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.

富时MIB指数周一早盘下跌逾1%，至41720点左右，为两周来的最低水平。投资者本周等待欧洲央行和美联储官员的一系列讲话，这些讲话可能会为未来的货币政策提供新的信号。交易员们还权衡了美国总统唐纳德·特朗普的新签证措施，包括为广泛使用的H-1B计划提出10万美元的申请费，这可能会大大提高严重依赖熟练外国工人的公司的成本，尤其是在科技行业。在企业方面，汽车制造商和银行受到的打击最为严重。Stellantis领跌汽车行业，下跌2.5%，法拉利下跌1.3%，倍耐力下跌0.9%。在银行业，跌幅显著的包括意大利联合信贷银行（-1.2%）、Banco BPM（-1.3%）、Mediobanca（-1.2%”）和锡耶纳银行（-1.3%”）。

The FTSE MIB Index fell more than 1% to around 41,720 in early trading on Monday, marking its lowest level in two weeks. Investors awaited a series of speeches from European Central Bank and Federal Reserve officials this week, which could provide fresh signals on future monetary policy. Traders also weighed US President Donald Trump’s new visa measures, including a proposed $100,000 application fee for the widely used H-1B program, which could significantly raise costs for companies—particularly in the tech sector—that rely heavily on skilled foreign workers. On the corporate front, automakers and banks were among the hardest hit. Stellantis led the losses in the auto industry, down 2.5%, Ferrari dropped 1.3%, and Pirelli fell 0.9%. In the banking sector, notable decliners included UniCredit (-1.2%), Banco BPM (-1.3%), Mediobanca (-1.2%), and Banca Monte dei Paschi di Siena (-1.3%).

9月19日，惠誉评级将意大利的长期外币发行人违约评级从“BBB”上调一个等级至“BBB+”，前景稳定，这是该机构自2021年以来首次上调意大利的评级。惠誉表示，这一决定突显了人们对意大利财政方向的信心日益增强，这得益于其财政纪律记录、对近期和中期赤字目标的承诺、稳定的政治背景以及结构性改革的进展。“稳定的政治环境、持续的改革势头和外部失衡的减少进一步提升了意大利的信贷指标”，它补充道。标准普尔对意大利的信用评级为BBB+，前景稳定。穆迪对意大利的信用评级最后被定为Baa3，前景乐观。DBRS对意大利的信用评级最后报告为BBB（高），前景乐观。

Fitch Ratings raised Italy’s long-term foreign-currency issuer default rating by one notch to 'BBB+' from 'BBB' with a stable outlook on September 19 - the nation’s first rating upgrade by the agency since 2021. Fitch said the decision highlights rising confidence in Italy’s fiscal direction, with support from its record of financial discipline, commitment to near- and medium-term deficit goals, a stable political backdrop, and progress on structural reforms. “A stable political environment, ongoing reform momentum and reduced external imbalances further enhance Italy’s credit metrics”, it added. Standard & Poor's credit rating for Italy stands at BBB+ with stable outlook. Moody's credit rating for Italy was last set at Baa3 with positive outlook. DBRS' credit rating for Italy was last reported at BBB (high) with positive outlook.