意大利10年期政府债券收益率保持在3.60%左右，接近9月初以来的最高水平，因为市场在贸易紧张局势再次加剧的情况下权衡了货币政策的前景。投资者仍预计美联储今年至少再降息两次25个基点，尽管最近的数据突显了美国经济和劳动力市场的弹性。在欧洲，欧洲央行决定在9月的第二次会议上保持利率稳定，这增强了人们对其宽松周期即将结束的预期。经济指标仍然喜忧参半，服务业PMI显示出复苏迹象，而制造业仍在苦苦挣扎。在贸易方面，美国总统特朗普宣布对品牌或专利药品征收100%的关税，而欧盟委员会则确保了美国药品关税的15%上限。与此同时，有报道称，欧盟正在准备对中国进口钢铁征收25%至50%的关税。

Italy’s 10-year government bond yield held around 3.60%, near its highest level since early September, as markets weighed the outlook for monetary policy amid renewed trade tensions. Investors still anticipate at least two more 25bps rate cuts from the Fed this year, although recent data underscored the resilience of the US economy and labor market. In Europe, the ECB’s decision to keep rates steady for a second meeting in September has reinforced expectations that its easing cycle is coming to an end. Economic indicators remain mixed, with services PMIs showing signs of recovery while the manufacturing sector continues to struggle. On the trade front, US President Trump announced a 100% tariff on branded or patented pharmaceutical products, while the European Commission secured a 15% ceiling on US tariffs for pharmaceuticals. Meanwhile, reports suggest the EC is preparing tariffs of 25% to 50% on Chinese steel imports.

2025年9月，意大利制造业信心指数稳定在87.3，略低于市场预测的87.5。订单簿的评估有所改善，而成品库存被认为与上月基本持平。与此同时，对未来产量的预期有所下降。

The manufacturing confidence index in Italy held steady at 87.3 in September 2025, slightly below market forecasts of 87.5. Assessments of order books improved, while inventories of finished goods were seen as broadly unchanged from the previous month. Meanwhile, expectations for future production deteriorated.

意大利消费者信心指数从前一个月的96.2升至2025年9月的96.8，超过了市场预期的96.5。所有组成部分的情绪都有所改善，个人气候指数从95.9微升至96，当前气候指数从99.2攀升至99.9，未来气候指数从92.2升至92.6。此外，消费者对整体经济形势的评价有所加强，从上个月的97跃升至9月份的98.8。

The Italian consumer confidence index rose to 96.8 in September 2025 from 96.2 in the previous month, surpassing market expectations of 96.5. Sentiment improved across all components, with the personal climate index increasing slightly to 96 from 95.9, the current climate index climbing to 99.9 from 99.2, and the future climate index rising to 92.6 from 92.2. Additionally, consumers’ assessment of the general economic situation strengthened, jumping to 98.8 in September from 97 in the previous month.

周五早盘，富时MIB指数上涨0.6%，收于42500点，结束了两天的下跌，并追随欧洲同行的涨势。尽管美国总统特朗普宣布从10月1日开始实施全面的关税措施后，市场普遍持谨慎态度，但仍出现了这种情况。进口品牌药品将面临100%的关税，除非生产商在美国投资制造工厂。重型卡车将被征收25%的关税，橱柜和浴室梳妆台将被征收50%的关税，软垫家具将被征收30%的关税。在国内方面，意大利将于当天晚些时候公布其9月份的商业和消费者信心数据。大多数主要股票交易价格上涨，其中联合圣保罗银行（+1.1%）、法拉利（+1.1.%）、意大利兴业银行（+1.3%）、Unipol Gruppo（+1.7%）和Banca Mediolanum（+1.2%）涨幅显著。本周，该指数将小幅上涨。

The FTSE MIB rose 0.6% toward 42,500 in early trading on Friday, snapping a two-day decline and tracking gains across European peers. This came despite broader market caution after US President Trump announced sweeping tariff measures starting on October 1st. Imported branded pharmaceuticals will face a 100% duty unless the producer invests in a manufacturing plant within the US. Heavy-duty trucks will be subject to a 25% tariff, kitchen cabinets and bathroom vanities to 50%, and upholstered furniture to 30%. On the domestic front, Italy is set to release its September business and consumer confidence data later in the day. Most key stocks traded higher, with notable gains in Intesa Sanpaolo (+1.1%), Ferrari (+1.1%), Assicurazioni Generali (+1.3%), Unipol Gruppo (+1.7%), and Banca Mediolanum (+1.2%). For the week, the index is set to post a modest gain.