欧洲股市周五收高，追随美联储主席杰罗姆·鲍威尔暗示央行可能在即将召开的会议上降息后全球股市的上涨。斯托克50指数上涨0.5%，至5492点，为2月以来的最高点，斯托克600指数上涨0.5%至562点，距离历史高点不到2点。美联储主席指出，自上次会议以来，劳动力市场的风险得到了优先考虑，下个月可能需要降息25个基点，推动市场大量购买债券和风险较高的资产。受益于宽松金融环境前景的重量级奢侈品集团股价上涨，LVMH、爱马仕和开云集团股价上涨2.5%至1.5%。汽车生产商和科技股也上涨，Stellantis、梅赛德斯-奔驰和ASML各上涨近2%。与此同时，修订后的数据显示，德国经济在第二季度收缩幅度更大，这是由于美国公司在今年早些时候提前购买以击败关税后，制造业疲软所拖累的。

European stocks closed higher on Friday, tracking the upswing for global equity markets after Fed Chair Jerome Powell signaled that the central bank is likely to cut rates in its upcoming meeting. The STOXX 50 added 0.5% to 5,492, the highest since February, and the STOXX 600 gained 0.5% to 562, less than two points away from its record high. The Fed Chair noted that risks to the labor market gained priority since the last meeting and likely warrant a 25bps cut next month, driving markets to pile on bonds and riskier assets. Heavyweight luxury conglomerates, which benefit from the outlook of looser financial conditions, rallied with LVMH, Hermes, and Kering adding between 2.5% and 1.5%. Auto producers and tech also gained, with Stellantis, Mercedes Benz, and ASML advancing close to 2% each. Meanwhile, revised data showed Germany’s economy contracted more sharply in Q2, dragged by a weaker manufacturing sector after US firms front-loaded purchases earlier in the year to beat tariffs.

2025年第二季度，欧元区的谈判工资同比增长3.95%，高于上一季度上调的2.46%，使欧洲央行的利率路径变得更加复杂。欧洲央行强调，将通胀率降至2%的目标取决于工资增长放缓和服务业价格压力降温，而服务业的通胀率仍徘徊在3%左右。虽然德国央行注意到本季度德国工资强劲上涨，但随着通胀缓解和经济持续疲软，预计未来将出现温和增长。欧洲央行自己的薪酬追踪机构指出，明年的工资增长将放缓，这提供了一些保证。尽管如此，最近的跳跃突显了为什么政策制定者对进一步降息仍持谨慎态度。市场普遍预计，欧洲央行将在9月份将存款利率保持在2%，在一年的降息后继续暂停，尽管一些官员认为，进一步降息仍应是一种选择。

Negotiated wages in the Euro Area rose by 3.95% year-on-year in the second quarter of 2025, accelerating from an upwardly revised 2.46% in the previous quarter, complicating the European Central Bank’s path on interest rates. The ECB has stressed that easing inflation to its 2% target depends on slower pay gains and cooling price pressures in services, where inflation remains stuck near 3%. While the Bundesbank noted a strong rise in German wages this quarter, it also expects moderation ahead as inflation eases and the economy stays weak. The ECB’s own pay tracker points to softer wage growth into next year, offering some reassurance. Still, the recent jump underscores why policymakers remain cautious about cutting rates further. Markets widely expect the ECB to keep its deposit rate at 2% in September, continuing a pause after a year of reductions, though some officials argue additional cuts should remain an option.

周五，欧洲股市持平至下跌，因为投资者在美联储主席杰罗姆·鲍威尔发表杰克逊霍尔演讲之前变得谨慎，并权衡了欧盟与美国新贸易协议的影响。根据该协议，欧盟承诺将美国的能源支出增加7500亿美元，投资至少6000亿美元，以确保15%的关税上限，而不是威胁的30%。药品和其他欧盟出口产品一样，将面临15%的征税。与此同时，修订后的数据显示，德国经济在第二季度收缩幅度更大，这是由于美国公司在今年早些时候提前购买以击败关税后，制造业疲软所拖累的。

European stocks traded flat to lower on Friday as investors turned cautious ahead of Fed Chair Jerome Powell’s Jackson Hole speech and weighed the impact of the EU’s new trade deal with the US. Under the pact, the EU pledged $750 billion in US energy spending and at least $600 billion in investment, securing a tariff cap of 15% instead of the threatened 30%. Pharmaceuticals, like other EU exports, will face the 15% levy. Meanwhile, revised data showed Germany’s economy contracted more sharply in Q2, dragged by a weaker manufacturing sector after US firms front-loaded purchases earlier in the year to beat tariffs.

周五，欧洲股市开局不利，因为在美联储主席杰罗姆·鲍威尔在杰克逊霍尔研讨会上发表备受期待的演讲之前，投资者变得谨慎。交易员们正在寻求美国利率走势的明确性，因为他们担心鲍威尔可能会推翻近期降息的预期。在欧洲，人们的注意力将转向德国第二季度的最终GDP数据和法国8月份的商业信心数据，这可能会进一步了解该地区的经济势头。周五没有公布主要企业收益。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0.1%。

European equity markets were set for a weaker start on Friday as investors grew cautious ahead of Federal Reserve Chair Jerome Powell’s highly anticipated speech at the Jackson Hole symposium. Traders are looking for clarity on the path of US interest rates amid concerns that Powell may push back against expectations for a near-term rate cut. In Europe, attention will turn to final second-quarter GDP data from Germany and August business confidence figures from France, which could provide further insight into the region’s economic momentum. No major corporate earnings are scheduled for release on Friday. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were both down about 0.1%.