欧洲股市周三开盘走高，因美联储主席鲍威尔的鸽派言论增强了对美国进一步降息的预期，抵消了对美中贸易紧张局势加剧的担忧。在欧洲，法国总理Sebastien Lecornu承诺将暂停一项具有里程碑意义的养老金改革，直到2027年大选之后，从而缓解了一些政治不确定性。投资者还将关注欧元区8月份的工业生产数据，以及法国和西班牙9月份的最终通胀数据。在企业方面，ASML公布了喜忧参半的第三季度业绩，同时试图在中国需求疲软的情况下向市场保证其2026年的增长前景。盘前交易中，欧洲斯托克50指数期货上涨1.4%，斯托克600指数期货上涨1%。

European stocks were set to open higher on Wednesday as dovish comments from Fed Chair Powell strengthened expectations for more US rate cuts, offsetting concerns over rising US-China trade tensions. In Europe, French Prime Minister Sebastien Lecornu pledged to suspend a landmark pension reform until after the 2027 election, easing some political uncertainty. Investors will also monitor Eurozone industrial production data for August alongside final September inflation figures from France and Spain. On the corporate side, ASML posted mixed third-quarter results while seeking to reassure markets about its 2026 growth outlook amid weaker Chinese demand. In premarket trade, Euro Stoxx 50 futures rose 1.4%, and Stoxx 600 futures gained 1%.

欧洲股市周二下跌，斯托克50指数和斯托克600指数均下跌约0.3%，因美中贸易紧张局势升级打压市场情绪。汽车和矿商等风险敏感行业领跌，此前北京方面制裁了一家韩国航运公司的美国子公司，并警告称将进行进一步报复，加剧了人们对贸易再次中断的担忧。由于投资者寻求安全，包括电信、房地产和公用事业在内的防御性行业表现优异。在个别搬家公司中，米其林股价下跌8.9%，此前该轮胎制造商发布了盈利预警，称北美需求大幅下降。相比之下，爱立信股价飙升16%，此前这家瑞典电信集团公布了强于预期的第三季度业绩，这得益于其呼叫路由业务Iconectiv的出售，这提高了利润和现金流。在法国，政治不确定性增加了市场的谨慎，此前总理Lecornu表示，他将采取行动暂停有争议的养老金改革，以维护稳定。

European stocks declined on Tuesday, with the Stoxx 50 and Stoxx 600 both down around 0.3%, as escalating US-China trade tensions weighed on sentiment. Risk-sensitive sectors such as autos and miners led losses after Beijing sanctioned US units of a South Korean shipping company and warned of further retaliation, heightening fears of renewed trade disruptions. Defensive sectors, including telecom, real estate, and utilities, outperformed as investors sought safety. Among individual movers, Michelin tumbled 8.9% after the tiremaker issued a profit warning, citing sharply weaker demand in North America. In contrast, Ericsson surged 16% after the Swedish telecom group reported stronger-than-expected third-quarter results, driven by the sale of its call-routing business, Iconectiv, which boosted profit and cash flow. In France, political uncertainty added to market caution after PM Lecornu said he would move to suspend the controversial pension reform in an effort to preserve stability.

欧元跌至1.15美元，触及7月31日以来的最低水平，投资者密切关注法国的政治发展。重新任命的总理塞巴斯蒂安·莱科尔努正急于在宪法对审查立法的限制到期之前向议会提交2026年预算法案。根据高级公共财政委员会的数据，该计划旨在将欧元区最大的赤字减少到GDP的4.7%至5%之间，比今年的5.4%略有改善。与此同时，在两国对远洋运输公司征收额外港口费后，对美中潜在贸易战的担忧再次出现。此前，特朗普总统威胁对中国商品征收100%关税，北京决定加强稀土出口管制。在数据方面，10月份德国投资者情绪有所改善，但低于预期，加剧了谨慎的市场情绪。

The euro slipped toward $1.15, hitting its weakest level since July 31, as investors closely watched political developments in France. Reappointed Prime Minister Sébastien Lecornu is rushing to present the 2026 budget bill to parliament before constitutional limits on reviewing the legislation expire. The plan, according to the Haut Conseil des Finances Publiques, aims to reduce the Eurozone’s largest deficit to between 4.7% and 5% of GDP, a modest improvement from this year’s 5.4%. Meanwhile, concerns over a potential US-China trade war resurfaced after both countries imposed additional port fees on ocean shipping firms. This follows President Trump’s threat of 100% tariffs on Chinese goods and Beijing’s decision to tighten rare earth export controls. On the data front, German investor sentiment improved in October, but less than expected, adding to cautious market sentiment.

2025年10月，欧元区ZEW经济预期指数降至22.7点，为五个月来的最低水平，低于9月的26.1，远低于30.2的预测。下降的主要原因是法国持续的预算纠纷。对当前经济形势的评估也有所减弱，下跌3点至-31.8，表明市场情绪进一步恶化。

The ZEW Economic Expectations Index for the Euro Area declined to 22.7 points in October 2025, the lowest level in five months, down from 26.1 in September and well below forecasts of 30.2. The decline was mainly attributed to the ongoing budget dispute in France. Assessments of the current economic situation also weakened, falling 3 points to -31.8, signaling a further deterioration in sentiment.