周四，STOXX 50指数下跌0.5%，STOXX 600指数下跌0.4%，由于对全球贸易战的担忧再次出现，延续了前一交易日的跌幅。投资者还将注意力转移到即将征收关税的潜在经济影响上。与此同时，企业盈利持续攀升。西门子股价下跌3.6%，此前该公司第二季度业绩未能给投资者留下深刻印象。该公司承认“经济环境的不确定性增加”，并保持全年财务前景不变。默克股价下跌超过4%，此前该公司下调了全年指引，而安联股价下跌3.6%，此前该集团未达到利润预期，并维持了现有预测。从更积极的方面来看，德国电信在超过收入预期并提高全年指导后微涨0.2%。此外，奢侈品行业也面临压力，LVMH暴跌2.3%，开云集团下跌3.6%。

The STOXX 50 fell by 0.5% and the STOXX 600 declined 0.4% on Thursday, extending losses from the previous session as renewed concerns over the global trade war resurfaced. Investors also shifted their focus to the potential economic impact of impending tariffs. Meanwhile, corporate earnings continued to roll in. Shares of Siemens dropped 3.6% after the company's second-quarter results failed to impress investors. The company acknowledged "increased uncertainty in the economic environment" and left its full-year financial outlook unchanged. Merck shares sank more than 4% after the company lowered its full-year guidance, while Allianz declined 3.6% after missing profit expectations and maintaining its existing forecast. On a more positive note, Deutsche Telekom edged up 0.2% after beating revenue estimates and raising its full-year guidance. In addition, the luxury sector was under pressure, with LVMH plunging 2.3% and Kering sinking 3.6%.

欧洲股市周四开盘走低，延续了前一交易日的跌幅，因为本周一波获利回吐冲击了市场。美中贸易协议引发的近期市场反弹也失去了动力，投资者的注意力转向了盈利和经济增长前景。与此同时，英国经济在第一季度环比增长0.7%，略高于预期的0.6%，显示出适度的韧性。现在注意力转向即将公布的欧元区GDP和工业生产数据，这可能会影响整个地区的情绪。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货均下跌约0.3%，表明交易日开局谨慎。

European equity markets were poised for a lower open on Thursday, extending losses from the previous session as a wave of profit taking hit the markets this week. The recent market rally sparked by the US-China trade deal also lost steam, with investors' focus shifting to the outlook for earnings and economic growth. Meanwhile, the UK economy grew 0.7% quarter-on-quarter in the first quarter, slightly above expectations of 0.6%, offering a modest sign of resilience. Attention now turns to upcoming Eurozone GDP and industrial production figures, which could shape sentiment across the region. In premarket trading, Euro Stoxx 50 and Stoxx 600 futures were both down around 0.3%, signaling a cautious start to the session.

欧洲股市收盘小幅下跌，停止了本周股市的强劲势头，因为市场获利回吐，并继续评估美国即将征收的关税对欧洲企业前景的风险。欧元区STOXX 50指数下跌0.3%，收于5400点，泛欧STOXX 600指数回落0.4%，收于542点。非必需消费品市场的波动势头延续至创纪录的亏损，路威酩轩集团和开云集团分别下跌2%和3%，欧莱雅下跌3.3%。反过来，随着美国总统特朗普即将通过限制药品价格的政策，医疗保健行业继续下滑，赛诺菲和拜耳分别亏损1%和2%。另一方面，银行收盘走高，桑坦德银行、联合信贷银行和荷兰国际集团上涨超过1%。在英国，博柏利在宣布几项组织变革后飙升8.9%。

European stocks closed slightly lower, halting the strong momentum for equities from the week as markets took profits and continued to assess risks to the European corporate outlook from pending tariffs by the US. The Eurozone's STOXX 50 lost 0.3% to close at 5,400 and the pan-European STOXX 600 pulled back 0.4% to 542. Consumer discretionary extended their volatile momentum to record losses, with LVMH and Kering dropping 2% and 3%, while L'Oreal slumped 3.3%. In turn, healthcare continued to decline as US President Trump was due to pass policy to cap drug prices, with Sanofi and Bayer losing 1% and 2%, respectively. On the other hand, banks closed firmly higher with Santander, UniCredit, and ING gaining over 1%. In the UK, Burberry soared 8.9% following the announcement of several organizational changes.

欧元回升至1.12美元上方，受美元走软的支撑，此前美国通胀意外下降，投资者对美中贸易谈判日益谨慎，尽管两国同意90天的关税休战，以达成更广泛的协议。然而，关税仍然很高，美国对中国商品的平均关税仍徘徊在40%左右，而此前为20%。在货币政策方面，货币市场现在将欧洲央行的存款便利化利率定价为年底前1.79%，高于周五晚些时候的1.67%，低于4月中旬的1.55%。与此同时，市场几乎完全预计6月份降息的可能性为95%，因为政策制定者的目标是在美国关税上升的情况下促进经济增长。欧洲央行政策制定者François Villeroy de Galhau表示，到夏季还有再次降息的空间，而他的同事Joachim Nagel则表示乐观，并指出通胀将“很有可能”趋同于央行2%的目标。

The euro climbed back above $1.12, supported by a weaker dollar following an unexpected drop in US inflation and growing investor caution over US-China trade negotiations, despite both countries agreeing to a 90-day tariff truce to work toward a broader deal. However, tariffs remain elevated, with the average US rate on Chinese goods still hovering around 40%, compared to 20% previously. On the monetary policy front, money markets now price the European Central Bank’s deposit facility rate at 1.79% by year-end, up from 1.67% late Friday and below 1.55% in mid-April. At the same time, markets are almost fully pricing in a 95% chance of a rate cut in June, as policymakers aim to bolster growth amid rising US tariffs. ECB policymaker François Villeroy de Galhau stated there was room for another rate cut by summer, while his colleague Joachim Nagel expressed optimism, noting a "good probability" that inflation would converge toward the central bank’s 2% target.