泛欧100指数 (Euronext100) 加自选

周一，欧洲股市徘徊在略低于持平的水平，因为投资者在伦敦举行的美中关键贸易谈判之前采取了谨慎的立场。谈判于下午早些时候开始，可能会持续到周二，重点是放宽限制：如果中国同意放宽稀土出口管制，美国可能会取消对技术出口的限制。市场反应平淡，主要指数变化不大。SAP下跌超过2%，ASML下跌超过1%，而LVMH和Inditex各上涨近1%。林德、欧莱雅、西门子和德国电信的股价大多持平。在企业新闻方面，芯片公司Alphawave在宣布高通公司以24亿美元收购后飙升20%。思百吉股价飙升60%，此前有报道称其正在与Advent International进行收购谈判。与此同时，在伦敦科技周上，英伟达首席执行官黄仁勋承诺增加对英国人工智能行业的投资，称环境是创新的“金发姑娘”场景。

European stocks hovered just below flat on Monday, as investors adopted a cautious stance ahead of key US-China trade talks in London. The negotiations, which began early afternoon and may continue into Tuesday, focus on easing restrictions: the US could lift limits on tech exports if China agrees to ease rare earth export controls. Market reaction was muted, with major indices little changed. SAP fell over 2% and ASML dropped more than 1%, while LVMH and Inditex gained nearly 1% each. Linde, L’Oréal, Siemens, and Deutsche Telekom were mostly flat. In corporate news, chip firm Alphawave surged 20% after announcing a $2.4 billion takeover by Qualcomm. Spectris soared 60% following reports it’s in talks to be acquired by Advent International. Meanwhile, at London Tech Week, Nvidia CEO Jensen Huang committed to increasing investment in the UK’s AI sector, calling the environment a “Goldilocks” scenario for innovation.

法兰克福DAX指数周一仍处于低位，下跌约0.5%，至24174点，落后于大多数地区同行。随着投资者等待美中贸易谈判的最新进展，市场情绪仍然谨慎。美中贸易谈判于今天在伦敦开始，旨在解决持续的贸易分歧。冲突已经超越了关税，包括对影响全球供应链的关键商品和零部件的出口管制。与此同时，市场正在为美国繁忙的一周通胀数据以及德国、法国、西班牙和意大利的最终CPI数据做准备，这可能会影响人们对央行举措的预期。西门子能源和SAP领跌个股，分别下跌2.9%和1.7%。拜尔斯道夫、安联、德意志交易所、汉诺威吕克和德国电信也出现下跌，跌幅在0.9%至1.3%之间。此外，国防类股继续录得利润。

Frankfurt's DAX remained on the back foot Monday, down about 0.5% at 24,174, and lagging most of its regional counterparts. Sentiment remained cautious as investors awaited updates from the US-China trade talks, which begin in London today in an effort to resolve ongoing trade disagreements. The conflict has grown beyond tariffs to include export controls on key goods and components affecting global supply chains. Meanwhile, markets are bracing for a busy week of inflation data from the US and final CPI figures from Germany, France, Spain, and Italy, which could shape expectations for central bank moves. Siemens Energy and SAP led the declines among individual stocks, falling by 2.9% and 1.7%, respectively. Losses were also recorded by Beiersdorf, Allianz, Deutsche Börse, Hannover Rück, and Deutsche Telekom, with declines between 0.9% and 1.3%. Additionally, defense stocks saw continued profit-booking.

周一，意大利股市下跌0.3%，收于40461点，投资者正在等待伦敦美中贸易谈判的进展，这加剧了不确定性。市场焦点也从周五强劲的美国就业报告转向本周公布的关键通胀数据，这可能为美联储的下一步行动提供更明确的指导。在企业方面，依维柯集团（-2.48%）、忠利（-2.15%）和赫拉（-1.7%）的跌幅最大。与此同时，意法半导体（+2.87%）继续上涨，紧随其后的是Campari（+2.19%）和Diasorin（+1.93%），均为当日表现最佳的公司。

The Italian stock market fell 0.3% to close at 40,461 on Monday, as investors await developments from the US-China trade talks in London, fueling uncertainty. Market focus also shifts from Friday’s strong US jobs report to key inflation data due this week, which could offer clearer guidance on the Fed’s next move. On the corporate front, Iveco Group (-2.48%), Generali (-2.15%), and Hera (-1.7%) posted the steepest losses. Meanwhile, STMicroelectronics (+2.87%) extended its gains, followed by Campari (+2.19%) and Diasorin (+1.93%) among the session’s top performers.

CAC 40指数周一下跌0.2%，收于7791点，扭转了上周的涨势，反映了大多数欧洲同行的下跌。在伦敦举行的中美高层贸易谈判之前，投资者情绪谨慎，该谈判旨在巩固一项长期争端中的初步协议，这场争端扰乱了全球经济。与此同时，中国的贸易数据令人失望，出口增长略低于预期，进口大幅下降，加剧了人们对全球需求的担忧。在国内，市场也将注意力转向周五公布的下一个通胀数据的最终读数。在企业方面，赛诺菲（-1.15%）、泰雷兹（-1.03%）和施耐德电气（-0.92%）领跌，而STMicro（+3.57%）和保乐力加（+2.75%）的表现优于其他公司。

The CAC 40 fell 0.2% to close at 7,791 on Monday, reversing the previous week’s gains and mirroring losses in most European peers. Investor sentiment was cautious ahead of high-level US-China trade talks in London aimed at cementing a tentative deal in a long-running dispute that has roiled the global economy. Meanwhile, Chinese trade data disappointed, with exports growing slightly less than expected and imports falling sharply, adding to concerns about global demand. Domestically, markets also turned their focus to the final reading of the next inflation data, due on Friday. On the corporate front, Sanofi (-1.15%), Thales (-1.03%) and Schneider Electric (-0.92%) led the declines, while STMicro (+3.57%) and Pernod Ricard (+2.75%) outperformed.