富时MIB指数周一下跌约0.4%，收于34541点，扭转了前一交易日超过1%的涨幅。这一下跌反映了其他欧洲市场在关键事件之前的谨慎态度，包括美国总统大选和联邦公开市场委员会的决定。投资者还预计将公布新的公司收益、经济数据和英格兰银行的利率决定。在经济数据方面，10月份意大利HCOB制造业PMI降至46.9，远低于市场预期的48.6，表明意大利工厂活动连续第七次收缩。在个股中，跌幅最大的包括依维柯集团（-3.2%）、意法半导体（-3.1%）、Amplifon（-2.7%）、莱昂纳多（-2.5%）和Moncler（-2.1%）。另一方面，银行股领涨该指数，Bper Banca上涨1.3%，Intesa Sanpaolo上涨0.9%，Banco BPM上涨0.8%。

The FTSE MIB weakened to close about 0.4% down at 34,541 on Monday, reversing an over 1% gain in the previous session. This drop reflected the caution seen among other European markets ahead of key events, including the US Presidential election and the FOMC decision. Investors were also anticipating the release of new corporate earnings, economic data, and an interest rate decision from the Bank of England. On the economic data front, the HCOB Manufacturing PMI for Italy fell to 46.9 in October, well below market expectations of 48.6, indicating the seventh consecutive contraction in Italian factory activity. Among individual stocks, top decliners included Iveco Group (-3.2%), STMicroelectronics (-3.1%), Amplifon (-2.7%), Leonardo (-2.5%) and Moncler (-2.1%). On the other hand, banks led the index, with Bper Banca rising by 1.3%, Intesa Sanpaolo increasing by 0.9%, and Banco BPM gaining 0.8%.

意大利10年期英国国债收益率稳定在3.7%左右，为两个月来的最高水平，反映了其他欧洲债券的情况，因为交易员在美国总统大选和美联储货币政策决定的关键一周之前采取了谨慎的态度。在欧元区，强于预期的通胀和GDP增长加剧了人们的预期，即欧洲央行将继续逐步降息，避免更激进的降息。在意大利，经济在第三季度停滞不前，而协调通胀率上升至1%，10月份制造业采购经理人指数意外下降。市场现在已经完全消化了欧洲央行12月存款利率下调25个基点的预期，这将是继10月、9月和6月降息之后，今年第四次降息。

The yield on Italy's 10-year BTP held steady around 3.7%, the highest level in two months, mirroring other European bonds as traders adopt a cautious approach ahead of a crucial week featuring the US presidential election and the Fed's monetary policy decision. In the Euro Area, stronger-than-expected inflation and GDP growth have fueled expectations that the European Central Bank will continue its gradual path on rate cuts, steering clear of more aggressive reductions. In Italy, the economy stalled in Q3, while harmonized inflation rose to 1% and manufacturing PMI unexpectedly declined in October. Markets have now fully priced in a 25-basis-point cut in the ECB’s deposit rate for December, which would mark the fourth reduction this year, following cuts in October, September, and June.

周一早盘，富时MIB指数在34697点附近几乎持平，前一交易日上涨超过1%，反映出整个欧洲普遍持谨慎态度。市场为未来繁忙的一周做好了准备，重点关注美国总统大选和联邦公开市场委员会的决定等关键事件。投资者还预计将公布更多的公司收益、经济数据和英格兰银行的利率决定。在经济数据方面，10月份意大利HCOB制造业PMI降至46.9，远低于市场预期的48.6，表明意大利工厂活动连续第七次收缩。在个股中，早盘下跌的包括忠利（-0.7%）、普睿司曼（-0.3%）和Moncler（-0.2%）。与此同时，联合圣保罗银行（+0.4%）、联合信贷银行（+0.3%）和Stellantis（+0.9%）的股价上涨。

The FTSE MIB was nearly flat around 34,697 in early trading on Monday, following an over 1% gain in the previous session, reflecting a generally cautious mood across Europe. Markets prepared for a busy week ahead, focusing on key events such as the US presidential election and the FOMC decision. Investors were also anticipating the release of additional corporate earnings, economic data, and an interest rate decision from the Bank of England. On the economic data front, the HCOB Manufacturing PMI for Italy fell to 46.9 in October, well below market expectations of 48.6, indicating the seventh consecutive contraction in Italian factory activity. Among individual stocks, early decliners included Generali (-0.7%), Prysmian (-0.3%), and Moncler (-0.2%). Meanwhile, gains were seen from Intesa Sanpaolo (+0.4%), Unicredit (+0.3%), and Stellantis (+0.9%).

HCOB意大利制造业采购经理人指数从上个月的48.3降至2024年10月的46.9，远低于市场预期的48.6，表明意大利工厂活动连续第七次收缩。新订单继续以明显的速度下降，公司表示，由于美国、中东和其他欧元区成员国，特别是汽车行业的新业务流入减少，出口需求急剧恶化。反过来，尽管未完成的工作和关于提高效率的评论再次减少，但产出水平却下降了。因此，企业以五个月来最高的速度裁员。在价格方面，对投入品的低需求推动采购成本自3月以来首次下降，促使制造商连续第二个月转嫁较低的产出费用。展望未来，工厂对来年的未来产量水平仍然充满信心。

The HCOB Italy Manufacturing PMI fell to 46.9 in October of 2024 from 48.3 in the previous month, well below market expectations that it would rise to 48.6, and indicating the seventh consecutive contraction in Italian factory activity. New orders continued to drop at a marked pace, with companies citing a sharp deterioration in export demand amid reduced inflows of new business from the US, the Middle East, and other Eurozone members, particularly in the auto sector. In turn, output levels declined despite another decrease in outstanding work and comments about improvements in efficiency. consequently, firms shed jobs at the highest pace in five months. On the price front, the low demand for input goods drove purchasing costs to decline for the first time since March, driving manufacturers to pass on lower output charges for a second month. Looking ahead, factories remained confident about future output levels in the upcoming year.