欧洲股市周五开盘小幅下跌，投资者权衡全球贸易发展，等待美国关键劳动力数据公布。在美国总统唐纳德·特朗普和中国国家主席习近平通电话后，市场情绪仍然谨慎，两位领导人同意恢复贸易谈判。然而，缺乏具体进展使市场处于紧张状态。现在，所有人的目光都转向了即将发布的美国非农就业报告，该报告可能对美国经济的实力提供关键见解，并影响人们对美联储今年晚些时候可能降息的预期。在欧洲，欧洲央行周四将利率下调了25个基点，并下调了2025年和2026年的通胀前景，这加强了采取更宽松立场的理由。投资者还将消化一系列地区经济数据，包括欧元区GDP、零售额和就业数据。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货分别下跌0.2%和0.1%。

European equity markets were set to open slightly lower on Friday as investors weighed global trade developments and awaited the release of key US labor data. Sentiment remained cautious following a phone call between US President Donald Trump and Chinese President Xi Jinping, in which both leaders agreed to resume trade negotiations. However, the lack of concrete progress left markets on edge. All eyes now turn to the upcoming US nonfarm payrolls report, which could provide critical insight into the strength of the US economy and influence expectations for a potential Federal Reserve rate cut later this year. In Europe, the ECB cut rates by 25 bps on Thursday and downgraded its inflation outlook for 2025 and 2026, reinforcing the case for a more accommodative stance. Investors will also digest a slate of regional economic releases, including Eurozone GDP, retail sales, and employment figures. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures slipped 0.2% and 0.1%, respectively.

欧洲股市周四上涨，此前欧洲央行公布了一年来的第八次降息。欧洲央行将借贷成本降低了25个基点，并下调了2025年和2026年的通胀预测。尽管降息在很大程度上已被消化，但对2026年通胀前景的下调幅度超出预期，令一些市场参与者感到意外。欧洲央行行长拉加德承认，通胀前景仍比往常更加不确定。美国总统特朗普和中国国家主席习通电话的消息也支持了这种情绪，这表明贸易谈判取得了进展。在经济新闻中，德国4月份工厂订单意外上升，超出了下降的预期。在企业方面，英国金融科技公司Wise的股价上涨7.1%，此前该公司公布了全年收益，并宣布计划将其主要股票上市地从伦敦转移到纽约，此举突显了人们对英国资本市场吸引力的持续担忧。

European stocks rose on Thursday after the ECB delivered its eighth interest rate cut in a year. The ECB lowered borrowing costs by 25 basis points and revised its inflation forecasts downward for both 2025 and 2026. While the rate cut had been largely priced in, the sharper-than-expected downward revision to the 2026 inflation outlook caught some market participants by surprise. ECB President Lagarde acknowledged that the inflation outlook remains more uncertain than usual. Also supporting sentiment was news of a phone call between US President Trump and China’s President Xi, suggesting progress in trade talks. In economic news, German factory orders unexpectedly rose in April, defying expectations for a decline. On the corporate side, shares of British fintech company Wise jumped 7.1% after reporting full-year earnings and announcing plans to shift its primary stock listing from London to New York, a move highlighting ongoing concerns about the attractiveness of UK capital markets.

正如普遍预期的那样，欧洲央行在一年内第八次降息后，STOXX 50和STOXX 600仅在周四小幅上涨0.1%。欧洲央行将借贷成本降低了25个基点，并下调了2025年和2026年的通胀预测。尽管降息在很大程度上已被消化，但对2026年通胀前景的下调幅度超出预期，令一些市场参与者感到意外。欧洲央行行长拉加德承认，通胀前景仍比往常更加不确定。在经济新闻中，德国4月份工厂订单意外上升，超出了下降的预期。在企业方面，拜耳股价飙升5%，超过STOXX 600指数，此前高盛将该股从“中性”上调至“买入”。EssilorLuxottica和Engie也分别上涨2%和1.7%。相比之下，空中客车公司下跌1.7%，扭转了前一交易日2.2%的涨幅。

Both the STOXX 50 and STOXX 600 edged up 0.1% only on Thursday after the ECB delivered its eighth interest rate cut in a year, as widely expected. The ECB lowered borrowing costs by 25 basis points and revised its inflation forecasts downward for both 2025 and 2026. While the rate cut had been largely priced in, the sharper-than-expected downward revision to the 2026 inflation outlook caught some market participants by surprise. ECB President Lagarde acknowledged that the inflation outlook remains more uncertain than usual. In economic news, German factory orders unexpectedly rose in April, defying expectations for a decline. On the corporate front, Bayer surged 5%, topping the STOXX 600, after Goldman Sachs upgraded the stock to "buy" from "neutral." EssilorLuxottica and Engie also posted gains of 2% and 1.7%, respectively. In contrast, Airbus slipped 1.7%, reversing gains from a 2.2% rally in the prior session.

在欧洲央行如预期般降息并下调通胀前景后，欧元收窄了早些时候的涨幅，但仍接近1.14美元的水平。欧洲央行目前预计，2025年整体通胀率平均为2.0%，2026年为1.6%，2027年为2.0%。2025年和2026年的预测比3月份下调了0.3个百分点，主要是由于能源价格假设降低和欧元走强。预计2025年核心通胀率（不包括能源和食品）平均为2.4%，2026年和2027年为1.9%，与之前的估计基本保持不变。在增长方面，欧洲央行预计2025年实际GDP将增长0.9%，2026年增长1.1%，2027年增长1.3%。政策制定者指出，随着工资增长放缓和企业利润有助于吸收成本压力，通货膨胀有望可持续地向2%的中期目标趋同。央行重申了其在制定未来货币政策时对数据依赖、逐次会议的承诺。

The euro pared earlier gains but remained near the $1.14 level after the European Central Bank cut interest rates as expected and downgraded its inflation outlook. The ECB now expects headline inflation to average 2.0% in 2025, 1.6% in 2026, and 2.0% in 2027. The projections for 2025 and 2026 were revised down by 0.3 percentage points from March, mainly due to lower energy price assumptions and a stronger euro. Core inflation (excluding energy and food) is forecast to average 2.4% in 2025 and 1.9% in both 2026 and 2027, largely unchanged from previous estimates. On growth, the ECB sees real GDP rising by 0.9% in 2025, 1.1% in 2026, and 1.3% in 2027. Policymakers noted that inflation is on track to converge sustainably toward the 2% medium-term target, with wage growth slowing and corporate profits helping to absorb cost pressures. The central bank reiterated its commitment to a data-dependent, meeting-by-meeting approach in setting future monetary policy.