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%.

周一早盘，富时MIB指数下跌超过6%，至32600以下，达到2024年8月以来的最低水平，因为对美国总统唐纳德·特朗普比预期更严厉的关税引发的全球衰退的担忧在全球市场引发了冲击波。特朗普对进口征收10%的全面关税现已生效，预计本周晚些时候将对许多国家征收更高的关税。周日，特朗普表示，投资者“必须吃药”，在美国贸易逆差得到解决之前，不会与中国达成任何协议。损失普遍存在，金融和汽车行业受到的打击最为严重。

The FTSE MIB index dropped more than 6% to below 32,600 in early trading on Monday, hitting its lowest level since August 2024, as fears of a global recession fueled by U.S. President Donald Trump's harsher-than-expected tariffs sent shockwaves through global markets. Trump’s blanket 10% tax on imports is now in effect, with even steeper tariffs for many countries expected to be implemented later this week. On Sunday, Trump said that investors "would have to take their medicine" and that no deal would be made with China until the U.S. trade deficit was addressed. Losses were widespread, with the financial and automotive sectors among the hardest hit.

在米兰，富时MIB指数周五下跌2422点，跌幅6.53%。Azimut Holding（-12.60%）、Leonardo SpA（-12.26%）和Banca Monte dei Paschi di Siena（-12.20%）领跌。

In Milan, the FTSE MIB Index dropped 2422 points or 6.53 percent on Friday. Losses were led by Azimut Holding (-12.60%), Leonardo SpA (-12.26%) and Banca Monte dei Paschi di Siena (-12.20%).

周五，富时MIB指数下跌近8%，至34310点左右，为三个月来的最低水平，表现不如全球同行，因为银行股在经济衰退担忧加剧和央行进一步降息的预期下暴跌。在中国宣布对所有美国进口商品征收34%的关税以报复特朗普总统的全面关税后，投资者对不断升级的贸易战仍感到紧张，这些关税已将一些中国出口商品的有效税率推高至54%。与此同时，意大利总理Giorgia Meloni敦促美国和欧盟努力完全取消关税。联合信贷银行（-10.9%）、联合圣保罗银行（-9.7%）和Mediobanca银行（-9.9%）均出现大幅亏损。本周，富时MIB指数下跌超过4%。

The FTSE MIB tumbled nearly 8% to around 34,310 on Friday, its lowest level in three months, underperforming global peers as banking stocks plunged amid mounting recession fears and expectations of further central bank rate cuts. Investors remain on edge over the escalating trade war after China announced a 34% tariff on all US imports, retaliating against President Trump’s sweeping duties, which have pushed effective rates on some Chinese exports as high as 54%. Meanwhile, Italian Prime Minister Giorgia Meloni urged the US and EU to work toward eliminating tariffs altogether. UniCredit (-10.9%), Intesa Sanpaolo (-9.7%), and Mediobanca (-9.9%) saw steep losses. For the week, the FTSE MIB is down more than 4%.