富时MIB指数在周二震荡后下跌约0.2%，收于36059点，连续第二天下跌，表现落后于欧洲同行。投资者评估了美国总统唐纳德·特朗普的一系列承诺和行政命令，特别关注潜在的贸易关税。虽然特朗普在就职典礼后推迟了征收关税，但他后来透露，计划从2月1日开始对来自加拿大和墨西哥的进口商品征收25%的关税。在商业方面，Stellantis领跌，下跌1.5%，原因是意大利12月的汽车登记数据令人失望，由于其在墨西哥的强大影响力，对关税的担忧加剧。其他跌幅最大的公司包括埃尼集团、意大利电信、锡耶纳银行、普睿司曼和倍耐力公司。相反，Diasorin（+2.9%）受益于欧洲制药行业的良好表现。

The FTSE MIB fell about 0.2% to settle at 36,059 after a choppy session on Tuesday, down for the second day and underperforming its European peers. Investors assessed a slew of pledges and executive orders from U.S. President Donald Trump, with particular attention on potential trade tariffs. While Trump held off on imposing tariffs right after his inauguration, he later revealed plans to apply a 25% tariff on imports from Canada and Mexico starting February 1st. On the business front, Stellantis led the declines, falling 1.5%, as Italy's December car registration data disappointed and concerns over tariffs mounted due to its strong presence in Mexico. Other top losers included Eni, Telecom Italia, Banca Monte Paschi Siena (MPS), Prysmian and Pirelli & Co. Conversely, Diasorin (+2.9%) benefited from the good performance of the European pharma sector.

10年期意大利BTP收益率约为3.62%，低于本月初触及的六个月高点，并追随全球债券收益率的下降。这一行动是在特朗普总统决定不在就职日征收关税之后进行的，正如许多人所预期的那样，尽管他后来表示计划从2月1日开始对加拿大和墨西哥征收25%的关税。在欧洲，欧洲央行政策制定者敦促对进一步降息保持谨慎。自6月以来，欧洲央行已经四次降息，预计下周将继续其宽松周期。市场预测显示，进一步的降息可能会持续到未来六个月，到2025年底，利率可能会超过2%。意大利和德国收益率之间的利差约为111个基点，这是衡量持有意大利债务风险溢价的指标。相比之下，12月初的低点为104.5个基点，为2021年10月以来的最低水平。

The yield on the 10-year Italian BTP was around 3.62%, below six-month highs touched early in the month, and tracking a global decline in bond yields. This movement followed President Trump’s decision not to impose tariffs on Inauguration Day, as many had anticipated, although he later signaled plans for a 25% levy on Canada and Mexico starting February 1st. In Europe, ECB policymakers have urged caution regarding further rate cuts. The ECB has already reduced interest rates four times since June and is expected to continue its easing cycle next week. Market forecasts suggest additional rate cuts could extend into the next six months, potentially leaving rates above 2% by the end of 2025. The spread between Italian and German yields, a measure of the risk premium for holding Italian debt, stood at approximately 111 basis points. This compares to a low of 104.5 bps reached in early December, marking the narrowest level since October 2021.

富时MIB指数在周二早盘交易中几乎没有变化，徘徊在36140点左右，因为投资者评估了美国总统唐纳德·特朗普的一系列承诺和行政命令，包括贸易关税。虽然特朗普最初在就职后没有立即征收关税，但他后来公布了从2月1日开始对来自加拿大和墨西哥的进口商品征收25%关税的计划。在个股中，忠利（-1%）、Stellantis（-1.3%）、普睿司曼（-1.1%）、Campari（-1.7%）和Amplifon（-1.%）的跌幅显著。另一方面，金融类股上涨，联合信贷银行上涨0.5%，Banca Mediolanum上涨1.1%，Banca Generali上涨1%。

The FTSE MIB index was little changed in early trading on Tuesday, hovering around the 36,140 mark, as investors assessed a slew of pledges and executive orders from U.S. President Donald Trump, including trade tariffs. While Trump initially refrained from imposing tariffs immediately after his inauguration, he later unveiled plans to implement 25% tariffs on imports from Canada and Mexico starting February 1st. Among individual stocks, notable losses were seen from Generali (-1%), Stellantis (-1.3%), Prysmian (-1.1%), Campari (-1.7%), and Amplifon (-1%). On the other hand, financial stocks saw gains, with UniCredit up 0.5% gain, Banca Mediolanum rising 1.1%, and Banca Generali adding 1%.

富时MIB指数周一再次逆转，收于36144点，跌幅约0.3%，落后于欧洲同行。与Enel（-2.2%）和Snam（-0.9%）的息票分离对该指数造成了沉重压力，而石油公司和公用事业公司也因石油和天然气价格下跌而出现亏损。然而，依维柯集团（+2.7%）和Stellantis（+2.4%）的稳健增长提供了支撑。银行整体表现良好，其中联合信贷银行（+1.5%）和锡耶纳银行（+1.1%）是重点，这得益于新巴塞尔协议IV资本规则实施可能延迟一年。与此同时，投资者关注唐纳德·特朗普今天就任美国总统的消息，交易员对暂时不实施贸易关税的消息表示欢迎。瑞士达沃斯世界经济论坛也引起了人们的关注

The FTSE MIB reversed course again and closed about 0.3% down at 36,144 on Monday, lagging behind its European peers. The coupon detachment from Enel (-2.2%) and Snam (-0.9%) weighed heavily on the index, while oil companies and utilities also posted losses amid declining oil and natural gas prices. However, solid gains from Iveco Group (+2.7%) and Stellantis (+2.4%) provided support. Banks performed well overall, with Unicredit (+1.5%) and Banca Monte Paschi Siena (+1.1%) in focus, buoyed by the potential one-year delay in the implementation of new Basel IV capital rules. Meanwhile, investors focused on Donald Trump's inauguration as U.S. president today, with traders welcoming the news that trade tariffs would not be implemented for the time being. The World Economic Forum in Davos, Switzerland, also drew attention