在米兰，富时MIB指数周五下跌1045点，跌幅2.55%。亏损最多的是Finecobank（-5.80%）、联合圣保罗银行（-5.14%）和Saipem（-4.39%）。

In Milan, the FTSE MIB Index fell 1045 points or 2.55 percent on Friday. Leading the losses are Finecobank (-5.80%), Intesa Sanpaolo (-5.14%) and Saipem (-4.39%).

周五，富时MIB指数下跌2.5%，收于39943点，追随唐纳德·特朗普宣布对几个国家征收更高关税后欧洲各地的跌幅，其中大多数将于8月7日生效，而对欧盟进口的关税确认为15%。此举加剧了贸易紧张局势，打压了投资者情绪。与此同时，欧盟统计局的快速估计显示，7月份欧元区通货膨胀率稳定在2%，食品、酒精和烟草的年增长率预计最高，为3.3%。在企业方面，Campari（+7.9%）领涨富时MIB和STOXX 600指数，此前该公司报告第二季度调整后营业利润增长2.9%。相比之下，FinecoBank在每股收益下降4.8%后下跌5.8%。联合圣保罗银行（-5.6%）、桑德里奥人民银行（-4.5%）和塞彭银行（-4.7%）也大幅下跌。

The FTSE MIB dropped 2.5% to close at 39,943 on Friday, tracking losses across Europe after Donald Trump announced higher tariffs on several countries, most to take effect on August 7th, while duties on imports from the EU were confirmed at 15%. The move heightened trade tensions and weighed on investor sentiment. Meanwhile, Eurostat’s flash estimate showed eurozone inflation held steady at 2% in July, with food, alcohol, and tobacco expected to see the highest annual rise at 3.3%. On the corporate front, Campari (+7.9%) led gains in both the FTSE MIB and STOXX 600 after reporting a 2.9% increase in Q2 adjusted operating profit. In contrast, FinecoBank sank 5.8% following a 4.8% drop in EPS. Intesa Sanpaolo (-5.6%), Banca Popolare di Sondrio (-4.5%), and Saipem (-4.7%) also closed sharply lower.

意大利10年期政府债券收益率扭转早盘涨势，降至3.52%，为7月23日以来的最低水平，此前美国就业报告弱于预期，加剧了人们对劳动力市场疲软的担忧。7月份的数据显示，美国经济仅增加了73000个工作岗位，远低于10万个预测，而5月和6月的就业数据也大幅下调。作为回应，市场将美联储9月份降息的可能性从发布前的45%大幅提高到75%。相比之下，对欧洲央行进一步放松货币政策的预期仍然相对温和。尽管欧元区通胀率预计仍将高于欧洲央行的近期预测，但市场目前认为，到12月降息25个基点的可能性为60%，高于美国报告前的50%。7月份欧元区消费者通胀率稳定在2.0%，略高于1.9%的市场预期。投资者还权衡了新宣布的美国关税的经济影响，其中包括对来自欧盟的进口商品征收15%的关税。

Italy’s 10-year government bond yield reversed early gains to fall to 3.52%, its lowest level since July 23, after a weaker-than-expected US jobs report intensified concerns over labor market softness. The July data showed the US economy added just 73,000 jobs, well below the 100,000 forecast, while May and June’s job numbers were also revised sharply lower. In response, markets raised the probability of a Fed rate cut in September to 75%, up sharply from 45% prior to the release. In contrast, expectations for further monetary easing by the ECB remain relatively muted. While eurozone inflation is projected to remain above the ECB’s near-term forecasts, markets now price in a 60% chance of a 25 basis point rate cut by December—up from 50% before the US report. Euro area consumer inflation held steady at 2.0% in July, slightly above the 1.9% market estimate. Investors also weighed the economic implications of newly announced US tariffs, which include a 15% duty on imports from the EU.

意大利10年期政府债券收益率小幅上涨至3.55%，因投资者权衡了新实施的美国关税和新的欧元区通胀数据的影响。美国的有效关税率已从年初的略高于2%飙升至15%左右，为20世纪30年代以来的最高水平。在8月1日截止日期前最后一刻达成协议后，欧盟现在对其对美国的出口征收15%的关税。在通胀方面，7月份欧元区消费者价格同比上涨2.0%，连续第二个月达到欧洲央行的目标，但略高于市场预测的1.9%。核心通胀率稳定在2.3%。随着未来几个月整体通胀率预计仍将高于欧洲央行的预期，进一步降息的可能性已经降低。在美国，美联储主席鲍威尔的鹰派语气进一步降低了市场对9月会议降息的预期。

Italy’s 10-year government bond yield rose slightly to 3.55% as investors weighed the impact of newly implemented US tariffs and fresh Eurozone inflation data. The effective US tariff rate has surged to around 15%, up from just over 2% at the beginning of the year—its highest level since the 1930s. The EU now faces a 15% tariff on its exports to the US, following a last-minute deal reached just before the August 1 deadline. On the inflation side, Eurozone consumer prices increased by 2.0% year-on-year in July, matching the ECB’s target for a second straight month but slightly exceeding market forecasts of 1.9%. Core inflation held steady at 2.3%. With headline inflation projected to remain above ECB expectations in the coming months, the probability of further rate cuts has diminished. In the US, Fed Chair Powell’s hawkish tone has further dampened market expectations for a rate cut at the September meeting.