欧洲股市周二收盘走高，在美国和中国看似恢复的贸易关系的进一步支持下，略微延续了前一交易日的涨势。欧元区STOXX 50指数收于5411点，上涨0.4%，泛欧STOXX 600指数收于545点，略高于平线。在美国和中国在未来90天内缓和贸易战，重新谈判贸易条款，支持所有行业的宏观经济背景后，欧洲股市在上一交易日上涨。汽车板块领涨，大众、宝马和Stellantis上涨4.5%至3%。工业股也大幅上涨，西门子、空中客车和施耐德上涨1.5%。另一方面，慕尼黑再保险在公布第一季度公司业绩后暴跌4.5%，该业绩尤其受到洛杉矶野火的破坏。

European stocks closed higher on Tuesday, marginally extending the rally from the previous session on further support from the seemingly restored trade relationship between the United States and China. The Eurozone's STOXX 50 closed 0.4% higher at 5,411 and the pan-European STOXX 600 closed marginally above the flatline at 545. European equities had rallied the previous session after the US and China de-escalated their trade war for the next 90 days to renegotiate trade terms, supporting the macroeconomic backdrop for all industries. The auto sector led the gains with Volkswagen, BMW, and Stellantis adding between 4.5% and 3%. Industrials were also firmly higher, with Siemens, Airbus, and Schneider rising by 1.5%. On the other hand Munich Re plunged by 4.5% after releasing corporate results for the first quarter, which were especially hit by damage from the Los Angeles wildfires.

周二，欧元兑美元汇率稳定在1.11美元上方，试图从周一1.5%的跌幅中恢复过来，因为投资者消化了强于预期的德国经济情绪和美国通胀的意外下降。5月，德国ZEW经济情绪指数跃升至25.2，远高于11.9的预测，反映出由于新联邦政府的成立、贸易争端的解决进展以及通货膨胀趋于稳定的迹象，人们对未来六个月的乐观情绪日益增强。相比之下，美元在4月份消费者价格通胀降至2.3%后走弱，为2021年2月以来的最低水平，略低于2.4%的预期。核心通胀率同比稳定在2.8%，与四年低点持平。投资者还继续评估最近宣布的美中关税回滚的影响，作为重新开始的贸易谈判的一部分，该关税回滚将在90天内分别暂时降至30%和10%。

The euro held firm above the $1.11 mark on Tuesday, attempting to recover from a 1.5% drop on Monday, as investors digested stronger-than-expected German economic sentiment and a surprise decline in US inflation. Germany’s ZEW Economic Sentiment Index jumped to 25.2 in May, well above the forecast of 11.9, reflecting growing optimism for the next six months attributed to the formation of a new federal government, progress in resolving trade disputes, and signs of stabilizing inflation. In contrast, the U.S. dollar weakened after consumer price inflation eased to 2.3% in April—the lowest since February 2021 and slightly below expectations of 2.4%. Core inflation held steady at 2.8% year-over-year, matching a four-year low. Investors also continued to assess the impact of the recently announced US-China tariff rollback, which temporarily reduces tariffs to 30% and 10%, respectively, for a 90-day period, as part of renewed trade negotiations.

2025年5月，欧元区ZEW经济情绪指标较上月飙升30.1点，至11.6点，远高于-3.5的预期。5月份，约55.8%的受访分析师预计经济活动不会发生变化，27.9%的人认为经济活动有所改善，16.3%的人预计经济活动会恶化。与此同时，当前经济形势指标上升8.5点至-42.4，通胀预期下降18.1点至-15。

The ZEW Indicator of Economic Sentiment for the Euro Area surged by 30.1 points from the prior month to 11.6 in May 2025, well above expectations of -3.5. In May, about 55.8% of the surveyed analysts expected no changes in economic activity, 27.9% saw an improvement and 16.3% anticipated a deterioration. In the meantime, the indicator of the current economic situation increased by 8.5 points to -42.4 and inflation expectations fell by 18.1 points to -15.

STOXX 50和STOXX 600周二几乎没有变化，在周一的反弹之后有所喘息，当时在美国和中国宣布大幅降低90天关税后，这两个基准上涨了1%以上。然而，由于持续的贸易不确定性和对进一步谈判的预期，投资者的乐观情绪似乎有所减弱。在各行业中，医疗保健、公用事业和汽车的表现优于其他行业，而保险、银行和石油天然气的跌幅最大。与此同时，财报季仍在继续，拜耳股价在公司收益低于预期后上涨了近9%。

The STOXX 50 and STOXX 600 were little changed on Tuesday, taking a breather after Monday’s rally, when both benchmarks rose more than 1% following the announcement of a significant 90-day tariff reduction by the US and China. However, investor optimism appeared to wane amid ongoing trade uncertainty and anticipation of further negotiations. Among sectors, healthcare, utilities, and autos outperformed, while insurance, banks, and oil and gas recorded the biggest losses. Meanwhile, the earnings season continues with shares of Bayer jumping almost 9% after the company's earnings fell less than expected.