在米兰，富时MIB指数周五上涨404点，涨幅0.96%。领涨的是Unipol Gruppo（3.08%）、Assicurazioni Generali（2.48%）和Bper Banca（2.12%）。跌幅最大的是意法半导体（-2.40%）、Davide Campari Milano（-1.64%）和Stellantis N.V.（-0.98%）。

In Milan, the FTSE MIB Index rose 404 points or 0.96 percent on Friday. Leading the gains are Unipol Gruppo (3.08%), Assicurazioni Generali (2.48%) and Bper Banca (2.12%). Top losers were STMicroelectronics (-2.40%), Davide Campari-Milano (-1.64%) and Stellantis N.V. (-0.98%).

周五，富时MIB指数上涨1%，收于42646点，金融股领涨。联合圣保罗银行、联合信贷银行、BPER和Sondrio股价上涨1.5%至2.5%，贷款机构和意大利债券表现积极。此外，在确认与法国BPCE的任何资产管理交易仍需董事会批准后，忠利股价上涨2.5%。主要股东的反对和罗马的法律担忧。据报道，意大利邮政可能会为其数字身份服务收取年费，这可能会产生1亿欧元的利润，因此意大利邮政上涨了1%。不利的一面是，Brunello Cucinelli下跌1.7%，标志着本周暴跌18%，此前卖空者Morpheus Research指责其在俄罗斯风险敞口方面误导投资者。该公司否认了这些指控，称其业务符合欧盟制裁，仅限于制裁前交付的库存。

The FTSE MIB rose 1% to close at 42,646 on Friday, led by financials. Intesa Sanpaolo, UniCredit, BPER, and Sondrio rose between 1.5% and 2.5% on a positive session for lenders and Italian bonds. Also, Generali advanced 2.5% after confirming that any asset management deal with France’s BPCE remains subject to board approval. There is opposition from major shareholders and legal concerns from Rome. Poste Italiane added 1% on reports it may introduce an annual fee for its digital identity service, potentially generating €100 million in profit. On the downside, Brunello Cucinelli dropped 1.7%, marking an 18% plunge on the week after short-seller Morpheus Research accused it of misleading investors about its Russia exposure. The company denied the allegations, saying its operations comply with EU sanctions and are limited to inventory delivered before sanctions.

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.