STOXX 50和STOXX 600均抹去了周五在持平线附近交易的早盘涨幅，因为投资者仍持谨慎态度，等待全球贸易的进一步发展，并密切关注俄罗斯-乌克兰和平谈判。诺和诺德公司首席执行官宣布辞职后，该公司股价下跌约3%，加剧了人们对该公司可能在竞争日益激烈的肥胖药物市场中失去先发优势的担忧。E.ON也表现不佳，下跌3.9%。从好的方面来看，历峰集团领涨STOXX 600指数，在这家奢侈品公司报告第一季度收入增长7%强于预期后，涨幅超过6%。尽管周五的行动较为温和，但这两个指数都有望实现约1.8%的周涨幅，这是它们连续第五周上涨。

Both the STOXX 50 and STOXX 600 erased early gains to trade near the flatline on Friday, as investors remained cautious, awaiting further developments on global trade and closely monitoring Russia-Ukraine peace negotiations. Novo Nordisk shares fell around 3% after the company's CEO announced his resignation, fueling concerns that the firm may be losing its first-mover advantage in the increasingly competitive obesity drug market. E.ON also underperformed, sliding 3.9%. On the upside, Richemont led the STOXX 600, jumping over 6% after the luxury goods company reported a stronger-than-expected 7% rise in first-quarter revenue. Despite Friday’s muted action, both indexes are on track to post weekly gains of around 1.8%, marking their fifth consecutive weekly advance.

2025年3月，欧元区的贸易顺差从一年前的228亿欧元飙升至创纪录的368亿欧元，这得益于出口的急剧增长，尤其是对美国的出口，因为买家在即将征收的关税之前急于下订单。出口同比增长13.6%，达到2798亿欧元，为最高水平，而进口增长缓慢8.8%，达到2430亿欧元。在整个欧盟范围内，贸易顺差从223亿欧元扩大到353亿欧元。欧盟出口增长15.2%，至2548亿欧元，其中化学品（+55%）、机械和车辆（+6.5%）以及食品和饮料（+5.6%）领涨。值得注意的是，对美国的出口激增59.5%，而对瑞士（+26.3%）和英国（+4.8%）的出口也有所增加。在进口方面，欧盟进口了价值2195亿欧元的商品，增长了10.4%，对食品和饮料（+25%）、化学品（+23.8%）和原材料（+15.5%）的需求强劲。来自中国（+15.8%）、美国（+9.4%）和英国（+5.4%）的进口增长。

The Eurozone's trade surplus surged to a record €36.8 billion in March 2025, up from €22.8 billion a year earlier, fueled by a sharp rise in exports, particularly to the US as buyers rushed orders ahead of incoming tariffs. Exports jumped 13.6% year-on-year to €279.8 billion, its highest level, while imports rose by a slower 8.8% to €243 billion. Across the broader European Union, the trade surplus widened to €35.3 billion from €22.3 billion. EU exports climbed 15.2% to €254.8 billion, led by chemicals (+55%), machinery and vehicles (+6.5%), and food and drink (+5.6%). Notably, exports to the US surged 59.5%, while shipments also increased to Switzerland (+26.3%) and the UK (+4.8%). On the import side, the EU brought in €219.5 billion worth of goods, up 10.4%, with strong demand for food and drink (+25%), chemicals (+23.8%), and raw materials (+15.5%). Imports rose from China (+15.8%), the US (+9.4%), and the UK (+5.4%).

欧元兑美元汇率在1.12美元左右，从5月12日达到的一个月低点反弹，当时美国和中国宣布了为期90天的休战协议，并降低了关税。虽然关税削减最初引发了人们对贸易战即将全面缓和的乐观情绪，但这种热情已经消退，投资者现在正在等待进一步的发展。与此同时，对美国经济潜在放缓的再次担忧给美元带来了压力。在货币政策方面，预计欧洲央行将在6月及以后继续削减借贷成本。欧洲央行管理委员会成员Martins Kazaks指出，如果基准通胀预测（今年将恢复到2%）成立，降息可能即将结束。4月份，欧元区通胀率稳定在2.2%，而核心通胀率上升至2.7%。与此同时，第一季度GDP增长从最初估计的0.4%下调至0.3%。

The euro traded around $1.12, rebounding from one-month lows reached on May 12th, when the US and China announced a 90-day truce accompanied by lower tariffs. While the tariff reduction initially sparked optimism that a broader de-escalation of the trade war was imminent, that enthusiasm has since faded, and investors are now awaiting further developments. At the same time, renewed concerns about a potential slowdown in the US economy have weighed on the dollar. On the monetary policy front, the European Central Bank is expected to continue cutting borrowing costs in June and potentially beyond. ECB Governing Council member Martins Kazaks noted that rate cuts may be nearing their end if the baseline inflation forecast — a return to 2% this year — holds true. In April, Eurozone inflation held steady at 2.2%, while core inflation rose to 2.7%. Meanwhile, first-quarter GDP growth was revised down to 0.3%, from an initial estimate of 0.4%.

周五，斯托克50指数微涨0.2%，斯托克600指数上涨0.6%，这两个指数本周收盘上涨约1.8%，可能标志着连续第五周上涨。投资者继续权衡正在进行的贸易战缓和的前景，同时密切关注俄罗斯-乌克兰和平谈判。周五，医疗保健、电信和石油天然气行业领涨，而科技股则落后。与此同时，交易员们消化了新一轮的企业盈利。历峰集团股价飙升约4%，此前该奢侈品集团公布第一季度收入增长7%，好于预期。瑞士再保险也公布了强劲的业绩，季度利润增长了16%，但该公司股价下跌了约1%。

The STOXX 50 edged up 0.2% and the STOXX 600 gained 0.6% on Friday, with both indexes on track to close the week approximately 1.8% higher, potentially marking a fifth consecutive weekly advance. Investors continued to weigh the prospects of a de-escalation in the ongoing trade war while keeping a close eye on the Russia-Ukraine peace talks. On Friday, healthcare, telecommunications, and oil & gas sectors led the gains, while technology stocks lagged behind. Meanwhile, traders digested a fresh round of corporate earnings. Shares of Richemont surged around 4% after the luxury goods group reported a better-than-expected 7% increase in Q1 revenues. Swiss Re also posted strong results, with a 16% rise in quarterly profit, but the company's shares declined about 1%.