欧元兑美元从9月17日触及的1.192美元的四年高点回落至1.178美元，此前德国情绪低于预期，对欧元造成压力。Ifo商业景气指数9月份下跌1.2点，至87.7，为5月以来的最低水平，低于市场预期的89.3。此前，HCOB PMI调查显示，9月份欧元区私营部门在服务业强于预期的情况下扩张，而制造业则重新陷入收缩。与此同时，投资者消化了美联储主席杰罗姆·鲍威尔的言论，鲍威尔重申了在关税和劳动力市场疲软带来的持续通胀压力下对未来利率决定的谨慎立场。货币市场现在认为，美联储10月份降息的可能性超过90%，人们的注意力转向周五的美国个人消费支出价格指数作为指导。

The euro weakened toward $1.178, retreating from a four-year high of $1.192 touched on September 17, after weaker-than-expected German sentiment weighed on the currency. The Ifo Business Climate Index fell 1.2 points to 87.7 in September, its lowest since May and below market expectations of 89.3. This followed a mixed HCOB PMI survey showing the Eurozone private sector expanding in September, led by stronger-than-expected services while manufacturing slipped back into contraction. Meanwhile, investors digested remarks from Fed Chair Jerome Powell, who reiterated a cautious stance on future rate decisions amid persistent inflation pressures from tariffs and a softening labor market. Money markets now price in over a 90% chance of a Fed rate cut in October, with attention turning to Friday’s US PCE price index for guidance.

欧洲股市周三下跌，STOXX 50指数下跌0.2%，STOXX 600指数下跌0.3%，因美联储主席鲍威尔前一天发表讲话后，投资者仍持谨慎态度。鲍威尔强调了劳动力市场和通胀的持续风险，同时也指出股价似乎相对较高。地缘政治紧张局势也成为焦点，美国总统特朗普升级了对俄罗斯的言论。特朗普在社交媒体上发帖称：“我认为，在欧盟的支持下，乌克兰有能力以最初的形式夺回整个乌克兰。”与此同时，在数据方面，德国Ifo商业景气指数意外跌至四个月低点。在企业方面，大型企业大多较低，包括SAP（-0.6%）、LVMH（-1.5%）、爱马仕（-2.3%）、诺和诺德（-0.5%）、欧莱雅（-0.9%）、汇丰控股（-1.4%）和西门子（-0.8%）。

European stocks were lower on Wednesday, with the STOXX 50 falling 0.2% and the STOXX 600 losing 0.3%, as investors remained cautious following remarks from Fed Chair Powell the previous day. Powell highlighted persistent risks in both the labor market and inflation, while also noting that equity prices appear relatively high. Geopolitical tensions also stayed in focus, with US President Trump escalating his rhetoric against Russia. “I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form", Trump posted on social media. Meanwhile on the data front, the Ifo Business Climate index for Germany unexpectedly weakened to a four-month low. On the corporate front, megacaps were mostly lower, including SAP (-0.6%), LVMH (-1.5%), Hermes (-2.3%), Novo Nordisk (-0.5%), L'Oréal (-0.9%), HSBC Holdings (-1.4%) and Siemens (-0.8%).

欧洲股市周三开盘走低，追随美联储主席杰罗姆·鲍威尔（Jerome Powell）对进一步宽松政策采取谨慎态度后华尔街的温和领先。鲍威尔强调，降息的道路仍然不确定，因为美联储在通胀控制与劳动力市场日益疲软之间取得了平衡，同时也对市场估值过高提出了警告。在欧洲，重点将转向德国Ifo商业气候调查，以了解该地区最大经济体的健康状况。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货下跌约0.4%。

European equities were poised to open weaker on Wednesday, tracking a soft lead from Wall Street after Federal Reserve Chair Jerome Powell struck a cautious tone on further policy easing. Powell stressed that the path for rate cuts remains uncertain as the Fed balances inflation control with mounting labor market weakness, while also cautioning about stretched market valuations. In Europe, focus will turn to Germany’s Ifo Business Climate survey for insights into the health of the region’s largest economy. In premarket trade, futures for the Euro Stoxx 50 and Stoxx 600 slipped about 0.4%.

欧洲股市周二收盘走高，在市场评估一批关键经济数据时，在大多数主要行业的支持下，抹去了前一交易日的跌幅。欧元区STOXX 50指数上涨0.7%，至5480点，泛欧STOXX 600指数上涨0.4%，至556点。最新的采购经理人指数数据显示，在服务业的新支持下，欧元区的私营部门活动以16个月来最快的速度扩张，这增加了在今年贸易壁垒导致的长期经济不确定性中，欧元区经济增长的希望。非必需消费品类股大幅上涨，LVMH、欧莱雅和阿迪达斯均上涨超过3%，而大众汽车和Stellantis也上涨了3%以上，以减少汽车制造商的抛售。与此同时，在美国法院裁决为恢复罗德岛海岸革命风项目的工作扫清道路后，Orsted股价飙升超过7%

European stocks closed firmly higher on Tuesday, erasing losses from the previous session with support from most major sectors as markets assessed a batch of key economic data. The Eurozone's STOXX 50 added 0.7% to 5,480 and the pan-European STOXX 600 rose 0.4% to 556. Fresh PMI data indicated that the Eurozone's private sector activity expanded at the sharpest pace in 16 months amid fresh support from the services sector, raising hopes of traction in the bloc's economy amid the prolonged period of economic uncertainty due to trade barriers this year. Consumer discretionary stocks booked sharp gains with LVMH, L'Oreal, and Adidas both gaining more than 3%, while Volkswagen and Stellantis also advanced more than 3% to trim the auto-manufacturer selloff from yesterday. Meanwhile, Orsted surged more than 7% after a US court ruling cleared the way to resume work on the Revolution Wind project off the Rhode Island coast