意大利10年期政府债券收益率在周一波动后稳定在3.85%，接近一个月来的最低水平，因为投资者在欧盟对美国关税的立场存在不确定性和全球增长担忧加剧的情况下转向避险资产。欧盟委员会透露，它已向特朗普政府提出零对零关税协议，以防止贸易战，但华盛顿拒绝了这一提议。此外，在特朗普总统上个月决定对钢铁和铝进口征税后，欧盟宣布计划对一系列美国商品征收25%的反关税。与此同时，对欧洲央行进一步宽松政策的预期继续上升。市场目前预计，4月份降息25个基点的可能性为90%，预计到年底还会再降息两次——一次可能最早在6月到来，第三次降息的可能性越来越大。

Italy’s 10-year government bond yield stabilized at 3.85% following a volatile session on Monday, staying close to its lowest level in a month as investors shifted toward safe-haven assets amid uncertainty over the EU’s stance on U.S. tariffs and mounting global growth concerns. The European Commission disclosed it had offered a zero-for-zero tariff deal to the Trump administration in a bid to prevent a trade war, but Washington rejected the proposal. Additionally, the EU announced plans to impose 25% counter-tariffs on a range of U.S. goods, following President Trump’s decision last month to place levies on steel and aluminum imports. Meanwhile, expectations for further easing by the European Central Bank continue to rise. Markets are now pricing in a 90% probability of a 25-basis-point rate cut in April, with two more cuts projected by year-end—one possibly arriving as early as June, and increasing chatter around a potential third.

富时MIB指数周二早盘下跌逾1%，至32500点以下，标志着该指数连续第五个交易日下跌，与地区同行相比表现不佳。在唐纳德·特朗普总统拒绝了欧盟取消所有工业品双边贸易关税的提议后，投资者仍然保持谨慎。因此，他提议对所有欧盟进口商品征收20%的关税，预计将于周三生效。权重银行联合信贷银行和联合圣保罗银行分别下跌1.4%和1.5%。其他主要下跌股包括Stellantis（-2.1%）、Nexi（-1.8%）、Telecom Italia（1.8%）和Amplifon（-1.7%）。

The FTSE MIB index fell more than 1% to below 32,500 in early trading on Tuesday, marking its fifth consecutive session of losses and underperforming relative to its regional peers. Investors remained cautious after President Donald Trump rejected a European Union proposal to eliminate tariffs on all bilateral trade in industrial goods. As a result, his proposed 20% tariff on all EU imports is expected to take effect on Wednesday. Heavyweight banks UniCredit and Intesa Sanpaolo lost 1.4% and 1.5%, respectively. Other key decliners included Stellantis (-2.1%), Nexi (-1.8%), Telecom Italia (-1.8%), and Amplifon (-1.7%).

在米兰，富时MIB指数周一下跌1795点，跌幅5.18%。A2A（-8.54%）、Recordati（-8.39%）和埃尼集团（-7.72%）领跌。

In Milan, the FTSE MIB Index fell 1795 points or 5.18 percent on Monday. Leading the losses are A2A (-8.54%), Recordati (-8.39%) and Eni (-7.72%).

意大利10年期政府债券收益率跌至3.75%以下，为3月4日以来的最低水平，因贸易紧张局势升级，对全球经济放缓的担忧加剧。周五，中国宣布对所有美国商品征收34%的关税，自4月10日起生效，此前美国总统唐纳德·特朗普公布了新的关税，包括对所有进口商品征收10%的税。某些国家面临更高的税率，例如对欧盟商品征收20%的关税，对中国产品征收34%的额外关税。在欧洲，法国总统埃马纽埃尔·马克龙敦促企业停止对美国的投资，而欧盟委员会则表示正在准备采取报复措施。与此同时，特朗普总统重申了他对广泛进口关税的承诺，促使贸易商提高了对欧洲央行进一步降息的预期。市场目前预计，欧洲央行4月份降息25个基点的可能性为90%，存款利率预计到12月将从目前的2.5%降至1.65%。

Italy’s 10-year government bond yield fell below 3.75%, its lowest level since March 4, as concerns over a slowing global economy deepened amid escalating trade tensions. On Friday, China announced a 34% tariff on all U.S. goods, effective April 10, following U.S. President Donald Trump’s unveiling of new tariffs, including a 10% levy on all imports. Certain countries face steeper rates, such as a 20% tariff on EU goods and an additional 34% duty on Chinese products. In Europe, French President Emmanuel Macron urged companies to halt U.S. investments, while the European Commission signaled it is preparing retaliatory measures. Meanwhile, President Trump reaffirmed his commitment to broad import tariffs, prompting traders to increase expectations of further European Central Bank rate cuts. Markets are now pricing in a 90% probability of a 25-basis-point ECB cut in April, with the deposit rate projected to fall to 1.65% by December, down from the current 2.5%.