周三，富时MIB指数下跌0.4%，收于39762点，因投资者监测到欧盟和美国之间不断升级的贸易紧张局势。在美国总统特朗普威胁从8月1日起对欧盟进口商品征收30%的关税后，欧盟贸易主管马罗斯·塞夫科维奇前往华盛顿进行谈判，欧洲表示这一关税将有效地阻止两个经济体之间的正常贸易。如果谈判失败，欧盟委员会已经准备好针对720亿欧元美国商品的反制措施。工业联合会主席伊曼纽尔·奥尔西尼强调，只有零关税是可以接受的，并指出欧元升值是欧洲出口商的另一个压力点。在企业方面，汽车相关股票领跌：拥有雪铁龙和标致的Stellantis下跌6.2%，此前雷诺对法国汽车行业的疲软预测导致其股价下跌18%，依维柯集团（-3.4%）追踪到面临美国高额关税的欧盟汽车制造商的更广泛疲软。相比之下，法拉利上涨2.1%。

The FTSE MIB index fell 0.4% to close at 39,762 on Wednesday as investors monitored escalating trade tensions between the EU and the US. EU trade chief Maros Sefcovic traveled to Washington for talks after US President Trump threatened a 30% tariff on EU imports starting August 1—a rate Europe says would effectively halt normal trade between the two economies. The European Commission has prepared countermeasures targeting €72 billion in US goods, should talks fail. Confindustria President Emanuele Orsini emphasized that only zero tariffs would be acceptable, citing the euro’s appreciation as another pressure point for European exporters. On the corporate front, auto-related stocks led losses: Stellantis, which owns Citroen and Peugeot, dropped 6.2% after a weak auto industry forecast in France by Renault drove its shares down 18%, and Iveco Group (-3.4%), tracked broader weakness in EU carmakers facing steep US tariffs. In contrast, Ferrari gained 2.1%.

2025年5月，意大利的贸易顺差为61.63亿欧元，低于去年同期的63.77亿欧元。尽管略有收窄，但这一数字大大超过了28.7亿欧元盈余的市场预期，创下2024年7月以来的最高水平。出口同比下降1.9%，至550.88亿欧元，主要原因是对非欧盟国家的销售额下降4.6%，抵消了对欧盟市场出口0.7%的小幅增长。最显著的负面贡献来自计算机、电子和光学设备（-15.9%）以及体育用品、游戏、乐器、贵金属、医疗器械和其他杂项产品（-15.1%）。与此同时，进口额下降1.7%，至489.25亿欧元，与欧盟国家（-0.4%）相比，非欧盟国家的进口额下降幅度更大（-3.4%）。下降的主要原因是能源产品（-14.2%）、中间产品（-6.6%）和资本货物（-2.6%）的进口减少。

Italy recorded a trade surplus of EUR 6.163 billion in May 2025, down from EUR 6.377 billion in the same month last year. Despite the slight narrowing, the figure significantly exceeded market expectations of a EUR 2.87 billion surplus and marked the highest amount since July 2024. Exports fell by 1.9% year-on-year to EUR 55.088 billion, driven mainly by a 4.6% drop in sales to non-EU countries, which more than offset a modest 0.7% increase in exports to EU markets. The most significant negative contributions came from computers, electronic and optical equipment (-15.9%) and sporting goods, games, musical instruments, precious metals, medical instruments, and other miscellaneous products (-15.1%). Meanwhile, imports declined by 1.7% to EUR 48.925 billion, with a sharper drop in purchases from non-EU countries (-3.4%) compared to EU nations (-0.4%). The decline was primarily driven by lower imports of energy products (-14.2%), intermediate goods (-6.6%), and capital goods (-2.6%).

意大利的年通货膨胀率从上个月的1.6%微升至2025年6月的1.7%，符合初步估计和初步市场预期。反过来，欧盟协调通胀率从早些时候的1.7%上升到1.8%，高于1.7%的初步估计，但与初步估计一致。非加工品（4.2%对5月份的3.5%）和运输服务（2.9%对2.6%）的通货膨胀率都有所上升。此外，耐用品的通货紧缩有所减弱（-0.8%对-1.1%）。另一方面，受监管能源的价格放缓（22.6%对29.3%），可能会影响住房和公用事业成本的放缓（2.4%对3.9%）。核心通胀率（不包括波动性和经常外生的新鲜食品和能源分项）从5月份的1.9%上升至2%，较最初的2.1%的快速估计有所下调。与上月相比，意大利消费者价格上涨了0.2%。

The annual inflation rate in Italy inched higher to 1.7% in June of 2025 from 1.6% in the previous month, in line with the preliminary estimate and initial market expectations. In turn, the EU-harmonized inflation rate rose to 1.8% from 1.7% in the earlier period, revised higher from the flash estimate of 1.7% but in line with the preliminary estimates. Inflation rose for both non-processed (4.2% vs 3.5% in May) and transportation services (2.9% vs 2.6%). Additionally, deflation was softer for durable goods (-0.8% vs -1.1%). On the other hand, prices slowed for regulated energy (22.6% vs 29.3%), potentially impacting the slowdown for housing and utilities cost (2.4% vs 3.9%). The core inflation rate, which excludes volatile and often exogenous fresh food and energy subindices, rose to 2% from 1.9% in May, revised lower from the initial flash estimate of 2.1%. From the previous month, Italian consumer prices rose by 0.2%.

周三，富时MIB指数跌至39790左右，延续了前一交易日的跌幅，并随着投资者关注企业盈利，追踪了地区同行的下跌。依维柯集团股价下跌超过3%，与法国同行雷诺股价暴跌17%相呼应。意法半导体也下跌了近2%，此前ASML发布了低于预期的第三季度收入指导，并缩小了其2025年的前景。其他明显的落后者包括Buzzi Unicenter（-1.2%）、泰纳瑞斯（-0.7%）和莱昂纳多（-0.6%）。与此同时，在特朗普总统在本月底表示可能对药品征收关税并暗示随后可能对半导体征税后，贸易紧张局势仍然是人们关注的焦点。在国内方面，交易员们正在等待意大利6月份的最终通胀数据和5月份的贸易平衡数据，这些数据将于今天晚些时候公布。

The FTSE MIB fell to around 39,790 on Wednesday, extending losses from the previous session and tracking declines across regional peers as investors focused on corporate earnings. Iveco Group dropped over 3%, echoing a sharp 17% plunge in its French counterpart Renault. STMicroelectronics also declined nearly 2% after ASML issued weaker-than-expected revenue guidance for Q3 and narrowed its own 2025 outlook. Other notable laggards included Buzzi Unicem (-1.2%), Tenaris (-0.7%), and Leonardo (-0.6%). Meanwhile, trade tensions remained in focus after President Trump signaled potential tariffs on pharmaceuticals by the end of the month and hinted that levies on semiconductors could follow. On the domestic front, traders await Italy’s final June inflation reading and May trade balance data due later today.