富时MIB周五收跌早盘涨幅，收于36200点，涨幅约0.2%，为一周来最高点，标志着第二个交易日的上涨。市场参与者继续评估美国总统唐纳德·特朗普在达沃斯世界经济论坛上的讲话，同时也在消化企业盈利和新的经济数据。根据采购经理人指数的初步调查，1月份欧元区的商业活动自2024年8月以来首次扩张，尽管增长非常温和。在米兰证券交易所，意大利银行Monte dei Paschi di Siena出人意料地宣布以133亿欧元收购规模更大的竞争对手Mediobanca，此举引发了两只股票的相反反应，并可能重塑该国的银行业。联合信贷银行（+0.5%）也上涨，首席执行官Andrea Orcel吹捧与Banco BPM的合并利益（+1.9%），并计划推进关于德国商业银行的谈判。本周，富时MIB指数下跌约0.2%。

The FTSE MIB pared early gains to close about 0.2% up at 36,200 on Friday, its highest in a week and marking the second session of advances. Market participants continued to assess US President Donald Trump's remarks at the World Economic Forum in Davos, while also digesting corporate earnings and fresh economic data. Business activity in the eurozone expanded in January for the first time since August 2024, though the growth was very modest, according to a preliminary PMI survey. On the Milan bourse, Italian lender Monte dei Paschi di Siena announced a surprise €13.3 billion takeover bid for larger rival Mediobanca, a move that sparked opposite reactions in the two stocks and could reshape the country's banking sector. Unicredit (+0.5%) also gained as CEO Andrea Orcel touted merger benefits with Banco BPM (+1.9%) and aimed to advance talks on Commerzbank. For the week, the FTSE MIB decreased about 0.2%.

10年期意大利BTP收益率约为3.65%，与欧洲同行一致，因为交易员评估了强于预期的PMI数据，并继续评估特朗普的政策。投资者还展望了下周欧洲央行的货币政策决定。欧元区和德国的快速PMI提供了一些乐观情绪，因为私营部门活动显示出复苏的迹象，制造业收缩有所缓解。与此同时，特朗普总统似乎软化了他对普遍关税的立场，并主张立即降低利率。人们普遍预计，继2024年四次降息之后，欧洲央行下周将再次下调关键存款利率25个基点。意大利和德国收益率之间的利差约为112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 3.65%, in line with its European peers, as traders assessed stronger-than-expected PMI data and continued to evaluate Trump's policies. Investors also looked ahead to next week's ECB monetary policy decision. Flash PMIs for the Eurozone and Germany provided some optimism, as private sector activity showed signs of recovery and the manufacturing contraction eased. Meanwhile, President Trump appeared to soften his stance on universal tariffs and advocated for an immediate drop in interest rates. The ECB is widely expected to implement another 25bps cut to the key deposit rate next week, following four reductions in 2024. The spread between Italian and German yields, a measure of the risk premium for holding Italian debt, stood at approximately 112 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指数飙升1%以上，至36474点左右，达到2008年1月以来的最高水平，与地区同行中奢侈品股的飙升相一致。此前，博柏利第三季度同比零售额下降4%，降幅低于预期，美国总统唐纳德·特朗普在达沃斯世界经济论坛上的讲话似乎淡化了美国对中国进口商品征收关税的威胁。在奢侈品股中，Moncler领涨，飙升超过5%，而Brunello Cucinelli上涨超过2%。其他显著增长来自联合信贷银行（+2%）、意大利兴业银行（+1.5%）、Stellantis NV（+3.6%）、Mediobanca（+4.9%）和Banco BPM SPA（+2.4%）。

The FTSE MIB surged more than 1% to around 36,474, reaching its highest level since January 2008, tracking a surge in luxury stocks among regional peers. This followed Burberry's smaller-than-expected 4% decline in Q3 like-for-like retail sales, along with US President Donald Trump's remarks at the World Economic Forum in Davos, which appeared to downplay the threat of US tariffs on Chinese imports. Among luxury stocks, Moncler led the gains, soaring over 5%, while Brunello Cucinelli jumped more than 2%. Other notable gains were seen from Unicredit (+2%), Assicurazioni Generali (+1.5%), Stellantis NV (+3.6%), Mediobanca (+4.9%), and Banco BPM SPA (+2.4%).

周四，富时MIB指数上涨约0.7%，收于36113点，结束了连续三天的下跌。交易员关注特朗普总统领导下的美国政策和大西洋两岸的盈利报告。。在重申他对降低税收、关税和增加能源产量的承诺的同时，美国总统没有证实之前对欧盟的贸易威胁。在企业方面，银行业恢复了势头，其中联合信贷银行（+2.5%）、Bper（+2.4%）和联合圣保罗银行（+2%）领先。Snam也表现良好，在公布2025-2029年战略计划后上涨2.1%，受到分析师的好评。不利的一面是，围绕电动汽车未来的不确定性给汽车行业带来了压力，法拉利（-1.9%）的跌幅最大，而Stellantis下跌了0.3%。赫拉（-0.8%）在工业演示当天也表现不佳。

The FTSE MIB gained ground to close about 0.7% higher at 36,113 on Thursday, ending a three-day losing streak Traders focused on US policy under President Trump and earnings reports from both sides of the Atlantic.. While reiterating his commitment to lower taxes, tariffs, and increased energy output, the US President refrained from confirming prior trade threats against the EU. On the corporate front, the banking sector regained momentum, with UniCredit (+2.5%), Bper (+2.4%), and Intesa Sanpaolo (+2%) leading the way. Snam also performed well, rising 2.1% following the presentation of its 2025-2029 strategic plan, which was well-received by analysts. On the downside, uncertainties surrounding the future of electric vehicles weighed on the automotive sector, with Ferrari (-1.9%) posting the largest decline, while Stellantis fell by 0.3%. Hera (-0.8%) also struggled on the day of its industrial presentation.