欧元区消费者通胀预期中值从8月份的2.8%降至2025年9月的2.7%。此外，对未来三年通货膨胀率的预期保持不变，为2.5%，未来五年的预期也保持不变，仍为2022年2.2%的高点。此外，通胀预期的不确定性趋于稳定。与此同时，消费者对未来一年的名义收入增长预期为1.1%，经济增长预期不变，为-1.2%。对未来12个月失业率的预期也稳定在10.7%。消费者继续预计未来的失业率仅略高于目前的预期失业率（10.2%），这表明劳动力市场前景总体稳定。另一方面，消费者预计未来12个月房价将上涨3.5%，高于8月份的3.4%。

Median consumer inflation expectations in the Eurozone fell to 2.7% in September 2025 from 2.8% in August. Also, expectations for inflation three years ahead were unchanged at 2.5%, as were those for five years ahead, which remained at 2022-highs of 2.2%. In addition, uncertainty about inflation expectations steadied. Meanwhile, consumers’ nominal income growth expectations for the year ahead was at 1.1% and economic growth expectations were unchanged at -1.2%. Expectations for the unemployment rate 12 months ahead also remained stable at 10.7%. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.2%), suggesting a broadly stable labour market outlook. On the other hand, consumers expected the price of their home to increase by 3.5% over the next 12 months, up from 3.4% in August.

周二，欧洲主要股市下跌，STOXX 50指数下跌0.4%，STOXX 600指数下跌0.3%，因为投资者在前一天这两个指数都创下新高后停下来喘口气。此次回调反映了全球股市更广泛的停顿，交易员消化了新一波企业盈利，并展望了包括美联储和欧洲央行在内的几家央行即将做出的货币政策决定。从行业来看，基础资源、石油和天然气以及工业股领跌。尽管收入超出预期，但诺华股价下跌超过3%，盈利令人失望。法国巴黎银行在盈利下滑后也下跌了3%。相比之下，汇丰控股在上调2025年盈利前景后上涨了2.8%，而凯捷在收入预测上调的推动下飙升超过6%，领涨STOXX 600指数。

Major European bourses were lower on Tuesday, with the STOXX 50 down 0.4% and the STOXX 600 slipping 0.3%, as investors paused for breath after both indexes hit fresh record highs the previous day. The pullback mirrored a broader pause in global equity markets, as traders digested a new wave of corporate earnings and looked ahead to upcoming monetary policy decisions from several central banks, including the Fed and the ECB. Sector-wise, basic resources, oil and gas, and industrials led the declines. Shares of Novartis fell over 3% despite revenue beating expectations, as earnings disappointed. BNP Paribas also dropped 3% following an earnings miss. In contrast, HSBC Holdings gained 2.8% after raising its 2025 profitability outlook, while Capgemini surged more than 6% to lead the STOXX 600, buoyed by an upgraded revenue forecast.

欧洲股市周二开盘走低，在前一交易日强劲反弹将地区基准推至历史高点后稍作喘息。本周，在潜在的美中贸易协议、主要科技公司的季度收益以及主要央行的政策决定之前，投资者变得谨慎。在欧洲，人们的注意力将集中在新车登记数据和德国消费者信心数据上。在企业方面，汇丰银行报告称，尽管为伯纳德·麦道夫欺诈案拨备了11亿美元，但其财富管理部门推动的第三季度收入仍强于预期。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0.2%。

European equity markets were set to open lower on Tuesday, taking a breather after a strong rally that pushed regional benchmarks to record highs in the previous session. Investors turned cautious ahead of a potential US-China trade deal, quarterly earnings from major tech firms, and policy decisions from key central banks this week. In Europe, attention will focus on new car registration figures and German consumer confidence data. On the corporate side, HSBC reported stronger-than-expected Q3 revenue driven by its wealth management division, despite taking a $1.1 billion provision related to the Bernard Madoff fraud case. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were both down about 0.2%.

周一，欧洲股市收盘创下历史新高，对美中贸易流动恢复的乐观情绪提振了全球增长前景。欧元区STOXX 50指数上涨0.6%，至5711点，STOXX 600指数上涨0.2%，至577点，均处于历史最高点。美国和中国官员发出的积极信号提高了人们的预期，即在特朗普总统和Xi周四会晤后，世界上最大的经济体将消除一些相互设置的贸易壁垒，支持企业回报的前景。与此同时，欧洲央行将保持利率不变，而美联储本周可能会降息。保时捷股价上涨3%，此前其营业亏损低于预期。银行股也大幅上涨，联合圣保罗银行、联合信贷银行和西班牙对外银行上涨近2%，而施耐德银行在摩根士丹利上调评级后上涨2.1%。此外，ASML、Prosus和英飞凌股价上涨3%至1.5%，因为Mag7本周的盈利可能会支撑科技行业。

European stocks closed at new record highs on Monday as optimism around restored trade flows between the US and China aided the outlook for global growth. The Eurozone's STOXX 50 added 0.6% to 5,711 and the STOXX 600 rose 0.2% to 577, both at historical peaks. Positive signals from US and Chinese officials raised expectations that the world's largest economies are due to remove some of the trade barriers placed against each other following the meeting by Presidents Trump and Xi Jinping on Thursday, supporting the outlook for corporate returns. Meanwhile, the ECB is due to hold its rates while the Fed is likely to cut rates this week. Porsche jumped 3% after posting a smaller operating loss than expected. Banks also rose sharply with Intesa Sanpaolo, UniCredit, and BBVA adding close to 2%, while Schneider advanced 2.1% on an upgrade from Morgan Stanley. Additionally, ASML, Prosus, and Infineon jumped between 3% and 1.5% as Mag7 earnings this week could support the tech sector.