven by higher new orders and support from public tenders and the NRRP. Housing and civil engineering saw modest growth, with civil engineering rebounding after nine months of decline. In contrast, commercial construction fell for the first time in four months. Employment rose at the fastest pace in 15 months as firms hired more staff and resumed subcontractor use amid rising project inflows. Input purchasing also grew slightly, reversing a previous downturn, though supply chain delays persisted due to heightened demand and stock shortages. Despite ongoing challenges, business confidence climbed to its highest level since May 2024, with firms growing optimistic about future activity, supported by strong new order growth and marketing efforts.

周四，富时MIB指数上涨0.4%，收于39943点，与欧洲市场的普遍涨幅一致。2025年，欧洲股市继续跑赢美国股市，投资者现在正在权衡是锁定利润还是在关键事件发生前保持敞口。随着7月9日最后期限的临近，焦点仍集中在美欧贸易谈判上。特朗普总统警告称，如果不能达成协议，将对欧盟进口商品征收50%的关税。欧盟贸易专员MarošŠefcovic本周将在华盛顿与美国官员会面，寻求达成一项基本协议，将复杂的行业谈判留待稍后进行。在企业方面，意法半导体领涨2.3%，此前美国取消了对中国芯片设计软件的出口限制。意大利电信（+2.1%）、Unipol（+1.4%）和Finecobank（+1.2%）也表现强劲。下跌方面，A2A（-1.1%）、Diasorin（-1.0%）、Nexi（-0.9%）和Moncler（-0.8%）下跌。

The FTSE MIB rose 0.4% on Thursday to close at 39,943, in line with broad gains across European markets. European equities continue to outperform their US peers in 2025, with investors now weighing whether to lock in profits or stay exposed ahead of key events. Focus remains on US-EU trade talks as the July 9 deadline nears. President Trump has warned of 50% tariffs on EU imports if no agreement is reached. EU Trade Commissioner Maroš Šefcovic will meet with US officials in Washington this week to seek a basic deal, leaving complex sector negotiations for later. On the corporate front, STMicroelectronics led the gains with a 2.3% jump after the US lifted export curbs on chip design software to China. Strong performances were also seen from Telecom Italia (+2.1%), Unipol (+1.4%), and Finecobank (+1.2%). On the downside, A2A (-1.1%), Diasorin (-1.0%), Nexi (-0.9%), and Moncler (-0.8%) declined.