2025年3月，欧元区工业生产者价格通胀率从2月份的3.0%降至1.9%，略低于市场预期的2.0%。经济放缓的原因是能源（3.8%对7.6%）和中间产品（0.8%对0.9%）的价格增长放缓，而耐用消费品的通货膨胀率稳定在0.9%。相比之下，资本品（1.8%对1.7%）和非耐用消费品（1.7%对1.6%）的价格涨幅加快。按月计算，生产者价格下跌1.6%，与预测一致，为2023年5月以来的最大跌幅。

Industrial producer price inflation in the Euro Area eased to 1.9% year-on-year in March 2025, down from 3.0% in February and slightly below market expectations of 2.0%. The slowdown was driven by softer price growth in energy (3.8% vs. 7.6%) and intermediate goods (0.8% vs. 0.9%), while inflation for durable consumer goods held steady at 0.9%. In contrast, price gains accelerated for capital goods (1.8% vs. 1.7%) and non-durable consumer goods (1.7% vs. 1.6%). On a monthly basis, producer prices fell by 1.6%, in line with forecasts and the sharpest decline since May 2023.

欧元稳定在1.13美元左右，略低于4月份创下的近三年高点，继续受益于美元的广泛疲软。交易员们仍然关注正在进行的贸易战，特别是美国与几个亚洲国家之间的谈判，而与中国的谈判似乎已经停滞。与此同时，弗里德里希·默茨在第一轮议会投票中未能成功当选德国总理，面临着意想不到的挫折。尽管下一步行动仍不确定，但这可能会推迟默茨的宣誓就职。他领导的基民盟与中左翼社会民主党的联盟，以及增加公共支出的计划，一直在增强人们对德国经济复苏的信心。在货币政策方面，预计欧洲央行将在6月继续降息，而普遍预计美联储本月将保持利率稳定。

The euro held steady around $1.13, slightly below the nearly three-year high reached in April, continuing to benefit from broad dollar weakness. Traders remained focused on the ongoing trade war, particularly negotiations between the US and several Asian countries, while talks with China appeared to have stalled. Meanwhile, Friedrich Merz faced an unexpected setback after failing to secure election as German Chancellor in the first round of parliamentary voting. Although the next steps remain uncertain, it potentially delayed Merz’s swearing-in. His CDU-led coalition with the centre-left Social Democrats, along with plans to increase public spending, had been bolstering confidence in Germany’s economic recovery. On the monetary policy front, the European Central Bank is expected to continue cutting interest rates in June, while the Federal Reserve is widely expected to hold rates steady this month.

2025年3月，欧元区工业生产者价格环比下跌1.6%，扭转了2月份0.2%的涨幅，符合市场预期。这是自9月以来的首次月度下跌，也是自2023年5月以来的最大跌幅，主要原因是能源价格暴跌5.8%。中间产品价格保持平稳，而非耐用消费品（0.5%）、耐用消费品和资本品（0.1%）略有上涨。按年度计算，3月份生产者价格通胀率从2月份的3.0%降至1.9%，略低于预期的2.0%。

Industrial producer prices in the Euro Area fell by 1.6% month-over-month in March 2025, reversing a 0.2% rise in February and matching market expectations. This marked the first monthly decline since September and the steepest drop since May 2023, driven largely by a 5.8% plunge in energy prices. Prices for intermediate goods remained flat, while modest increases were recorded for non-durable consumer goods (0.5%), durable consumer goods (0.2%), and capital goods (0.1%). On an annual basis, producer price inflation slowed to 1.9% in March, down from 3.0% in February and slightly below the expected 2.0%.

周二，欧洲股市扭转了早盘涨幅，出现下跌，STOXX 50指数下跌0.4%，STOXX 600指数下跌0.3%，因为投资者关注企业盈利，同时密切关注贸易紧张局势，特别是涉及美国和几个亚洲国家的谈判。与此同时，弗里德里希·默茨在第一轮议会投票中未能成功当选德国总理，遭遇了意想不到的挫折。在盈利方面，大陆集团股价上涨约1.5%，此前该公司的销售额创下4年新高。此外，维斯塔斯在第一季度扭亏为盈后上涨了约1.9%，Hugo Boss在收入超过预期后上涨了近6%。另一方面，飞利浦在下调盈利前景后下跌1.6%，科思创在下调其财年盈利预期后几乎没有变化。此外，在DoorDash同意以近29亿英镑的价格收购Deliveroo后，Deliveroo上涨了2.2%。英国石油公司上涨1.1%，有报道称壳牌正在对其竞争对手实施这一规定。

Stocks in Europe reversed early opening gains to trade in the red on Tuesday, with the STOXX 50 losing 0.4% and the STOXX 600 declining 0.3%, as investors focused on corporate earnings while keeping a close watch on trade tensions, particularly negotiations involving the US and several Asian countries. Meanwhile, Friedrich Merz suffered an unexpected setback as he failed to secure election as German Chancellor in the first round of parliamentary voting. On the earnings front, Continental shares rose about 1.5% after the company's sales hit a 4-year high. Also, Vestas gained about 1.9% after swinging to profit in Q1 and Hugo Boss jumped almost 6% after a revenue beat. On the other hand, Philips declined 1.6% after lowering its profitability outlook and Covestro was little changed after cutting its FY earnings guidance. In addition, Deliveroo was up 2.2% after DoorDash agreed to buy it by nearly £2.9 billion. BP gained 1.1% amid reports that Shell is running the rule over its rival.