在欧元区PMI数据喜忧参半之后，意大利10年期政府债券收益率保持在3.57%附近，接近9月初以来的最高水平。HCOB综合采购经理人指数显示温和增长，但新商业指数降至50表明势头减弱。对欧洲央行进一步宽松政策的预期保持不变。与此同时，投资者正关注美联储的政策前景，等待主席杰罗姆·鲍威尔的评论和周五公布的美国个人消费支出价格指数（一个重要的通胀指标），以寻找全球借贷成本未来轨迹的线索。

Italy’s 10-year government bond yield held near 3.57%, close to its highest level since early September, after mixed Eurozone PMI flash data. The HCOB Composite PMI signaled modest growth, but a drop in the new business index to 50 suggested waning momentum. Expectations for further European Central Bank easing remained unchanged. At the same time, investors are focusing on the Federal Reserve’s policy outlook, awaiting comments from Chair Jerome Powell and Friday’s release of the US PCE price index—an important inflation gauge—for clues on the future trajectory of global borrowing costs.

富时MIB指数周二早盘下跌1%，至42000点以下，抹去了前一交易日的小幅涨幅，表现不如其他主要欧洲指数。在地缘政治紧张局势中，市场情绪谨慎，而投资者正在等待美国总统唐纳德·特朗普和乌克兰总统弗拉基米尔·泽连斯基在联合国举行的高调会晤。在企业新闻中，Monte dei Paschi di Siena已获得Mediobanca 86.3%的股份，一些人将其描述为意大利“最奇特”的收购要约。MPS股价上涨1.2%，而Mediobanga股价下跌2.2%。与此同时，能源承包商Saipem上涨0.6%，此前意大利政府有条件地批准了其与挪威竞争对手Subsea7的合并。在其他股票中，莱昂纳多（-2.0%）、联合信贷（-1.1%）、Banco BPM（-1.3%）和意大利电信（-1.2%）暴跌，拖累指数下跌。

The FTSE MIB Index fell 1% to below 42,000 in early trading on Tuesday, erasing the modest gains from the previous session and underperforming other major European indices. Sentiment was cautious amid geopolitical tensions, while investors awaited a high-profile meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky at the UN. In corporate news, Monte dei Paschi di Siena has secured 86.3% of Mediobanca in what some have described as Italy’s ‘most exotic’ takeover bid. Shares of MPS rose 1.2%, while Mediobanca dropped 2.2%. Meanwhile, energy contractor Saipem gained 0.6% after the Italian government gave a conditional green light for its merger with Norwegian rival Subsea7. Among other stocks, Leonardo (-2.0%), UniCredit (-1.1%), Banco BPM (-1.3%), and Telecom Italia (-1.2%) tumbled, dragging the index lower.

周一，富时MIB指数微涨0.3%，收于42423点，市场继续评估全球利率的前景及其对意大利经济关键部门的影响。Stellantis以2.6%的跌幅领跌，这是由于保时捷被迫推迟推出电动汽车并大幅削减今年的利润前景后，欧洲汽车行业表现不佳。与此同时，由于原油价格下跌和股息分离，埃尼集团股价下跌1.3%。意法半导体在交易日也没有分红，但收盘上涨近2%，因为英伟达和OpenAI之间的新交易支持了全球芯片行业。与此同时，罗马表示，其预算赤字今年可能会降至欧盟3%的上限以下，巩固其财政背景的改善，并支持金融部门的BTP和股票，忠利银行将增加2%。

The FTSE MIB inched 0.3% higher to close at 42,423 on Monday as markets continued to assess the outlook of global rates and their impact on key sectors of the Italian economy. Stellantis led the losses with a 2.6% slide, tracking the poor performances in the European auto sector after Porsche was forced to delay the launch of an electric vehicle and slashed its profit outlook for the year. In the meantime, Eni dropped 1.3% on the slide in crude oil prices and the detachment of their dividends. STMicroelectronics was also detached from dividends in the session, but closed nearly 2% higher as a fresh deal between Nvidia and OpenAI supported the global chip sector. In the meantime, Rome stated its budget deficit could dip below the EU's 3% ceiling this year, consolidating the improvement in its fiscal backdrop and supporting BTPs and shares for the financial sector, with Generali adding 2%.

意大利10年期政府债券收益率升至3.57%左右，为9月初以来的最高水平，此前惠誉将该国的信用评级从BBB上调至BBB+，前景稳定，这是自2021年以来的首次上调。此举反映了人们对意大利财政轨迹的信心日益增强，这得益于意大利不断加强的财政审慎、结构性收入改善和严格的支出控制，以及对实现中短期财政目标的坚定承诺。预计明年赤字将降至欧盟GDP的3%。财政部长Giancarlo Giorgetti表示，意大利已“重回正轨”。惠誉上调评级后，市场焦点转向穆迪，穆迪目前将意大利评级为Baa3，仅比垃圾级高一个档次。在欧洲央行认可的五家抵押品评估机构中，有四家已经将意大利评级上调了两个级别。

Italy’s 10-year government bond yield rose to around 3.57%, the highest since early September, following Fitch’s upgrade of the country’s credit rating to BBB+ from BBB with a stable outlook—its first upgrade since 2021. The move reflects growing confidence in Italy’s fiscal trajectory, supported by a record of increasing fiscal prudence, structural revenue improvements, and strict expenditure control, as well as a strong commitment to meeting short- and medium-term fiscal targets. The deficit is expected to fall to the EU’s 3% of GDP threshold next year. Finance Minister Giancarlo Giorgetti said Italy has been “brought back on the right path.” Following Fitch’s upgrade, market focus shifts to Moody’s, which currently rates Italy at Baa3—just one notch above junk. Of the five collateral assessment agencies recognized by the European Central Bank, four have already upgraded Italy by two notches.