2025年3月，欧元区的行业信心指数为-10.6，略好于2月的-11，而预测为-10.5。这一读数反映了经理们对当前订单簿和成品库存水平的评估几乎没有变化，以及经理们对生产预期的改善。与此同时，经理们对过去生产趋势和出口订单簿的评估几乎没有变化。

The industry confidence indicator in the Euro Area came in at -10.6 in March 2025, slightly better than -11 in February and compared to forecasts of -10.5. The reading reflected managers’ virtually unchanged assessments of the current level of order books and stocks of finished products, and an improvement in managers’ production expectations. Meanwhile, managers' assessments of past production trends and export order books hardly changed.

2025年3月，欧元区经济情绪指数降至95.2，为三个月来的最低水平，而2月份为96.3，远低于97的预测。下降的原因是对服务业（2.4比5.1）、零售业（-6.8比5.1）和消费者（-14.5比-13.6）的信心下降。对工业（-10.6 vs-11）和建筑业（-3.4 vs-3.3）的信心大致保持稳定。对于欧盟最大的经济体，法国（-2.1至96.4）和意大利（-2.0至97.6）的ESI大幅下降，而西班牙（+1.1至103.4）的ESI有所改善。德国的信心小幅上升（+0.3至89.4），荷兰的信心保持不变（100.3）。

The Eurozone’s Economic Sentiment Indicator fell to 95.2 in March 2025, the lowest level in three months, compared to 96.3 in February and well below forecasts of 97. The decline was driven by lower confidence in services (2.4 vs 5.1), retail trade (-6.8 vs -5.1) and among consumers (-14.5 vs -13.6). Confidence in industry (-10.6 vs -11) and construction (-3.4 vs -3.3) remained broadly stable. For the largest EU economies, the ESI declined significantly in France (-2.1 to 96.4) and Italy (-2.0 to 97.6), while it improved in Spain (+1.1 to 103.4). Confidence edged up in Germany (+0.3 to 89.4) and remained unchanged in the Netherlands (at 100.3).

欧元区消费者信心指数在2025年3月下降0.9点至-14.5，为三个月来最低，与初步估计一致。在更广泛的欧盟，消费者信心下降了1个百分点，降至-13.9，因为消费者对各自国家未来的总体经济形势变得更加悲观，对家庭过去和预期的财务状况也变得更加悲观。与此同时，消费者在未来12个月内进行大宗购买的意愿略有改善。

The consumer confidence indicator in the Euro Area fell by 0.9 points to -14.5 in March 2025, the lowest in three months, in line with preliminary estimates. In the broader European Union, consumer sentiment dropped by 1 point to -13.9, as consumers became notably more pessimistic about the future general economic situation in their respective country and, to a lesser extent, about their household’s past and expected financial situation. At the same time, there was a slight improvement in consumers’ intentions to make major purchases in the coming 12 months.

周五，STOXX 50指数下跌0.5%，STOXX 600指数下跌0.4%，连续第三个交易日下跌至近两周未见的水平。投资者情绪仍然低迷，受到特朗普政府征收的关税的拖累，这继续引发了人们对经济前景的担忧。对美国进口商品征收新的互惠关税，包括对汽车征收25%的税，将于4月2日生效。在数据方面，法国和西班牙3月份的通胀低于预期，而德国的消费者信心没有像预期的那样改善。SAP、ASML控股和西门子的股价均下跌超过1%。本周，斯托克50指数下跌0.9%，斯托克600指数下跌0.6%。

The STOXX 50 fell 0.5% and the STOXX 600 dropped 0.4% on Friday, extending losses for a third consecutive session to levels not seen in nearly two weeks. Investor sentiment remains subdued, weighed down by tariffs imposed by the Trump administration, which continue to raise concerns about the economic outlook. New reciprocal tariffs on US imports, including a 25% levy on autos, are set to take effect on April 2nd. On the data front, inflation in France and Spain came in below expectations for March, while consumer sentiment in Germany failed to improve as much as anticipated. Shares of SAP, ASML Holding, and Siemens all declined by more than 1%. For the week, the STOXX 50 has lost 0.9%, and the STOXX 600 is down 0.6%.