周四，富时MIB指数在41700点左右徘徊，此前一个交易日小幅上涨0.1%，因为全球债券市场在最近的波动后显示出企稳的迹象。投资者的注意力转向ADP即将公布的美国劳动力数据，对未来几个月美联储可能降息的预期越来越高。在特朗普总统敦促最高法院迅速审查他对一项宣布美国大部分关税无效的裁决的上诉后，贸易政策也成为关注的焦点。在国内，一项新的PMI调查显示，在住房和商业活动急剧下降的推动下，意大利建筑业以一年来最快的速度收缩。在个股中，Leonardo（-2.6%）、普睿司曼（-1.1%）、Mediobanca（-1.2%）和Banca Monte dei Paschi di Siena（-1.6%）属于早期落后者。

The FTSE MIB hovered around 41,700 on Thursday, after edging up 0.1% in the previous session, as global bond markets showed signs of stabilizing following recent volatility. Investor attention turned to upcoming US labor data from ADP, with growing anticipation of potential Fed rate cuts in the coming months. Trade policy also stayed in focus after President Trump urged the Supreme Court to swiftly review his appeal against a ruling that invalidated most US tariffs. Domestically, a fresh PMI survey revealed that Italy's construction sector contracted at its fastest pace in a year, driven by sharp declines in housing and commercial activity. Among individual stocks, Leonardo (-2.6%), Prysmian (-1.1%), Mediobanca (-1.2%), and Banca Monte dei Paschi di Siena (-1.6%) were among the early laggards.

HCOB意大利建筑业采购经理人指数从7月份的48.3降至2025年8月的47.7，标志着一年来最大的收缩。经济衰退的主要原因是住房和商业活动急剧下降，降至13个月和24个月的低点，尽管土木工程提供了自2023年底以来最强劲的增长。需求疲软拖累了销售，并推低了新订单，促使企业以一年来最快的速度缩减采购，并以五年多来最快的速率削减分包商的使用。即便如此，就业率仍在继续增长，但只是小幅增长，是过去12个月来最弱的增长率之一。在成本方面，投入价格再次上涨，但通胀压力仍然相对温和，而分包商费率大致保持稳定。与此同时，供应商的延迟持续存在，尽管没有以前那么严重。展望未来，商业信心自7月以来有所回升，但仍低于长期平均水平，反映出该行业的持续谨慎。

The HCOB Italy Construction PMI slipped to 47.7 in August 2025 from 48.3 in July, signaling the sharpest contraction in a year. The downturn was led by steep falls in housing and commercial activity, which dropped to 13- and 24-month lows, though civil engineering provided some relief with its strongest growth since late 2023. Softer demand weighed on sales and pushed new orders lower, prompting firms to scale back purchasing at the fastest pace in a year and cut subcontractor usage at the sharpest rate in more than five years. Even so, employment continued to grow but only marginally, marking one of the weakest rates of the past 12 months. On the cost front, input prices rose again, but inflation pressures remained relatively muted, while subcontractor rates held broadly stable. Meanwhile, supplier delays persisted, though less severe than before. Looking ahead, business confidence ticked up from July, yet remained below the long-run average, reflecting ongoing caution in the sector.

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.