周三，斯托克50指数创下5570点的历史新高，而受制药股反弹的推动，斯托克600指数也攀升至564点的历史高点。辉瑞公司与特朗普政府达成协议，允许患者通过新的联邦网站购买折扣处方药后，美国总统唐纳德·特朗普威胁要对品牌药物征收100%的关税，这可能没有人们担心的那么严重。制药巨头领涨：法国赛诺菲飙升6%，德国拜耳上涨3.7%，瑞士罗氏上涨8%，丹麦诺和诺德上涨5%，瑞士竞争对手诺华上涨超过3%。与此同时，投资者消化了欧元区通胀数据，显示9月份通胀率为2.2%，与预期相符，而最新的美国ADP报告显示，私营部门就业人数意外下降，加强了市场对美联储进一步降息的押注。

The STOXX 50 hit a record high of 5,570 points on Wednesday, while the broader STOXX 600 also climbed to an all-time peak of 564 points, driven by a rally in pharmaceutical shares. The gains came on relief that US President Donald Trump’s threatened 100% tariffs on branded drugs may be less severe than feared after Pfizer reached a deal with the Trump administration to allow patients to purchase discounted prescription drugs through a new federal website. Pharma heavyweights led the charge: France’s Sanofi surged 6%, Germany’s Bayer gained 3.7%, Switzerland’s Roche jumped 8%, Denmark’s Novo Nordisk advanced 5%, and Swiss rival Novartis added more than 3%. Meanwhile, investors digested Eurozone inflation data showing a September rate of 2.2%, matching expectations, while the latest US ADP report revealed an unexpected drop in private-sector jobs, reinforcing market bets on further Federal Reserve rate cuts.

欧元50指数升至5570.00点的历史高点。在过去的4周里，欧元区股市指数（EU50）上涨了5.25%，在过去的12个月里，它上涨了12.2%。

EU50 increased to an all-time high of 5570.00 Index Points. Over the past 4 weeks, Euro Area Stock Market Index (EU50) gained 5.25%, and in the last 12 months, it increased 12.2%.

周三，STOXX 50指数在持平线附近徘徊，而STOXX 600指数上涨0.4%，试图在软开盘后以更坚实的基础开始第四季度。制药股领涨，诺和诺德（+3.7%）、诺华（+2.4%）、阿斯利康（+6.2%）、罗氏（+5.1%）和赛诺菲（+4.1%）因投资者对关税的缓解而上涨。此举是在辉瑞公司和特朗普政府达成协议后进行的，该协议允许患者通过一个新的联邦网站购买折扣处方药。尽管如此，对美国政府持续关闭的担忧限制了更广泛的情绪。银行表现不佳，其中联合信贷银行（-1%）、联合圣保罗银行（-0.6%）、法国巴黎银行（-0.3%）、西班牙对外银行（-1.%）和萨瓦德尔银行（-1.1%）的股价下跌，此前萨瓦德尔银行的一名墨西哥董事会成员接受了英国对外银行的收购要约。在数据方面，9月份欧元区通胀小幅上升至2.2%，符合预期，加强了欧洲央行对进一步降息的谨慎立场。

The STOXX 50 hovered near the flatline on Wednesday, while the STOXX 600 advanced 0.4%, attempting to start Q4 on firmer footing after a soft opening. Pharmaceuticals led gains, with Novo Nordisk (+3.7%), Novartis (+2.4%), AstraZeneca (+6.2%), Roche (+5.1%), and Sanofi (+4.1%) rallying on investor relief over tariffs. The move followed an agreement between Pfizer and the Trump administration allowing patients to purchase discounted prescription drugs through a new federal website. Still, broader sentiment was capped by concerns over the ongoing US government shutdown. Banks underperformed, with Unicredit (-1%), Intesa Sanpaolo (-0.6%), BNP Paribas (-0.3%), BBVA (-1%), and Sabadell (-1%) trading lower after a Mexican board member of Sabadell accepted BBVA’s takeover bid. On the data front, Eurozone inflation edged up to 2.2% in September, in line with expectations, reinforcing the ECB’s cautious stance on further rate cuts.

欧元兑美元汇率高于1.17美元，此前欧盟统计局数据证实9月份欧元区通胀加速，而美元在七年来美国政府首次停摆后走弱。由于能源价格下跌速度放缓，通货膨胀率从8月份的2.0%上升至2.2%，略高于欧洲央行的中点目标。这些数据强化了人们对欧洲央行目前将暂缓降息的预期。欧洲央行副行长Luis de Guindos周二表示，“目前的利率水平是足够的”，并补充说，将继续“逐次会议”做出决定。周一，董事会成员Gabriel Makhlouf表示，“我们已接近宽松周期的底部。”这一发布标志着欧洲央行10月30日会议之前的最终通胀数据，预计在12月提出新的预测之前，利率将保持不变。

The euro traded above $1.17 after Eurostat data confirmed an acceleration in Eurozone inflation in September, while the US dollar weakened following the start of the first US government shutdown in seven years. Inflation rose to 2.2%, up from 2.0% in August and slightly above the European Central Bank’s mid-point target, as energy prices fell at a slower pace. The data reinforced expectations that the ECB will hold off on cutting rates for now. ECB Vice President Luis de Guindos said Tuesday that “the current level of interest rates is adequate,” adding that decisions will continue to be taken “meeting by meeting.” On Monday, board member Gabriel Makhlouf remarked that “we are near the bottom of the easing cycle.” This release marks the final inflation reading before the ECB’s October 30 meeting, where rates are expected to remain unchanged until new forecasts are presented in December.