意大利10年期BTP收益率跌至3.95%以下，从早些时候达到的四周高点4%回落，因为PCE通胀数据向投资者保证，美联储今年仍有降息空间。与3月份相比，4月份的核心PCE价格有所放缓，而总体月度和年度价格保持稳定，与预测一致。相比之下，欧元区的总体通胀率上升至2.6%，核心通胀率上升到2.9%，分别略高于预期的2.5%和2.8%。尽管如此，预计欧洲央行仍将在下周即将召开的会议上下调关键利率。衡量意大利信贷风险的关键指标意大利和德国10年期国债收益率之间的利差缩小至128个基点，接近2021年底的水平。

The Italian 10-year BTP yield fell to below the 3.95% mark, retreating from the four-week high of 4% reached earlier, as PCE inflation data reassured investors that the Federal Reserve still has room to cut rates this year. Core PCE prices in April slowed compared to March, while the headline monthly and annual rates remained steady, aligning with forecasts. In contrast, the headline inflation rate in the Euro Area rose to 2.6%, and the core rate increased to 2.9%, both slightly above the expected 2.5% and 2.8%, respectively. Despite this, the ECB is still anticipated to cut key interest rates at its upcoming meeting next week. The spread between Italian and German 10-year yields, a key measure of Italy's credit risk, narrowed to 128 basis points, approaching levels last seen at the end of 2021.

周五，富时MIB指数保持在接近34500点的水平线附近，此前数据显示，美联储的货币政策限制性较小，经济背景更加有利。作为美联储在美国首选的通胀指标，核心PCE价格上涨了0.2%，这是今年最慢的增长率。相比之下，欧元区的总体通胀率和核心通胀率分别上升至2.6%和2.9%，超过了2.5%和2.8%的预测。在企业方面，莱昂纳多和倍耐力表现突出，涨幅均超过2%。STMicroelectronics股价上涨0.6%，此前该公司宣布在卡塔尼亚建立一家新工厂，用于大批量生产200毫米碳化硅器件和电源模块。相反，意大利电信表现最差，下跌近3%。本周，富时MIB指数基本保持不变，但5月份，意大利指数有望创下2%以上的涨幅。

The FTSE MIB remained around the flatline close to the 34,500 threshold on Friday, following data that suggested a more favorable economic backdrop for less restrictive monetary policy by the Federal Reserve. The core PCE prices, the Fed’s preferred inflation measure in the US, increased by 0.2%, marking the slowest growth rate this year. In contrast, both the headline and core inflation rates in the Euro Area rose to 2.6% and 2.9% respectively, exceeding forecasts of 2.5% and 2.8%. On the corporate front, Leonardo and Pirelli were notable performers, each rising more than 2%. STMicroelectronics gained 0.6% after announcing a new plant in Catania for high-volume production of 200 mm silicon carbide devices and power modules. Conversely, Telecom Italia was the worst performer, dropping nearly 3%. For the week, the FTSE MIB was largely unchanged, but for May, the Italian index is on track to record an over 2% increase.

在欧元区通胀数据超过预期后，意大利10年期BTP收益率小幅上涨至4%，徘徊在四周高点附近。总体通胀率升至2.6%，核心通胀率升至2.9%，分别略高于预期的2.5%和2.8%。尽管如此，预计欧洲央行仍将在下周即将召开的会议上下调关键利率。然而，交易员们已经调整了他们对6月以后进一步降息的预期，现在今年只会再降息两次。欧洲央行的一些政策制定者也强调了在更长时间内维持限制性货币政策的必要性。尽管如此，意大利和德国10年期国债收益率（衡量意大利信贷风险的关键指标）之间的利差收窄至128个基点，接近2021年底的低点。

The Italian 10-year BTP yield edged up to 4%, hovering around four-week highs, after Eurozone inflation figures surpassed expectations. The headline inflation rate rose to 2.6%, and the core rate to 2.9%, both slightly above the anticipated 2.5% and 2.8%, respectively. Despite this, the ECB is still expected to cut key interest rates in its upcoming meeting next week. However, traders have adjusted their expectations for additional rate cuts beyond June, now pricing in only two more reductions for the year. Some ECB policymakers have also emphasized the necessity of maintaining a restrictive monetary policy for a longer period. Nonetheless, the spread between Italian and German 10-year yields, a key indicator of Italy's credit risk, narrowed to 128 basis points, nearing lows last seen at the end of 2021.

2024年3月，意大利的工业销售额比上月下降2.9%，抵消了2月份2%的增长。国内市场的销售额大幅下降（-3.3%），但国外市场的销售额也有所下降（-1.9%）。在不同的工业部门中，资本品生产商（-5.1%）和能源（-5.1%）的销售额下降幅度最大，其次是中间产品生产商（-1.5%）和消费品制造商（-1.4%）。与上年同期相比，工业销售额下降了5.1%。

Industrial sales in Italy sank by 2.9% from the previous month in March of 2024, erasing the 2% increase from February. The drop in sales was sharp in the domestic market (-3.3%), but also booked a decline in the foreign market (-1.9%). Among different industrial sectors, sales fell the most for capital goods producers (-5.1%) and energy (-5.1%), followed by intermediate goods producers (-1.5%) and consumer goods manufacturers (-1.4%). From the corresponding period of the previous year, industrial sales slumped by 5.1%.