周一，富时MIB指数微涨0.1%，收于39797点，反映了随着7月9日美欧贸易协定最后期限的临近，其他主要欧洲市场的表现持平。由于美国对欧盟进口商品征收高达50%的关税的风险，谈判变得更加紧迫，尽管官员们仍然持乐观态度。与此同时，欧洲央行管理委员会重申了其对称的2%中期通胀目标，表明准备对持续的偏差采取果断行动。2025年6月，欧盟统一的意大利年通胀率保持在1.7%不变，低于市场预期的1.8%，而德国在2025年6月份意外放缓至2%，为9月以来的最低水平。乐观的通胀数据增强了欧洲央行降息的可行性。在企业方面，Leonardo（+2.5%）、Iveco（+2.1%）、Campari（+1.8%）和BPER Banca（+1.6%）上涨，而Stellantis（-35%）、Prysmian（-1.7%）、Pirelli（-1.5%）和Diasorin（-1.3%）下跌。

The FTSE MIB edged up 0.1% to close at 39,797 on Monday, mirroring the flat performance of other major European markets as the July 9 deadline for a US-EU trade agreement approaches. Talks have gained urgency with the risk of US tariffs of up to 50% on EU imports, though officials remain optimistic. Meanwhile, the ECB Governing Council reaffirmed its symmetric 2% medium-term inflation target, signaling readiness to act decisively in response to persistent deviations. The EU-harmonised annual inflation rate in Italy was unchanged at 1.7% in June 2025, below market estimates of 1.8%, while Germany unexpectedly slowed to 2% in June 2025, the lowest since September. The upbeat inflation data boosts the viability of interest cuts by the ECB. On the corporate front, Leonardo (+2.5%), Iveco (+2.1%), Campari (+1.8%), and BPER Banca (+1.6%) advanced, while Stellantis (-3.5%), Prysmian (-1.7%), Pirelli (-1.5%), and Diasorin (-1.3%) declined.

意大利10年期政府债券收益率小幅降至3.48%，为6月中旬以来的最低水平，投资者权衡了新的经济数据和美联储降息预期的上升。在美国总统特朗普7月9日的最后期限到来之前，市场也在密切关注全球贸易谈判的发展，以及中东持续的紧张局势。在数据方面，意大利6月份的通胀率从5月份的1.6%小幅上升至1.7%，而核心通胀率从1.9%攀升至2.1%。欧洲央行的最终利率目前定价在1.75%-1.80%左右，副行长Luis de Guindos周一表示，目前的立场是适当的，但强调需要在不确定性中保持灵活性。与此同时，随着劳动力市场势头减弱，以及美国关税导致的通胀风险上升，预计美联储今年将至少降息两次25个基点。

Italy’s 10-year government bond yield edged down toward 3.48%, its lowest level since mid-June, as investors weighed fresh economic data and rising expectations of rate cuts by both the European Central Bank and the Federal Reserve. Markets are also closely watching developments in global trade talks ahead of the US President Trump's July 9 deadline, alongside ongoing tensions in the Middle East. On the data front, Italy’s inflation rate rose slightly to 1.7% in June from 1.6% in May, while core inflation climbed to 2.1% from 1.9%. The ECB’s terminal rate is currently priced at around 1.75%–1.80%, with Vice President Luis de Guindos stating on Monday that the current stance is appropriate but emphasizing the need to remain flexible amid uncertainty. Meanwhile, the Fed is expected to deliver at least two 25-basis-point rate cuts this year, as labor market momentum softens and inflation risks rise due to US tariffs.

意大利的年度消费者价格通胀率从上个月的1.6%微升至2025年6月的1.7%，符合市场预期。反过来，欧盟协调指数略低于市场预期，为1.7%，连续第二个月低于欧洲央行2%的目标。除了运输服务（2.9%对2.6%）外，非加工食品（4.2%对5月份的3.5%）和加工食品（3%对2.7%）的通货膨胀率都有所上升。此外，耐用品的通货紧缩有所减弱（-0.8%对-1.1%）。另一方面，受监管能源的价格放缓（22.7%对29.3%），不受监管能源价格下降更快（-4.6%对-4.3%）。核心通胀率（不包括波动性和经常外生的新鲜食品和能源子指数）从5月份的1.9%上升到2.1%。与上月相比，意大利消费者价格上涨了0.2%。

Italy's annual consumer price inflation inched higher to 1.7% in June of 2025 from 1.6% in the previous month, in line with market expectations. In turn, the EU-harmonized was slightly below market expectations at 1.7% to hold below the ECB's 2% target for the second straight month. Inflation rose for both non-processed (4.2% vs 3.5% in May) and processed food (3% vs 2.7%), in addition to transportation services (2.9% vs 2.6%). Additionally, deflation was softer for durable goods (-0.8% vs -1.1%). On the other hand, prices slowed for regulated energy (22.7% vs 29.3%) and decreased faster for unregulated energy (-4.6% vs -4.3%). The core inflation rate, which excludes volatile and often exogenous fresh food and energy subindices, rose to 2.1% from 1.9% in May. From the previous month, Italian consumer prices rose by 0.2%.

周一早盘，富时MIB指数下跌0.1%，至39690点左右，投资者评估了美国与主要合作伙伴的贸易谈判进展。唐纳德·特朗普总统表示，他不打算延长7月9日的关税最后期限，并表示相信协议可以及时敲定，以避免更高的关税。在最新的发展中，特朗普突然取消了针对美国科技公司的税收谈判后，加拿大取消了其数字服务税，而美英贸易协议今天已经生效。在国内方面，人们的注意力将集中在意大利将于本周晚些时候公布的初步通胀数据上，其他关键数据，包括采购经理人指数（PMI）报告、失业率和零售额，也将于本周晚些时候发布。在个股中，跌幅显著的包括Buzzi Unicem（-1.3%）、法拉利（-1.0%）、普睿司曼（-0.7%）和Moncler（-0.8%）

The FTSE MIB fell 0.1% to around 39,690 in early trading on Monday as investors assessed developments in US trade negotiations with key partners. President Donald Trump said he doesn’t plan to extend the July 9 tariff deadline, expressing confidence that deals could be finalized in time to avoid higher tariffs. In the latest development, Canada scrapped its digital services tax after Trump abruptly called off talks over the tax targeting American tech firms, while US-UK trade deal has today come into force. On the domestic front, attention will be on Italy's preliminary inflation figures due later in the session, with additional key releases—including PMI reports, the unemployment rate, and retail sales—scheduled for later in the week. Among individual stocks, notable decliners included Buzzi Unicem (-1.3%), Ferrari (-1.0%), Prysmian (-0.7%), and Moncler (-0.8%)