欧元/南非兰特 (EURZAR) 加自选

CAC 40指数周五下跌0.36%，至7751点，标志着其第四个交易日下跌，投资者对世界最大经济体之间的贸易前景不确定。周四，美国政府设法暂时推翻了前一天的决定，当时特朗普总统的关税因超越总统权力而被该国的一个法官小组阻止。这种情况给人们带来了对事态发展的谨慎和不确定性，尤其是在美中关系方面。在个股中，家乐福领跌（-5.96%）。此外，赛诺菲股价下跌4.8%，此前其两项关于慢性阻塞性肺病药物的III期研究结果令人悲观。反过来，Eurofins Scientific SE（+3.16%）、爱马仕国际（+1.89%）和欧莱雅（+1.72%）也显示出积极的变化。

The CAC 40 fell 0.36% to 7,751 on Friday to mark its fourth session of losses, with investors uncertain about the outlook of trade between the world's largest economies. On Thursday, the US government managed to temporarily overturn the decision made on the prior day, when President Trump's tariffs were blocked by a panel of judges in the country for exceeding presidential authority. This scenario brings a feeling of caution and uncertainty about developments, especially in the US-China relationship. Among individual stocks, the declines were led by Carrefour (-5.96%). Also, Sanofi sank 4.8% after posting pessimistic results for its two phase III studies on a drug for chronic obstructive pulmonary disease. In turn, Eurofins Scientific SE (+3.16%), Hermès International (+1.89%) and L'Oréal (+1.72%) showed positive variations.

受通胀数据降温的支撑，富时MIB指数周五上涨0.26%，收于40087.4点。意大利的协调通胀率从2.0%降至1.9%，而全国指数从1.9%降至1.7%。投资者将这些数据以及西班牙的类似数据解读为强化了欧洲央行在6月5日会议上降息的预期。意大利的表现优于欧洲同行，因为贸易紧张局势再次爆发后，更广泛的市场面临压力。美国总统特朗普指责中国“完全违反”了一项初步贸易协议，拖累了欧洲情绪，抹去了泛欧斯托克600指数早些时候的涨幅。意大利公司Fidia（+18%）是欧洲市场表现最好的公司之一。Italgas（+2.63%）、Recordati（+2.23%）和Inwit（+1.47%）也强劲上涨。从行业来看，医疗保健和公用事业领涨，而建筑类股下跌。

The FTSE MIB rose 0.26% on Friday to close at 40,087.4, supported by cooling inflation data. Harmonized inflation in Italy eased to 1.9% from 2.0%, while the national index slowed to 1.7% from 1.9%. Investors interpreted the data—along with similar figures from Spain—as reinforcing expectations of a rate cut by the ECB at its June 5 meeting. Italy outperformed European peers as broader markets came under pressure following renewed trade tensions. US President Trump accused China of “totally violating” a preliminary trade deal, dragging down European sentiment and erasing earlier gains on the pan-European Stoxx 600. Italian company Fidia (+18%) was among the top performers across European markets. Italgas (+2.63%), Recordati (+2.23%), and Inwit (+1.47%) also posted strong gains. Sector-wise, healthcare and utilities led advances, while construction stocks declined.

南非兰特兑美元汇率在5月29日触及五个月低点17.75后跌至18.1，受美元走强和金属价格（尤其是黄金）下跌的压力。与此同时，交易员们继续消化南非储备银行的决定。央行在3月份暂停后，恢复了宽松周期，普遍预期将降息25个基点，旨在在通胀疲软的情况下支持经济。州长Lesetja Kganyago指出，潜在的通货膨胀仍然得到很好的控制，自3月会议以来，国内和全球状况都有所改善。他还表示，央行更倾向于将通胀目标定为3%，而不是目前4.5%的中点，这可能会限制未来降息的步伐。

The South African rand weakened toward 18.1 per USD, after touching a five-month low of 17.75 on May 29, pressured by a firmer dollar and as prices of metal prices, particularly gold, declined. Meanwhile, traders continued to digest the South African Reserve Bank’s decision. The central bank resumed its easing cycle with a widely expected 25 basis point rate cut after pausing in March, aiming to support the economy amid subdued inflation. Governor Lesetja Kganyago noted that underlying inflation remained well contained and that both domestic and global conditions had improved since the March meeting. He also indicated the Bank’s preference for a 3% inflation target over the current 4.5% midpoint, which could limit the pace of future rate cuts.

周五下午，法兰克福DAX指数上涨0.6%，至24100点附近，与欧洲市场一致，5月份有望上涨7.1%，为1月份以来的最佳表现。投资者对经济数据表示欢迎，包括德国、意大利和西班牙的温和通胀数据，这增强了人们对欧洲央行下周降息的预期。然而，持续的贸易不确定性缓和了市场情绪。一家联邦上诉法院推翻了下级法院的裁决，并在因超越总统权力而被取消的一天后，暂时恢复了唐纳德·特朗普总统的关税。与此同时，美国财政部长斯科特·贝森特表示，美中贸易谈判“有点停滞不前。地缘政治风险也仍然是人们关注的焦点，乌克兰和俄罗斯之间的和平谈判可能于6月2日在伊斯坦布尔恢复。在单只股票中，Zalando领涨，涨幅超过2%，其次是西门子、SAP、费森尤斯、Munchener Ruck、Symrise和默克，涨幅在0.9%至1.5%之间。

Frankfurt's DAX rose 0.6% to near 24,100 on Friday afternoon, aligned with European markets, and on course for a 7.1% increase in May, the best performance since January. Investors welcomed economic data, including benign inflation prints from Germany, Italy, and Spain, which strengthened expectations of a rate cut by the ECB next week. However, market sentiment was tempered by ongoing trade uncertainties. A federal appeals court reversed a lower court’s decision and temporarily restored President Donald Trump’s tariffs, one day after they had been struck down for exceeding presidential authority. Meanwhile, Treasury Secretary Scott Bessent described US-China trade talks as “a bit stalled. Geopolitical risks also remained in focus, with peace talks between Ukraine and Russia potentially resuming on June 2 in Istanbul. Among single stocks, Zalando led the gains, rising over 2%, followed by Siemens, SAP, Fresenius SE & Co, Munchener Ruck, Symrise and Merck, adding between 0.9% and 1.5%.