欧元/捷克克朗 (EURCZK) 加自选

德国DAX指数周四收于24611点，小幅上涨，同时创下历史新高，交易员们停下来消化大西洋两岸最近的峰值。对美联储进一步降息和中东地缘政治积极发展的预期因法国持续的政治不确定性而减弱。在企业方面，海德堡材料公司领涨，上涨近3%，紧随其后的是拜耳公司（+2.8%），此前该公司报告了其帕金森氏细胞疗法bemdaneproce的36个月I期数据，令人鼓舞。其他表现最佳的公司包括德国电信（+1.4%）、费森尤斯股份有限公司（+1.4%.）和西门子能源（+1.3%.）。另一方面，Zalando和Hannover Ruck的跌幅最大，分别下跌3.1%和2.2%。

Germany’s DAX finished Thursday at 24,611, posting a marginal gain while sustaining a fresh record high, as traders paused to digest recent peaks on both sides of the Atlantic. Expectations of further rate cuts by the Federal Reserve and positive geopolitical developments in the Middle East were tempered by ongoing political uncertainty in France. On the corporate front, Heidelberg Materials led the gains, rising nearly 3%, followed by Bayer (+2.8%) after reporting encouraging 36-month Phase I data for its Parkinson’s cell therapy bemdaneprocel. Other top performers included Deutsche Telekom (+1.4%), Fresenius SE & Co (+1.4%) and Siemens Energy (+1.3%). On the opposite side, Zalando and Hannover Ruck posted the biggest declines, shedding 3.1% and 2.2%, respectively.

在米兰，富时MIB指数周四下跌693点，跌幅1.59%。法拉利NV（-14.17%）、Recordati（-3.01%）和Moncler（-2.27%）领跌。

In Milan, the FTSE MIB Index dropped 693 points or 1.59 percent on Thursday. Losses were led by Ferrari NV (-14.17%), Recordati (-3.01%) and Moncler (-2.27%).

欧洲股市周四从创纪录水平下跌，斯托克50指数和斯托克600指数下跌约0.4%。欧洲银行股下跌逾1%，受汇丰银行拖累。汇丰银行宣布对其持有63%股权的香港子公司恒生银行进行私有化收购后，其股价下跌4.5%。奢侈品和消费品类股也受到影响：法拉利在下调全年和2030年的指导并削减电动汽车销售目标后下跌了15%，而LVMH、爱马仕和欧莱雅分别下跌了2.6%、2.2%和1.7%。丹麦制药巨头诺和诺德股价下跌1.1%，此前该公司宣布计划以每股54美元的价格收购美国生物技术公司Akero Therapeutics，使其估值达到47亿美元，并可能额外获得每股6美元的或有价值权。今天的注意力集中在法国，因为马克龙总统承诺在塞巴斯蒂安·莱科尔努辞职后48小时内任命新总理，同时呼吁避免另一个中间派盟友。

European stocks fell from record levels on Thursday, with the Stoxx 50 and the Stoxx 600 down by about 0.4%. European banks slipped more than 1%, dragged lower by HSBC, whose shares dropped 4.5% after announcing a privatization bid for its 63%-owned Hong Kong subsidiary, Hang Seng Bank. Luxury and consumer goods stocks also suffered: Ferrari tumbled 15% after lowering full-year and 2030 guidance and cutting EV sales targets, while LVMH, Hermès, and L’Oréal fell 2.6%, 2.2%, and 1.7%, respectively. Danish pharma giant Novo Nordisk dropped 1.1% after announcing plans to acquire US biotech Akero Therapeutics for $54 per share, valuing it at $4.7 billion, with an additional potential $6 per share contingent value right. Attention today was focused on France as President Macron pledged to appoint a new prime minister within 48 hours after Sebastien Lecornu’s resignation, amid calls to avoid another centrist ally.

法国10年期OAT的收益率徘徊在3.5%左右，低于本周早些时候总理塞巴斯蒂安·莱科尔努（sébastien Lecornu）震惊辞职后的近3.6%，因为提前举行议会选举的风险正在消退，预算协议仍不确定。总统埃马纽埃尔·马克龙将任命一位新总理，这是自上任以来的第六位总理，同时指出，在该国数十年来最严重的政治危机中，大多数议员反对提前举行投票。投资者对法国不断扩大的预算赤字仍持谨慎态度，并警告称，除非政府提出可信的赤字削减计划，否则财政压力可能会持续存在。在宏观方面，欧洲央行官员认为当前的利率政策与2%的中期通胀目标是一致的。短期利率预计将保持不变，市场对未来走势的定价取决于不断变化的经济数据和通胀趋势。

The yield on France’s 10-year OAT hovered around 3.5%, easing from nearly 3.6% earlier in the week following the shock resignation of PM Sébastien Lecornu, as the risk of an early parliamentary election recedes and a budget deal is still uncertain. President Emmanuel Macron is set to appoint a new prime minister—the sixth prime minister since taking office—while noting that most lawmakers oppose holding an early vote amid the country’s deepest political crisis in decades. Investors remained cautious over France’s widening budget deficit, warning that fiscal pressures could persist unless the government presents a credible deficit-reduction plan. On the macro front, ECB officials view current interest rate policy as consistent with the 2% medium-term inflation target. Short-term rates are expected to stay on hold, with markets pricing future moves as dependent on evolving economic data and inflation trends.