欧洲股市周五收盘大幅上涨，从前两个交易日的下跌中恢复过来，因为市场重新评估了美国新关税的影响，以及欧洲企业巨头应如何应对不确定的全球利率。欧元区STOXX 50指数上涨0.9%，至5495点，泛欧STOXX 600指数上涨0.7%，至554点。在欧元区长期债券收益率回落的情况下，权重银行领涨，支持BBVA、法国巴黎银行、北欧银行和联合圣保罗银行上涨超过2%。与此同时，安赛乐米塔尔股价上涨3%，因有消息称欧盟委员会计划对中国进口钢铁征收25%-50%的关税。另一方面，在美国总统特朗普宣布对专利产品征收100%关税后，制药公司表现不佳，迫使诺和诺德和罗氏分别下降3.5%和1%。此外，由于美国对重型卡车征收25%的新关税，戴姆勒股价下跌1.9%。斯托克50指数本周上涨0.7%，而斯托克600指数持平。

European stocks closed sharply higher on Friday to recover from the losses in the two prior sessions as markets reassessed the impact of fresh tariffs by the US and how European corporate giants should fare against uncertain global rates. The Eurozone's STOXX 50 added 0.9% to 5,495 and the pan-European STOXX 600 advanced 0.7% to 554. Heavyweight banks led the gains in the session amid a pullback in long-dated bond yields within the currency bloc, supporting BBVA, BNP Paribas, Nordea, and Intesa Sanpaolo to add over 2%. In the meantime, ArcelorMittal added 3% on news that the European Commission plans to impose a 25%-50% tariff on Chinese steel imports. On the other hand, pharmaceutical companies underperformed after US President Trump announced a 100% tariff on patented products, pressuring Novo Nordisk and Roche to drop 3.5% and 1%, respectively. Also, Daimler dropped 1.9% amid fresh 25% US tariffs on heavy trucks. The STOXX 50 added 0.7% on the week, while the STOXX 600 was flat.

9月下旬，欧元跌至1.17美元以下，抹去了2021年初峰值的涨幅，并将在本月结束时基本保持不变，因为交易员在货币政策前景与新的贸易紧张局势之间取得了平衡。市场仍预计美联储今年将至少再降息两次25个基点，尽管最近的数据突显了美国经济和劳动力市场的弹性。在欧洲，在央行9月份连续第二次会议保持利率不变后，预期欧洲央行的宽松周期即将结束。经济指标继续呈现喜忧参半的局面，服务业PMI显示出复苏的迹象，而制造业衰退加剧。在贸易方面，美国总统特朗普宣布对品牌或专利药品征收100%的关税，但欧盟委员会表示，已确保美国药品关税上限为15%。与此同时，有报道称，欧盟委员会正准备对中国进口钢铁征收25%至50%的关税。

The euro dropped below $1.17 in late September, erasing gains from its early-month 2021 peak, and was set to end the month largely unchanged as traders balanced monetary policy prospects against fresh trade tensions. Markets still expect the Fed to deliver at least two more 25bps rate cuts this year, though recent data highlighted the resilience of the US economy and labor market. In Europe, expectations point toward the end of the ECB’s easing cycle after the central bank left rates unchanged for a second straight meeting in September. Economic indicators continue to paint a mixed picture, with services PMIs showing signs of recovery while the manufacturing slump deepens. On the trade front, US President Trump announced a 100% tariff on branded or patented pharmaceutical products but the European Commission said it had secured a 15% ceiling on US tariffs for pharmaceuticals. Meanwhile, reports suggested the EC is preparing to impose tariffs of 25% to 50% on Chinese steel imports.

2025年8月，欧元区消费者通胀预期中值从7月的2.6%升至2.8%，为三个月来最高。对未来三年通胀的预期保持不变，为2.5%，而对未来五年的预期上升至2.2%，为2022年8月以来的最高水平。低收入五分位数继续报告平均通胀感知和短期预期略高于高收入五分之一位数，这是自2023年以来观察到的趋势。然而，不同收入群体对通胀的看法和预期的总体演变仍然相对一致。年轻的受访者（18-34岁）继续报告比年长的受访者（35-54岁和55-70岁）对通货膨胀的看法和期望更低，尽管程度低于前几年。与此同时，8月份对未来12个月的经济增长预期保持稳定，为-1.2%，对未来12月失业率的预期从10.6%上升至10.7%。

Median consumer inflation expectations in the Eurozone increased to 2.8% in August 2025, the highest in three months, from 2.6% in July. Expectations for inflation three years ahead were unchanged at 2.5%, while expectations for five years ahead increased to 2.2%, the highest since August 2022. Lower income quintiles continued to report on average slightly higher inflation perceptions and short-horizon expectations than those in higher income quintiles, a trend observed since 2023. However, the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70), albeit to a lesser degree than in previous years. Meanwhile, economic growth expectations for the next 12 months remained stable in August at -1.2% and expectations for the unemployment rate 12 months ahead increased to 10.7% from 10.6%.

周五，欧洲主要股市小幅上涨，STOXX 50指数上涨0.4%，STOXX 600指数上涨0.3%，结束了两个交易日的下跌。投资者在很大程度上对特朗普总统的新美国关税声明不屑一顾，包括从10月1日起对品牌或专利药品征收100%的税，除非制造商在美国建厂。其他措施包括对重型卡车征收25%的关税，对橱柜和浴室梳妆台征收50%的关税，以及对软垫家具进口征收30%的税。从行业来看，旅游和休闲、建筑和材料、保险和汽车领涨，而医疗保健、科技和电信则落后。在个体推动者中，安赛乐米塔尔（+3.2%）、阿尔斯通（+3.3%）和西门子（+2.1%）的表现优于其他公司，而诺和诺德（-1.5%）、诺华（-0.1%）、阿斯利康（-0.2%）、罗氏（-0.3%）和拜耳（-1.3%）则拖累了医疗保健领域。本周，STOXX 50指数下跌0.2%，STOXX 600指数迄今下跌0.7%。

Major European bourses edged higher on Friday, with the STOXX 50 up 0.4% and the STOXX 600 gaining 0.3%, snapping two sessions of losses. Investors largely shrugged off new US tariff announcements from President Trump, including a 100% levy on branded or patented pharmaceutical products from October 1st—unless manufacturers build plants in the US. Additional measures included a 25% duty on heavy trucks, a 50% tariff on kitchen cabinets and bathroom vanities, and a 30% tax on upholstered furniture imports. Sector-wise, travel and leisure, construction and materials, insurance, and autos led gains, while healthcare, technology, and telecoms lagged. Among individual movers, ArcelorMittal (+3.2%), Alstom (+3.3%), and Siemens (+2.1%) outperformed, while Novo Nordisk (-1.5%), Novartis (-0.1%), AstraZeneca (-0.2%), Roche (-0.3%), and Bayer (-1.3%) weighed on the healthcare space. For the week, the STOXX 50 slipped 0.2% and the STOXX 600 lost 0.7% so far.