2025年9月，欧元区消费者信心从8月的-15.5上升至-14.9，超过了市场预期的-15.3。强劲的读数反映了近几个月来借贷成本下降和通胀缓解的支持。尽管如此，欧洲各地财政政策的不确定性和贸易关税的潜在影响可能会给前景蒙上阴影。就整个欧盟而言，消费者信心也有所上升，上升0.5点至-14.3点。

Euro Area consumer confidence rose to -14.9 in September 2025, up from -15.5 in August and beating market expectations of -15.3. The stronger reading reflects support from lower borrowing costs and easing inflation in recent months. Still, uncertainty over fiscal policies across Europe and the potential impact of trade tariffs could cloud the outlook. For the EU as a whole, consumer sentiment also rose, gaining 0.5 points to -14.3.

周一，斯托克50指数和斯托克600指数均下跌0.2%，交易员在几位美联储官员发表可能有助于塑造今年剩余时间货币前景的言论之前谨慎地开始了本周的交易。投资者还权衡了特朗普总统的新签证措施，包括为广泛使用的H-1B计划提出10万美元的申请费，此举将大幅提高依赖熟练外国工人的公司的成本，尤其是科技行业的公司。在企业方面，电信、汽车制造商和银行跌幅最大。大众汽车股价下跌约4.3%，而保时捷股价下跌4.7%，此前大众汽车下调了全年利润预期，这家豪华跑车制造商宣布推迟推出其电动汽车车型。与此同时，BBVA股价下跌2%，Sabadell股价下跌4.1%，此前这家法国银行提高了对西班牙银行的收购报价。另一方面，ASML控股公司股价上涨超过3%，达到808.50欧元的一年高点。

Both the STOXX 50 and the STOXX 600 were down 0.2% on Monday, as traders began the week cautiously ahead of remarks from several Fed officials that could help shape the monetary outlook for the rest of the year. Investors also weighed President Trump’s new visa measures, including a proposed $100,000 application fee for the widely used H-1B program—a move that would sharply raise costs for companies, particularly in the tech sector, that rely on skilled foreign workers. On the corporate front, telecoms, automakers, and banks were among the biggest decliners. VW shares fell about 4.3%, while Porsche dropped 4.7% after Volkswagen cut its full-year profit outlook and the luxury sports carmaker announced a delay in the launch of its EV models. Meanwhile, BBVA slipped 2% and Sabadell lost 4.1% after the French lender raised its bid for the Spanish bank. On the other hand, ASML Holding shares gained more than 3% to hit one-year highs of €808.50.

欧元稳定在1.17美元上方，徘徊在上周的四年高点1.192美元附近，因为投资者期待着HCOB的PMI预览调查、货币指标以及欧洲央行和美联储官员的一系列讲话，这些讲话可能会影响政策前景。欧洲央行暗示其降息周期可能已经结束，政策制定者警告称，与关税、服务、食品价格和财政政策相关的持续通胀风险。相比之下，美联储自去年12月以来首次降息，并表示年底前可能再降息50个基点。不过，美联储主席杰罗姆·鲍威尔将此举描述为“风险管理”调整，而不是全面宽松周期的开始。

The euro steadied just above $1.17, hovering near last week’s four-year high of $1.192, as investors looked ahead to the HCOB flash PMI survey, monetary indicators, and a series of speeches from European Central Bank and Federal Reserve officials that could shape the policy outlook. The ECB signaled its rate-cutting cycle may be over, with policymakers warning of persistent inflation risks linked to tariffs, services, food prices, and fiscal policy. In contrast, the Federal Reserve cut interest rates for the first time since December and indicated another 50 basis points of reductions could follow by year-end. Still, Chair Jerome Powell described the move as a “risk management” adjustment rather than the start of a full easing cycle.

周一，欧洲股市开盘时几乎没有变化，因为投资者正在等待新的催化剂来延续最近的势头。本周发布的主要数据包括整个地区的PMI预览报告，以及德国GfK的消费者环境和商业环境调查。在政策方面，瑞士国家银行和瑞典央行计划做出利率决定，预计两者都将保持政策不变。周一，欧洲没有重大的经济或企业盈利报告。盘前交易中，欧洲斯托克50指数和斯托克600指数期货均持平。

European stocks were set to open little changed on Monday as investors awaited fresh catalysts to extend recent momentum. Key releases this week include flash PMI reports across the region, as well as Germany’s GfK consumer climate and business climate surveys. On the policy side, the Swiss National Bank and Sweden’s Riksbank are scheduled to deliver rate decisions, with both expected to leave policy unchanged. For Monday, no major economic or corporate earnings reports are due in Europe. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were both flat.