欧洲股市周五收盘小幅下跌，市场继续评估全球利率前景，并等待惠誉对法国的信用评级。斯托克50指数收平，报5387点，泛欧斯托克600指数下跌0.1%，报555点，受制药板块拖累。由于政治不稳定及其对赤字扩大的影响，投资者在惠誉可能下调法国信用评级之前持谨慎态度。与此同时，由于仿制药品牌的竞争加剧，高盛下调了诺华的评级，导致其股价下跌3%，并推动罗氏、阿斯利康和葛兰素史克下跌超过1%，欧洲制药股也随之下跌。昨天，欧洲央行表示其宽松周期已经完成，拉加德总统指出，该行目前处于“良好状态”，增长风险似乎更加平衡。本周，斯托克50指数上涨1.3%，斯托克600指数上涨1%。

European stocks closed marginally lower on Friday as markets continued to assess the outlook on global rates and awaited Fitch's credit rating for France. The STOXX 50 index closed flat at 5,387 and the pan-European STOXX 600 eased 0.1% to 555, weighed by the pharmaceutical sector. Investors were cautious ahead of the possible downgrade to the French credit rating by Fitch due to political instability and its impact on widening deficits. In the meantime, pharmaceutical stocks in Europe sank after Goldman Sachs downgraded Novartis on rising competition from generic brands, pressuring its shares by 3% and driving Roche, AstraZeneca, and GSK to drop over 1%. Yesterday, the ECB signaled its easing cycle is complete, with President Lagarde noting the bank is now in a “good place” and that growth risks appear more balanced. On the week, the STOXX 50 gained 1.3% and the STOXX 600 advanced 1%.

周五，STOXX 50指数扭转了早盘涨幅，下跌0.3%，收于5370点，而更广泛的STOXX 600指数小幅下跌0.1%，因为投资者在惠誉今天晚些时候对法国的信用评级裁决之前变得谨慎。由于仿制药竞争加剧，高盛下调了诺华的评级（-2.8%），医疗保健类股下跌。在瑞银将该行业列为“最不受欢迎”之后，奢侈品牌也面临压力。在公司新闻中，萨瓦德尔银行股价下跌1%，此前其董事会一致拒绝了西班牙对外银行150亿欧元的收购要约，敦促股东不要出价。尽管周五有所回落，但STOXX 50指数仍有望实现三周来的首次周涨幅，这得益于美国劳工数据的支持，该数据加强了对美联储近期降息的押注。与此同时，欧洲央行表示其宽松周期已经完成，拉加德总统指出，该行目前处于“良好状态”，增长风险似乎更加平衡。

The STOXX 50 reversed early gains to trade 0.3% lower at 5,370 on Friday, while the broader STOXX 600 edged down 0.1%, as investors turned cautious ahead of Fitch’s credit rating verdict on France due later today. Healthcare stocks lagged after Goldman Sachs downgraded Novartis (-2.8%) on rising competition from generics. Luxury names also came under pressure after UBS labeled the sector “least preferred.” In corporate news, Banco Sabadell fell 1% after its board unanimously rejected BBVA’s €15 billion takeover offer, urging shareholders not to tender their shares. Despite Friday’s pullback, the STOXX 50 remained on track for its first weekly gain in three weeks, supported by US labor data that strengthened bets on Federal Reserve rate cuts in the near term. Meanwhile, the ECB signaled its easing cycle is complete, with President Lagarde noting the bank is now in a “good place” and that growth risks appear more balanced.

周五，STOXX 50指数微涨0.1%，至5390点，为8月下旬以来的最高点，而更广泛的STOXX 600指数也上涨0.1%，至555点，因为美国失业救济申请人数的激增和通胀的温和上升增强了人们对美联储下周及以后降息的预期。与此同时，欧洲央行表示其降息周期已经结束，拉加德总统表示，该行处于“良好状态”，增长风险现在更加平衡。在企业新闻方面，萨瓦德尔银行股价下跌0.6%，此前其董事会一致拒绝了西班牙对外银行150亿欧元的收购要约，敦促股东不要出价。在其他地方，瑞安航空首席执行官迈克尔·奥利里告诉英国《金融时报》，该航空公司可能会再削减100万张飞往西班牙的机票，以抗议该国的税收政策。在数据方面，英国经济在6月份增长0.4%后，7月份停滞不前，英格兰银行在下周的政策会议之前密切关注这一发展。

The STOXX 50 index edged up 0.1% to 5,390 points on Friday, its highest since late August, while the broader STOXX 600 also gained 0.1% to 555 points, as a jump in US jobless claims and a modest rise in inflation reinforced expectations of Federal Reserve rate cuts next week and beyond. Meanwhile, the ECB signaled its rate-cutting cycle is over, with President Lagarde saying the bank is in a “good place” and that growth risks are now more balanced. In corporate news, Banco Sabadell slipped 0.6% after its board unanimously rejected BBVA’s €15 billion takeover offer, urging shareholders not to tender their shares. Elsewhere, Ryanair CEO Michael O’Leary told the Financial Times the airline may slash an additional 1 million tickets to Spain in protest over the country’s tax policies. On the data front, the UK economy stagnated in July following a 0.4% expansion in June, a development closely watched by the Bank of England ahead of next week’s policy meeting.

欧洲股市周五开局强劲，反映了美国通胀数据与预测一致后的全球涨幅，强化了对美联储下周降息的预期。投资者还消化了欧洲央行周四连续第二次会议将政策利率维持在2%不变的决定。欧洲央行行长克里斯蒂娜·拉加德指出，该行处于稳固的地位，经济风险变得更加平衡。现在，人们的注意力转向了英国7月份的GDP数据和欧元区8月份的通胀数据。在早盘交易中，欧洲斯托克50指数和斯托克600指数期货均上涨约0.2%。

European equity markets were on track for a stronger start Friday, mirroring global gains after US inflation data aligned with forecasts, reinforcing expectations of a Federal Reserve rate cut next week. Investors also digested the European Central Bank’s decision on Thursday to leave its policy rate unchanged at 2% for a second meeting in a row. ECB President Christine Lagarde noted the bank is in a solid position and that economic risks have become more balanced. Attention now turns to UK GDP figures for July and final August inflation data from across the eurozone. In early premarket action, Euro Stoxx 50 and Stoxx 600 futures each rose about 0.2%.