周四，富时MIB指数下跌近1.6%，收于40987点，领跌欧洲市场，因盈利提振市场情绪。该指数在前一交易日接近2007年5月的峰值后大幅下跌，受法拉利（-11.6%）、泰纳瑞斯（-6.2%）和依维柯（-4.5%）大幅下跌的拖累。法拉利的业绩与预期一致，令人失望，没有达到其典型的表现。尽管泰纳瑞斯的业绩超出预期，但其下半年销售额有所下降，而依维柯在宣布将国防部门出售给莱昂纳多，将剩余资产出售给塔塔汽车后，下调了2025年的预期，并引发了抛售新闻的反应。从好的方面来看，普睿司曼在上调前景后上涨2.7%，Banca Mediolanum因强劲的盈利上涨1.2%。尽管公布了“有史以来最好的一年”，但Mediobanca股价下跌了0.3%，该银行表示将继续尝试收购Banca Generali，以抵御Banca MPS的收购。

The FTSE MIB dropped nearly 1.6% to close at 40,987 on Thursday, leading losses among European markets as earnings drove sentiment. The index fell sharply after nearing its May 2007 peak the previous session, dragged by steep declines in Ferrari (-11.6%), Tenaris (-6.2%), and Iveco (-4.5%). Ferrari disappointed investors with in-line results and underwhelming guidance, falling short of its typical outperformance. Tenaris, despite beating forecasts, flagged weaker second-half sales, while Iveco cut its 2025 guidance and triggered a sell-the-news reaction after announcing the sale of its defense unit to Leonardo and remaining assets to Tata Motors. On the upside, Prysmian jumped 2.7% after raising its outlook, and Banca Mediolanum added 1.2% on strong earnings. Mediobanca slipped 0.3% despite posting its “best year ever,” as the bank stated it would bring forward its attempt to acquire Banca Generali to fend off the takeover by Banca MPS.

在米兰，富时MIB指数周四下跌650点，跌幅1.56%。法拉利（-11.51%）、泰纳瑞斯（-6.07%）和依维柯集团（-4.80%）领跌。

In Milan, the FTSE MIB Index dropped 650 points or 1.56 percent on Thursday. Losses were led by Ferrari NV (-11.51%), Tenaris (-6.07%) and Iveco Group (-4.80%).

2025年6月，意大利工业生产者价格指数同比上涨2.5%，高于5月份的1.8%。国内市场价格增长加快，达到3.9%，而前一个月为2.7%。相比之下，国外市场的价格保持不变，为0.3%。在国外市场，欧元区的价格上涨幅度更大（5月份为0.8%对0.5%），而非欧元区的房价下跌（-0.4%对0.0%）。按月计算，6月份生产者价格指数上涨1.5%，从5月份0.7%的跌幅反弹。

Industrial producer prices in Italy rose by 2.5% year-on-year in June 2025, up from a 1.8% increase in May. Price growth accelerated in the domestic market, reaching 3.9% compared to 2.7% in the previous month. In contrast, prices in the foreign market remained unchanged at 0.3%. Within the foreign market, prices rose more in the Euro area (0.8% vs 0.5% in May), while they declined in the non-Euro area (-0.4% vs 0.0%). On a monthly basis, producer prices increased by 1.5% in June, rebounding from a 0.7% decline in May.

意大利10年期政府债券收益率徘徊在3.5%左右，交易员继续评估货币和经济前景。市场参与者降低了对欧洲央行今年降息25个基点的预期，掉期市场现在认为此举的可能性不到50%。此前，西班牙的通货膨胀率连续第二个月上升，德国几个州的物价温和上涨，法国和意大利的通货膨胀稳定。与此同时，欧元区第二季度GDP仅增长0.1%，与第一季度的0.6%相比明显放缓，但仍略好于无增长的预测。然而，数据突显了地区差异：德国和意大利都出现了0.1%的收缩，而法国和西班牙则出现了温和的扩张。在贸易方面，投资者对最近宣布的美国-欧盟贸易协定的担忧仍然很高，该协定被广泛认为对美国的利益不成比例。

Italy’s 10-year government bond yield hovered around 3.5% as traders continued to evaluate the monetary and economic outlook. Market participants have reduced expectations for a 25-basis-point rate cut by the ECB this year, with swap markets now assigning less than a 50% probability to such a move. This shift follows a second consecutive monthly increase in inflation in Spain, modest price rises in several German states, and steady inflation in both France and Italy. Meanwhile, Eurozone GDP grew by just 0.1% in the second quarter, a marked slowdown from 0.6% in Q1—but still slightly better than forecasts of no growth. However, the data highlighted regional divergences: Germany and Italy both recorded contractions of 0.1%, while France and Spain posted modest expansions. On the trade front, investor concerns remain elevated over the recently announced US–EU trade agreement, which is widely viewed as disproportionately benefiting the United States.