在米兰，富时MIB指数周三下跌270点，跌幅0.71%。锡耶纳银行（-2.77%）、联合信贷银行（-2.69%）和Mediobanca银行（-2.42%）领跌。抵消跌幅，涨幅最大的是Davide Campari Milano（3.96%）、Recordati（3.29%）和A2A（1.91%）。

In Milan, the FTSE MIB Index dropped 270 points or 0.71 percent on Wednesday. Losses were led by Banca Monte dei Paschi di Siena (-2.77%), UniCredit (-2.69%) and Mediobanca (-2.42%). Offsetting the fall, top gainers were Davide Campari-Milano (3.96%), Recordati (3.29%) and A2A (1.91%).

周三，富时MIB指数收于37605点，下跌0.7%，停止了五个交易日的反弹，与大多数其他欧洲主要证券交易所的涨幅形成鲜明对比，因为投资者在重量级的意大利金融业获利回吐。自上周三以来，银行在引领米兰反弹后出现亏损，因为投资者在一系列收购出价和防御还价后评估了并购的潜在结果。锡耶纳银行（Banca Monte dei Paschi di Siena）盘中下跌近3%，但在本周早些时候对Mediobanca提出报价（-2.4%）后，仍接近最近的峰值，Mediobanga又提出了用Assicurazioni Generali换取Banca Generali股票的报价。与此同时，联合信贷银行和Banco BPM均下跌超过2%。在数据方面，第一季度国内和欧元区的GDP增长均超过预期，这提振了人们对欧元区可能对美国关税威胁表现出更高抵抗力的希望。

The FTSE MIB closed 0.7% down at 37,605 on Wednesday, halting a five-session rally and contrasting with gains in most of other major European stock exchanges as investors took profits in the heavyweight Italian financial sector. Banks the losses after leading Milan's rally since last Wednesday as investors assessed the potential outcomes in M&A following a series of acquisition bids and defense counteroffers. Banca Monte dei Paschi di Siena lost nearly 3% in the session but remained near recent peaks after launching their offer for Mediobanca (-2.4%) earlier this week, which in turn launched an offer to swap Assicurazioni Generali for Banca Generali shares. In the meantime, UniCredit and Banco BPM each dropped more than 2%. On the data front, both the domestic and Eurozone GDP grew more than expected in the first quarter, lifting hopes that the Eurozone may show a higher degree of resistance to tariff threats by the US.

意大利10年期英国国债收益率回落至3.6%以下，交易员消化了一批新的经济数据，并等待美国关税政策的进一步发展。2025年第一季度，意大利经济增长0.3%，为一年来最快增速，略高于0.2%的市场预期，这得益于工业和农业部门的强劲增长。由于国内需求的弹性，欧元区整体表现也优于其他地区，增长了0.4%。在通胀方面，意大利4月份的年利率升至2%，恢复到欧洲央行的目标水平，达到2023年9月以来的最高水平。上周，欧洲央行将存款利率下调25个基点至2.25%，为2023年初以来的最低水平，并不再提及“限制性”政策立场，警告称，在贸易紧张局势升级的情况下，经济前景已经恶化。与此同时，由于特朗普政府不断演变的关税措施引发的经济衰退担忧加剧，全球情绪仍面临压力。

The yield on Italy’s 10-year BTP fell back below 3.6% as traders digested a fresh batch of economic data and awaited further developments on U.S. tariff policy. Italy’s economy grew by 0.3% in Q1 2025, the fastest pace in a year and slightly above market expectations of 0.2%, driven by stronger growth in the industrial and agricultural sectors. The broader Euro Area also outperformed, expanding by 0.4% thanks to resilient domestic demand. On the inflation front, Italy’s annual rate rose to 2% in April, returning to the European Central Bank’s target and marking the highest level since September 2023. Last week, the ECB cut its deposit rate by 25 basis points to 2.25%, the lowest since early 2023, and dropped references to a "restrictive" policy stance, warning that the economic outlook had deteriorated amid escalating trade tensions. Meanwhile, global sentiment remained under pressure due to growing recession fears driven by the Trump administration’s evolving tariff measures.

意大利的年通货膨胀率从上个月的1.9%微升至2025年4月的2%，符合市场预期。这是19个月来最大的涨幅，延长了意大利消费者篮子主要部分价格增长的正常化，在俄罗斯入侵乌克兰后，由于能源和粮食冲击，意大利消费者篮子经历了一段时间的飙升和暴跌。受监管的能源（32.9%对3月份的27.2%）、运输服务（4.4%对1.6%）以及新鲜食品（4.2%对3.3%）和加工食品（2.3%对1.9%）的通货膨胀率都有所上升。与此同时，不受监管的能源价格下跌（-2.9%对0.7%）。不包括能源和未加工食品的核心通胀率从前一个月的1.7%急剧上升至2.1%，为一年来的最高水平。与上月相比，意大利CPI上涨了0.2%。

The annual inflation rate in Italy edged higher to 2% in April of 2025 from 1.9% in the previous month, in line with market expectations. It was the sharpest increase in 19 months, extending the normalization of price growth among major parts of the Italian consumer basket that underwent periods of surges and plunges amid energy and food shocks after the Russian invasion of Ukraine. Inflation picked up for regulated energy (32.9% vs 27.2% in March), transportation services (4.4% vs 1.6%), and both fresh (4.2% vs 3.3%) and processed food (2.3% vs 1.9%). In the meantime, non-regulated energy prices swung to a decline (-2.9% vs 0.7%). The core inflation rate, which excludes energy and unprocessed food, rose sharply to 2.1% from 1.7% in the previous month, the highest in one year. From the previous month, the Italian CPI rose by 0.2%.