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.

欧洲股市周三反弹，从早盘下跌中恢复过来，STOXX 50指数上涨0.2%，STOXX 600指数上涨0.1%，投资者消化了新一波企业盈利和关键经济数据。欧元区经济在第二季度出人意料地增长了0.1%，法国和西班牙的经济扩张领涨，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，欧莱雅股价反弹，涨幅超过4%，此前该公司公布了以美国和中国为首的销售额增长。瑞银集团也上涨了1.8%，因为该行报告了第二季度的强劲表现。尽管开云集团报告收入下降，但其股价仍上涨了4%以上。巴斯夫股价上涨1.3%，尽管此前公布销售额下降。另一方面，爱马仕股价下跌超过3.5%，此前其业绩令投资者失望，汇丰银行股价下跌2.9%，尽管该行公布了收入增长并宣布了30亿美元的股票回购。阿迪达斯股价下跌近7%，此前该公司公布的收入增长低于预期，并警告称关税将提高美国的价格。

European stocks rebounded on Wednesday, recovering from early losses, with the STOXX 50 rising 0.2% and the STOXX 600 up 0.1%, as investors digested a fresh wave of corporate earnings and key economic data. The Eurozone economy unexpectedly 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, shares of L'Oréal rebounded to jump more than 4% after the company posted a rise in sales led by the US and China. UBS was also up 1.8% as the lender reported a robust Q2. Kering jumped more than 4% despite reporting a revenue decline. BASF gained 1.3%, even after disclosing a fall in sales. On the other hand, Hermès fell more than 3.5% 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 warning that tariffs would raise prices in the US.

欧元兑美元汇率略高于1.15美元，徘徊在6月20日以来的最低水平附近，投资者正在处理一波经济数据，并期待美联储周三的政策决定。欧盟统计局最新数据显示，第二季度欧元区经济温和增长0.1%，与第一季度的0.6%相比大幅放缓，但超过了平稳增长的预期。西班牙和法国表现优异，分别增长0.7%和0.3%，而德国和意大利各收缩0.1%。在西班牙，7月份的通货膨胀率比预期的要高。在贸易方面，投资者情绪仍然谨慎，因为人们担心新宣布的美欧贸易协定有利于美国，对欧元区疲软的前景提供了有限的缓解。与此同时，对欧洲央行降息的预期被进一步推迟。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 held just above $1.15, hovering near its weakest level since June 20, as investors processed a wave of economic data and looked ahead to the Federal Reserve’s policy decision on Wednesday. Fresh Eurostat figures showed the Eurozone economy grew by a modest 0.1% in Q2, slowing sharply from 0.6% in Q1 but surpassing expectations of flat growth. Spain and France outperformed, expanding by 0.7% and 0.3% respectively, while Germany and Italy each contracted by 0.1%. In Spain, inflation rose more than expected in July. On the trade front, investor sentiment remained cautious amid concerns that the newly announced US-EU trade agreement favors the US, offering limited relief for the eurozone's sluggish outlook. Meanwhile, expectations for ECB rate cuts were pushed further out. Markets now price in a 90% chance of a 25-basis-point cut by March 2026, while the probability of a move in December has slipped to 30%.