欧元跌破1.09美元，从本月早些时候达到的四个月高点回落，交易员密切关注不断升级的贸易紧张局势。 周三，美国对从加拿大、澳大利亚、欧盟和其他国家进口的钢铁和铝征收25%的关税，引发欧盟迅速报复，冲突加剧。欧盟宣布计划从4月开始对美国商品征收260亿欧元的反关税，针对钢铁、铝、纺织品、皮革制品、家禽、牛肉、鸡蛋等。作为回应，特朗普总统威胁要对来自欧盟的所有葡萄酒、香槟和其他酒精饮料征收200%的关税。与此同时，投资者也在关注乌克兰的事态发展，因为俄罗斯反对此前乌克兰和美国之间达成的临时停火协议。在德国，议会正在讨论新的财政方案。

The euro fell below $1.09, pulling back from four-month highs reached earlier this month, as traders closely monitor escalating trade tensions. The conflict intensified after a 25% US tariff on steel and aluminum imports from Canada, Australia, the EU, and other nations took effect on Wednesday, prompting swift retaliation from the European Union. The EU announced plans for €26 billion in countertariffs on US goods starting in April, targeting steel, aluminum, textiles, leather goods, poultry, beef, eggs, and more. In response, President Trump threatened to impose a 200% tariff on all wines, champagnes, and other alcoholic beverages from the EU. Meanwhile, investors are also watching developments in Ukraine, as Russia pushes back against a temporary ceasefire previously brokered between Ukraine and the US. In Germany, Parliament is debating the new fiscal package.

欧洲股市周四有所回升，斯托克50指数仅下跌0.2%，斯托克600指数上涨0.3%，尽管对特朗普总统的贸易政策存在担忧。大多数行业上涨，但汽车板块下跌0.9%，因投资者权衡了美国关税以及欧盟和加拿大报复措施的影响。诺和诺德在分析师上调评级后上涨了5%，从之前因减肥药试验结果令人失望而造成的损失中恢复过来。对乌克兰和俄罗斯可能停火的乐观情绪以及美国通胀疲软帮助斯托克600指数结束了四天的连败。然而，德意志银行警告称，由于欧洲经济的不确定性、电动汽车的转型以及来自中国的竞争加剧，汽车行业仍然是一个“日益增长的风险”。与此同时，Hugo Boss股价下跌约5%，此前该公司公布了与第四季度持平的销售额，但以地缘政治风险和中国需求疲软为由，发布了谨慎的前景展望。

European markets recovered some ground on Thursday, with the Stoxx 50 down only 0.2% and the Stoxx 600 up 0.3%, despite concerns over President Trump’s trade policies. Most sectors gained, though autos fell 0.9% as investors weighed the impact of US tariffs and retaliatory measures from the EU and Canada. Novo Nordisk climbed 5% after an analyst upgrade, recovering from earlier losses linked to disappointing weight-loss drug trial results. Optimism about a potential Ukraine-Russia ceasefire and softer US inflation helped the Stoxx 600 snap a four-day losing streak. However, Deutsche Bank warned that the auto sector remains a "growing risk" due to economic uncertainty in Europe, the EV transition, and rising competition from China. Meanwhile, Hugo Boss was down around 5% after reported in-line fourth-quarter sales but issued a cautious outlook, citing geopolitical risks and weak demand in China.

2025年1月，欧元区工业产出环比反弹0.8%，超过了市场预期的0.6%的增长，扭转了12月修正后的0.4%的下降趋势。这一增长是由中间产品生产的强劲复苏（12月增长1.6%，比-1.7%）和资本货物产出的小幅增长（0.5%，比-1.9%）推动的。然而，非耐用消费品的产量下降了（-3.1%对7.2%），能源（-1.2%对1.5%）和耐用消费品（-0.2%对0.3%）。按年度计算，欧元区1月份工业产出稳定，而市场预期下降0.9%，结束了20个月的收缩期。

Eurozone industrial output rebounded by 0.8% month-over-month in January 2025, surpassing market expectations of 0.6% growth and reversing a revised 0.4% decline in December. The increase was driven by a strong recovery in intermediate goods production (up 1.6% vs. -1.7% in December) and a modest rise in capital goods output (0.5% vs. -1.9%). However, production declined for non-durable consumer goods (-3.1% vs. 7.2%), energy (-1.2% vs. 1.5%), and durable consumer goods (-0.2% vs. 0.3%). On a yearly basis, Eurozone industrial output stabilized in January, compared with market expectations of a 0.9% decline and ending a 20-month period of contraction.

周四，欧洲股市下跌，因美国对钢铁和铝进口的关税生效，引发了加拿大和欧盟的报复措施。斯托克50指数下跌0.5%，德国DAX指数下跌近1%，扭转了最近因国防和基础设施支出增加而上涨的预期。与此同时，斯托克600在平原附近。汽车制造商领跌，戴姆勒卡车、沃尔沃、萨博和依维柯与零部件供应商法雷奥一起大幅下跌。雨果博斯股价在发布谨慎的增长前景后也下跌，原因是经济不确定性和中国需求疲软。相比之下，Allegro股价飙升，因为这家波兰电子商务巨头第四季度盈利超出预期，预计其国内市场盈利增长8%-12%，并宣布了14亿兹罗提的股票回购计划。

European shares traded lower on Thursday as US tariffs on steel and aluminum imports took effect, triggering retaliatory measures from Canada and the EU. The Stoxx 50 fell 0.5%, and Germany’s DAX dropped nearly 1%, reversing recent gains fueled by hopes for increased defense and infrastructure spending. Meanwhile, the Stoxx 600 was around the flatline. Automakers led the losses, with Daimler Truck, Volvo, Saab, and Iveco falling sharply, alongside parts supplier Valeo. Hugo Boss shares also declined after issuing a cautious growth outlook, citing economic uncertainty and weak demand in China. In contrast, Allegro shares surged as the Polish e-commerce giant beat fourth-quarter earnings expectations, projected 8%-12% earnings growth in its domestic market, and announced a 1.4 billion zloty share buyback plan.