欧洲股市3月初表现积极，STOXX 50和STOXX 600微涨近0.1%，交易员在等待关键通胀数据和欧洲央行本周晚些时候的货币政策决定的同时评估了地缘政治发展。国防类股领涨，莱茵金属公司（17.6%）、亨索特公司（20%）、泰雷兹公司（16.6%）和莱昂纳多公司（12.4%）股价飙升，此前欧洲领导人推动组建英国所谓的“自愿联盟”，以加强乌克兰的安全，同时人们对增加国防开支的期望越来越高。与此同时，投资者仍然关注的是，最后一刻的协议是否可以阻止对从墨西哥和加拿大进口到美国的商品征收25%的关税，以及将于本周生效的对中国商品征收10%的额外关税。在数据方面，预计今天公布的欧元区初步CPI数据将加强市场对欧洲央行将再次降息的押注。

European stocks started March on a positive note, with the STOXX 50 and STOXX 600 edging up nearly 0.1%, as traders assessed geopolitical developments while awaiting key inflation data and the ECB's monetary policy decision later in the week. Defense stocks led gains, with Rheinmetall (17.6%), Hensoldt (20%), Thales (16.6%), and Leonardo (12.4%) surging after European leaders pushed to form what Britain called a “coalition of the willing” to bolster Ukraine's security, alongside growing expectations of increased defense spending. Meanwhile, investors remain focused on whether a last-minute deal can prevent the implementation of 25% tariffs on imports from Mexico and Canada to the US, as well as an additional 10% tariff on Chinese goods, set to take effect this week. On the data front, preliminary Eurozone CPI figures, due today, are expected to reinforce market bets that the ECB will proceed with another rate cut.

HCOB西班牙制造业采购经理人指数在2025年2月降至49.7，这是一年多来的首次收缩，低于1月份的50.9，也低于市场预期的51.4。尽管产量略有增长，但新订单自7月以来首次下降，主要原因是欧洲和美国主要市场的需求疲软以及持续的地缘政治不确定性。由于公司没有更换离职工人，就业人数也下降了。由于供应商价格上涨，投入成本上升，促使企业提高自己的价格。在需求疲软的情况下，公司减少了采购和库存，以避免库存过剩。然而，在对更好的经济条件和更强有力的商业战略的希望的支持下，商业信心提高到2024年5月以来的最高水平。

The HCOB Spain Manufacturing PMI fell to 49.7 in February 2025, indicating the first contraction in over a year, down from 50.9 in January and below market expectations of 51.4. Despite slight output growth, new orders fell for the first time since July, driven by weaker demand from key European and US markets and ongoing geopolitical uncertainties. Employment also declined as firms refrained from replacing departing workers. Input costs rose due to supplier price increases, prompting firms to raise their own prices. Companies reduced purchasing and inventories to avoid overstocking amid softening demand. However, business confidence improved to its highest level since May 2024, supported by hopes for better economic conditions and stronger commercial strategies.

周一，恒生指数上涨65点，涨幅0.3%，收于23006点，结束了连续两天的下跌，交易员们热切期待周二中国全国人民代表大会的召开。分析人士预计，在年度关键会议上，官员们将为今年设定5%左右的增长目标和4%的预算赤字。一些投资者还希望，在特朗普总统宣布计划从3月4日开始对所有中国进口商品征收10%的额外关税后，美国对中国的关税可能会推迟或减轻。房地产和金融股领涨，由于科技股和消费者股最终下跌，基准指数下调了早盘涨幅。与此同时，中国政府支持的《环球时报》报道称，北京正在准备关税反制措施，可能针对美国农产品出口。其中，Pop-Mart Intl.和Horizon Robotics一起飙升（5.3%）。（5.1%）、京东健康国际（4.4%）和普拉达水疗（3.0%）。

The Hang Seng rose 65 points or 0.3% to finish at 23,006 on Monday, snapping a two-day losing streak as traders keenly awaited the start of China’s National People’s Congress on Tuesday. Analysts expect officials to set a growth target of around 5% and a budget deficit of 4% of GDP for this year during the annual key gathering. Some investors were also hopeful that US tariffs on China might be postponed or mitigated after President Trump announced plans to impose an additional 10% tariff on all Chinese imports starting March 4, after the 10% levies implemented on February 4. Property and financials mainly led the gains, as the benchmark index trimmed early gains due to eventual losses in tech and consumers. Meanwhile, China’s state-backed Global Times reported Beijing was preparing tariff countermeasures, potentially targeting US agricultural exports. Among top movers, Pop Mart Intl. surged (5.3%), alongside Horizon Robotics. (5.1%), JD Health Intl. (4.4%), and Prada Spa (3.0%).

初步估计显示，奥地利的年通货膨胀率从上个月的3.2%微升至2025年2月的3.3%，为2024年5月以来的最高水平。“这使其与欧洲央行2%的稳定目标相去甚远。服务业同比增长4.5%，仍然是通货膨胀的最强驱动力。能源价格也高于平均水平，因为电价上限等价格抑制措施到期，网络费和二氧化碳税在2025年初增加。奥地利统计局局长托拜厄斯·托马斯表示：“然而，食品和其他商品的价格再次没有普遍通货膨胀那么剧烈。”。在上一时期上涨1%之后，消费者价格指数每月上涨0.6%。

The annual inflation rate in Austria edged up to 3.3% in February 2025 from 3.2% in the previous month, marking the highest reading since May 2024, preliminary estimates showed. “This puts it a little further away from the European Central Bank's 2% stability target. With an increase of 4.5% year-on-year, services continued to be the strongest driver of inflation. Energy prices also rose above average because price-dampening measures such as the electricity price cap expired and network fees and the CO2 tax were increased at the beginning of 2025. "The prices for food and other goods, however, have once again risen less sharply than general inflation." said Statistics Austria Director General Tobias Thomas. On a monthly basis, consumer prices rose by 0.6%, following a 1% increase in the preceding period.