在美元走强的压力下，欧元继续下跌至1.14美元，为6月中旬以来的最低水平，交易员对美联储的最新政策决定做出了反应。美联储按预期保持联邦基金利率不变，但主席鲍威尔指出，尚未就9月做出任何决定，他的鹰派语气降低了对下次会议降息的预期。与此同时，最新数据显示，欧元区经济在第二季度温和增长0.1%，较第一季度的0.6%大幅放缓，但仍超出无增长的预期。然而，数据显示了不对称性，德国和意大利的GDP收缩了0.1%，而法国和西班牙则出现了扩张。此外，投资者仍然担心最近宣布的美欧贸易协定对美国的利益不成比例。对欧洲央行降息的预期也被进一步推迟。市场现在认为，到2026年3月，降息25个基点的可能性为90%，而12月降息的可能性已降至30%。

The euro extended its decline to $1.14—the lowest level since mid-June—under pressure from a stronger dollar, as traders reacted to the Fed’s latest policy decision. The Fed kept the federal funds rate unchanged as expected but Chair Powell noted that no decisions had been made regarding September, and his hawkish tone dampened expectations for a rate cut at the next meeting. Meanwhile, fresh figures showed the Eurozone economy grew a modest 0.1% in Q2, slowing sharply from 0.6% in Q1 but still exceeding expectations of no growth. However, the data revealed asymmetries, with GDP in Germany and Italy contracting by 0.1%, while France and Spain recorded expansions. In addition, investors remain concerned that the recently announced US-EU trade agreement disproportionately benefits the US. Expectations for ECB rate cuts have also been pushed further out. Markets now assign a 90% probability of a 25bps cut by March 2026, while the likelihood of a move in December has fallen to 30%.

周三，欧洲股市收盘大多走高，延续了上一交易日的反弹，因为市场分析了一批经济数据和关键盈利结果。欧元区STOXX 50指数微涨0.3%，至5393点，而医疗保健和矿商等较重的子行业推动泛欧STOXX 600指数平收于550点。欧元区第二季度国内生产总值增长0.1%，法国和西班牙的扩张领涨，而德国和意大利的国内生产总值则收缩了0.1%。在企业方面，欧莱雅在美国和中国的销售额增长后反弹了4%。瑞银在公布第二季度强劲业绩后上涨1%。开云集团（Kering）股价上涨1.6%，尽管报告收入下降，巴斯夫（BASF）股价持平，即使在披露销售额下降后也是如此。另一方面，爱马仕股价下跌4.5%，此前其业绩令投资者失望，汇丰银行股价下跌2.9%，尽管报告收入增长并宣布30亿美元的股票回购。阿迪达斯在公布低于预期的收入增长后下跌了近7%，诺和诺德以6%的跌幅延续了本周的暴跌。

European stocks closed mostly higher on Wednesday, extending the rebound from last session as markets parsed a batch of economic data and key earnings results. The Eurozone's STOXX 50 inched 0.3% higher to 5,393, while heavier subsectors of healthcare and miners drove the pan-European STOXX 600 to close flat at 550. The Eurozone GDP grew 0.1% in Q2, led by expansions in France and Spain while the GDP in Germany and Italy contracted 0.1%. On the corporate front, L'Oréal rebounded 4% after posting higher sales in the US and China. UBS added 1% after posting a robust Q2. Kering jumped 1.6% despite reporting a revenue decline and BASF was flat, even after disclosing a fall in sales. On the other hand, Hermès fell 4.5% after its results disappointed investors and HSBC tumbled 2.9% despite reporting revenue growth and announcing a $3 billion share buyback. Adidas sank nearly 7% after posting weaker-than-expected revenue growth, and Novo Nordisk extended this week's plunge with a 6% drop.

欧元继续下跌至1.15美元以下，触及6月中旬以来的最低水平，投资者消化了一系列经济数据，并将注意力转向美联储周三的政策决定。欧盟统计局的新数据显示，欧元区经济在第二季度温和增长了0.1%，从第一季度的0.6%大幅放缓，但仍超过了无增长的预期。与此同时，在第二季度GDP数据强劲和7月份私人就业数据强劲之后，美元走强。在贸易方面，投资者情绪仍然谨慎，因为人们担心最近宣布的美欧贸易协定对美国的利益不成比例，对欧元区疲软的前景几乎没有提振作用。对欧洲央行降息的预期也被进一步推迟。市场现在认为，到2026年3月降息25个基点的可能性为90%，而12月降息的可能性已降至30%。

The euro extended losses below $1.15, hitting its weakest level since mid-June, as investors digested a slew of economic data and turned their attention to the Federal Reserve’s policy decision on Wednesday. New Eurostat figures showed the Eurozone economy grew a modest 0.1% in Q2, slowing sharply from 0.6% in Q1 but still exceeding expectations of no growth. Meanwhile, the US dollar gained strength following strong Q2 GDP numbers and robust July private employment data. On the trade front, investor sentiment remained cautious amid concerns that the recently announced US-EU trade agreement disproportionately benefits the US, providing little boost to the eurozone’s sluggish outlook. Expectations for European Central Bank rate cuts have also been pushed further out. Markets now assign a 90% probability of a 25-basis-point cut by March 2026, while the likelihood of a move in December has fallen to 30%.

欧元区的行业信心指数从6月的-11.8升至2025年7月的-10.4，好于预测的-11。订单簿（-27.3对-28.1）、销售价格预期（9.2对6.2）和生产预期有所改善（5对2），而就业人数保持不变，为-6.2。

The industry confidence indicator in the Euro Area rose to -10.4 in July 2025 from -11.8 in June and better than forecasts of -11. Order books (-27.3 vs -28.1), selling-price expectations (9.2 vs 6.2) and production expectations improved (5 vs 2), while employment was unchanged at -6.2.