10年期意大利BTP收益率跌至3.57%以下，为一个月以来的最低水平，与欧洲主权债券的回落相一致，因为最新数据加强了欧洲央行进一步降息的理由。法国和德国各州的通胀数据表明，价格增长放缓，反映出1月份电价飙升的影响有限。与此同时，欧元区的国内生产总值在第四季度意外停滞，与国内缺乏增长以及法国和德国的收缩相一致，所有这些都低于预期。该数据与欧洲央行的声明相吻合，即在降息25个基点后，货币政策仍然具有限制性，这延长了市场对今年再降息75个基点的预期。反过来，由于国内赤字削减预算与德国和法国日益增长的财政担忧和政治不确定性形成鲜明对比，意大利国债和德国国债之间的利差低于110个基点，接近四年多来的最低水平，从而改善了意大利的信贷风险。

The yield on the 10-year Italian BTP fell to below 3.57%, its lowest in one month, tracking the pullback for European sovereign bonds as the latest data strengthened the case for more rate cuts by the ECB. Inflation prints from France and German states pointed to slower price growth, reflecting a limited impact from the spike in power prices over January. In the meantime, the Eurozone’s GDP unexpectedly stalled in Q4, aligned with lack of growth domestically and contractions in France and Germany, all below estimates. The data coincided with the ECB’s statement that monetary policy remains restrictive after its 25bps rate cut, extending the market’s expectations of another 75bps in cuts this year. In turn, the spread between the BTP and the Bund was below 110bps, near its lowest in over four years, as the deficit cutting budget domestically contrasted with growing fiscal concerns and political uncertainty in Germany and France, improving Italy’s credit risk.

2024年12月，意大利工业生产者价格指数同比上涨1.1%，从前一个月0.5%的跌幅反弹。这标志着自2023年3月以来生产者价格首次上涨，因为国内市场成本上涨（1.3%），特别是能源行业，尤其是电力和天然气供应。与此同时，国外市场的价格增长速度较慢（0.4%），欧元区上涨0.3%，非欧元区上涨0.8%。12月，生产者价格指数环比上涨0.6%，较上月1.2%的四个月高点有所回落。2024年，生产者价格指数下降了4.2%，较前一年的5.7%有所放缓。

Industrial producer prices in Italy rose by 1.1% year-on-year in December 2024, rebounding from a 0.5% decline in the previous month. This marked the first increase in producer prices since March 2023, as costs rose in the domestic market (1.3%), particularly in the energy sector, especially in electricity and gas supply. Meanwhile, prices increased at a slower pace in the foreign market (0.4%), with a 0.3% rise in the Euro area and 0.8% in the non-Euro area. On a monthly basis, producer prices climbed by 0.6% in December, easing from a four-month high of 1.2% in the previous month. For the year 2024, producer prices declined by 4.2%, slowing from a 5.7% drop in the previous year.

意大利10年期政府债券收益率跌至4周低点3.56%。过去4周，意大利10年期债券收益率上涨3.60个基点，在过去12个月内下跌16.00个基点。

Italy 10 Year Government Bond Yield decreased to a 4-week low of 3.56%. Over the past 4 weeks, Italy 10Y Bond Yield gained 3.60 basis points, and in the last 12 months, it decreased 16.00 basis points.

周五早盘，富时MIB指数上涨至36624点左右，延续了最近几个交易日的涨幅，达到2007年12月以来的最高水平。与此同时，交易员正在等待国内通胀数据和美国数据，意大利PPI和美国PCE数据定于今天晚些时候公布。周四，在美联储暂停政策宽松和杰罗姆·鲍威尔对2025年降息持谨慎立场之后，欧洲央行在本周期第五次降息25个基点的决定成为焦点。焦点还转向了唐纳德·特朗普总统即将于周六发布的关税公告。在个股中，表现最佳的包括法拉利（+1.2%）、Stellantis（+1.2%.）、意法半导体（+1.8%.）、Leonardo SpA（+1.2%.）和Moncler（+1.4%.）。本月，基准指数有望实现约7%的强劲月度涨幅。

The FTSE MIB rose to around 36,624 in early trading on Friday, extending gains from recent sessions to reach its highest level since December 2007. This came as traders awaited both domestic inflation data and figures from the US, with Italian PPI and US PCE data scheduled for later today. On Thursday, the ECB's decision to cut interest rates by 25 bps for the fifth time in the cycle took center stage, following the Fed's pause in policy easing and Jerome Powell's cautious stance on 2025 rate cuts. Focus also turned to President Donald Trump’s upcoming tariff announcements, set for Saturday. Among individual stocks, top performers included Ferrari (+1.2%), Stellantis (+1.2%), STMicroelectronics (+1.8%), Leonardo SpA (+1.2%), and Moncler (+1.4%). For the month, the benchmark index is on track for a strong monthly gain of around 7%.