周五下午，斯托克50指数和斯托克600指数均上涨0.5%，并有望在5月底上涨约4%，这是自1月以来最强劲的月度表现。石油和天然气、医疗保健和公用事业板块领涨。投资者正在消化欧元区最大经济体的新通胀数据，CPI数据显示德国、意大利和西班牙的通胀有所缓解，这可能会给欧洲央行在下周即将召开的会议上削减借贷成本提供更多空间。与此同时，美国贸易争端的不确定性加剧，阻碍了进一步的增长。一家联邦上诉法院暂时恢复了唐纳德·特朗普总统的关税，就在一家贸易法院裁定他越权的一天后。与此同时，美国财政部长Scott Bessent表示，与中国的贸易谈判“有点停滞”。在个股中，SAP（+1.2%）、西门子（+1.6%）和欧莱雅（+1.7%）表现最佳，而赛诺菲则表现最差，下跌4.4%。

Both the STOXX 50 and STOXX 600 rose by 0.5% on Friday afternoon and are on track to end May with gains of around 4%, marking their strongest monthly performance since January. The rally was led by the oil & gas, healthcare, and utilities sectors. Investors were digesting fresh inflation data from the Eurozone’s largest economies, with CPI figures showing easing inflation in Germany, Italy, and Spain, potentially giving the ECB more room to cut borrowing costs at its upcoming meeting next week. At the same time, rising uncertainty over the ongoing US trade dispute prevented further gains. A federal appeals court temporarily reinstated President Donald Trump’s tariffs, just a day after a trade court ruled he had exceeded his authority. Meanwhile, US Treasury Secretary Scott Bessent said trade talks with China were “a bit stalled". Among individual stocks, SAP (+1.2%), Siemens (+1.6%), and L'Oréal (+1.7%) were among the top performers, while Sanofi was the biggest laggard, falling 4.4%.

欧元减少了一些损失，并准备在5月底基本保持在1.13美元左右，因为投资者消化了欧洲最大经济体的一波经济数据，并对美国上诉法院暂时暂停阻止前总统特朗普贸易关税的消息做出了反应。在德国，4月份零售额下降了1.1%，这是四个月来的首次下降，远低于市场预期的0.2%的涨幅。与此同时，通胀数据显示，德国5月份CPI稳定在2.1%，超出了小幅下降的预期。在欧元区其他地区，意大利、西班牙和法国的通胀压力继续缓解，强化了市场对欧洲央行将在下周政策会议上降息25个基点的预期。

The euro trimmed some losses and was poised to end May largely unchanged around the $1.13 mark, as investors digested a wave of economic data from Europe’s largest economies and reacted to news that a US appeals court had temporarily paused a block on former President Trump’s trade tariffs. In Germany, retail sales declined by 1.1% in April, marking the first drop in four months and falling well short of market expectations for a 0.2% gain. Meanwhile, inflation data showed the German CPI held steady at 2.1% in May, defying expectations of a slight decline. Elsewhere in the eurozone, inflationary pressures continued to ease in Italy, Spain, and France, reinforcing market expectations that the European Central Bank will cut interest rates by 25 basis points at its policy meeting next week.

2025年4月，欧元区家庭银行贷款同比增长1.9%，达到6.99万亿欧元，这是自2023年5月以来最快的增长速度，超过了市场1.8%的增长预期。反弹反映了信贷需求的持续回升，这得益于欧洲央行最近的宽松政策。对企业的贷款也加快了步伐，增长了2.6%，为2023年6月以来的最高水平。因此，包括家庭和非金融公司在内的私营部门的整体信贷增长加速至2.7%，这是自2023年5月以来最强劲的增长。

Bank lending to households in the Eurozone rose by 1.9% year-on-year to EUR 6.99 trillion in April 2025, marking the fastest pace of growth since May 2023 and exceeding market expectations of a 1.8% increase. The rebound reflects a continued pickup in credit demand, supported by the European Central Bank’s recent policy easing. Lending to businesses also gathered pace, climbing 2.6%—the highest rate since June 2023. As a result, overall credit growth to the private sector, which includes both households and non-financial corporations, accelerated to 2.7%, the strongest expansion since May 2023.

欧元在5月最后一个交易日小幅下跌，徘徊在1.13美元附近，与上月水平相比保持稳定。投资者权衡了欧洲最大经济体的一系列经济数据，以及美国上诉法院暂时暂停阻止前总统特朗普贸易关税的消息。在德国，4月份零售额下降了1.1%，这是四个月来的首次下降，低于市场预期的0.2%的增长。与此同时，西班牙和法国的通胀压力都有所缓解，这增强了人们对欧洲央行将在下周会议上再降息25个基点的预期。西班牙的通货膨胀率降至1.9%，为10月以来的最低水平，低于预测的2.1%。法国的经济放缓幅度更大，通货膨胀率降至0.7%，为2021年2月以来的最低水平，低于普遍估计的0.9%。

The euro edged slightly lower in the final trading session of May, hovering near the $1.13 mark and holding steady compared to the previous month's level. Investors weighed a flurry of economic data from Europe's largest economies alongside news that a US appeals court temporarily paused a block on former President Trump’s trade tariffs. In Germany, retail sales fell by 1.1% in April, marking the first decline in four months and missing market expectations of a 0.2% increase. Meanwhile, inflation pressures eased in both Spain and France, reinforcing expectations that the European Central Bank will cut interest rates by another quarter point at its meeting next week. Spain's inflation dropped to 1.9%, its lowest level since October and below the forecasted 2.1%. France saw an even sharper slowdown, with inflation falling to 0.7%, the lowest since February 2021 and underperforming the consensus estimate of 0.9%.