What's referred to in Italy as "the umbrella gesture" is referred to in many places in America as the Italian Arm Salute. The Italians, being very passionate people, do not settle for any little digital pop up when giving "the finger". Basically you make a fist. You swing that arm back and make a motion like you're about to give someone an upper cut to the jaw with the fist. You take the other arm, place it at a ninety degree angle over the upswinging arm, and catch the up swinging arm's joint, causing the forearm to hook under the blocking arm.

Unlike the finger, it means more than a simple "fuck you!" It implies, "take this arm up the ass!"

Many Italians give the umbrella gesture not so much in defeat but to emphasize a triumph -- especially over a lesser, unworthy opponent who dared try to best the gesture giver. "I got your parking spot and you can happily take this arm up your ass!"