周二，随着投资者消化了美国贸易政策的更新和德国商业信心的增强，斯托克50指数上涨0.7%，收于5450点，斯托克600指数上涨0.6%。特朗普总统表示，并非所有计划于4月2日征收的关税都会生效，一些国家可能会获得豁免。然而，他重申了对汽车、药品和购买委内瑞拉原油的国家征收新关税的计划。与此同时，德国Ifo商业景气指数在3月份攀升至8个月高点，这得益于一项历史性的债务协议。在其他地方，乌克兰和俄罗斯在与美国官员在沙特阿拉伯举行单独会谈后同意黑海停火。在企业新闻中，保险公司Baloise在报告2024年利润增长60.6%后飙升4%，而物流巨头Kuehne und Nagel在警告全年营业利润疲软后下跌4%，零售商翠鸟在宣布年利润下降7%后暴跌14%。

The STOXX 50 gained 0.7% to 5,450 and the broader STOXX 600 was up 0.6% on Tuesday, as investors digested U.S. trade policy updates and stronger German business confidence. President Trump indicated that not all planned tariffs set for April 2 would take effect, with potential exemptions for some countries. However, he reaffirmed plans for new tariffs on autos, pharmaceuticals, and nations purchasing Venezuelan crude. Meanwhile, Germany’s Ifo Business Climate index climbed to an eight-month high in March, bolstered by a historic debt agreement. Elsewhere, Ukraine and Russia agreed to a Black Sea ceasefire following separate talks with U.S. officials in Saudi Arabia. In corporate news, insurer Baloise surged 4% after reporting a 60.6% jump in 2024 profits, while logistics giant Kuehne und Nagel fell 4% after warning of weaker full-year operating profit and retailer Kingfisher plunged 14% after announcing a 7% drop in annual profit.

欧洲股市周二开盘走低，在美国总统唐纳德·特朗普的关税计划持续存在不确定性的情况下，延续了最近的跌幅。周一，特朗普重申他打算对汽车、制药和其他行业征税，这引发了人们对欧洲主要出口产品潜在风险的担忧。投资者还将关注德国Ifo研究所3月份的报告，以及史密斯集团、翠鸟和贝尔韦的收益发布。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货分别下跌0.2%和0.6%。

European equity markets were set to open lower on Tuesday, extending recent losses amid ongoing uncertainty over US President Donald Trump’s tariff plans. On Monday, Trump reiterated his intent to impose levies on automobiles, pharmaceuticals, and other industries, raising concerns about potential risks to key European exports. Investors will also monitor Germany’s Ifo Institute reports for March, along with earnings releases from Smiths Group, Kingfisher, and Bellway. In premarket trading, Euro Stoxx 50 and Stoxx 600 futures declined 0.2% and 0.6%, respectively.

欧洲股市抹去了早盘涨幅，周一下午涨跌互现，斯托克50指数和斯托克600指数在连续两个交易日下跌后徘徊在持平线上。拜耳是最大的落后者，在佐治亚州陪审团裁定该公司因其Roundup除草剂导致癌症而支付21亿美元的赔偿金后，该公司暴跌7%。JD Sports也下跌了近5%，此前Peel Hunt在公司全年业绩公布前下调了预测，理由是短期行业挑战。从好的方面来看，瑞典国防公司萨博股价上涨6.3%，此前瑞银将其股票评级上调至“买入”，理由是国防支出增加导致其强势定位。伦敦希思罗机场因附近变电站发生火灾而中断，随后重新开放，旅游和休闲行业上涨。与此同时，随着会议的进行，美国总统唐纳德·特朗普暗示的关税“灵活性”的乐观情绪逐渐消退。

European stocks erased early gains and turned mixed on Monday afternoon, with both the Stoxx 50 and Stoxx 600 hovering around the flatline after two straight sessions of losses. Bayer was the biggest laggard, plunging 7% after a Georgia jury ordered the company to pay $2.1 billion in damages over claims that its Roundup weedkiller caused cancer. JD Sports also dropped nearly 5% after Peel Hunt downgraded its forecast ahead of the company’s full-year results, citing short-term industry challenges. On the upside, Swedish defense firm Saab jumped 6.3% after UBS upgraded the stock to "buy," citing strong positioning amid rising defense spending. The travel and leisure sector gained as London’s Heathrow Airport reopened following disruptions caused by a fire at a nearby electrical substation. Meanwhile, optimism from US President Donald Trump’s hint at tariff "flexibility" faded as the session progressed.

欧元保持在1.08美元上方，徘徊在3月18日达到的1.095美元的五个月高点以下，因为投资者评估了最新的采购经理人指数数据和欧洲央行官员的言论。最近的调查显示，欧元区私营部门活动以8月以来的最快速度扩张，尽管增长低于市场预期，制造业产出的反弹部分被服务业的放缓所抵消。与此同时，欧洲央行官员Cipollone表示，降息的理由正在加强，因为通货膨胀可能比预期更快地放缓。周五，他的同事斯托纳拉斯呼应了这一观点，表示所有迹象都表明4月份将降息。此外，拉加德总统警告称，如果欧盟对美国关税进行报复，经济增长将放缓，但淡化了通胀风险，这表明欧洲央行不会以更高的利率进行反击。欧洲央行的de Galhau也强化了央行有进一步降低借贷成本的空间的观点。

The euro held above the $1.08 mark, hovering just below the five-month high of $1.095 reached on March 18th, as investors assessed the latest PMI data and remarks from ECB officials. Recent surveys indicated that Eurozone private sector activity expanded at its fastest pace since August, though the growth fell short of market expectations, with a rebound in manufacturing output partially offset by a slowdown in the services sector. Meanwhile, ECB official Cipollone suggested that the case for a rate cut is strengthening, as inflation may be slowing faster than anticipated. His colleague Stournaras echoed this sentiment on Friday, stating that all signs point to a cut in April. Additionally, President Lagarde cautioned about weaker economic growth but downplayed inflation risks if the EU retaliated against US tariffs, signaling that the ECB would not counter with higher rates. ECB’s de Galhau also reinforced the view that the central bank has room to further ease borrowing costs.