欧元小幅下跌至1.142美元，但仍接近周四六周高点1.149美元，此前欧洲央行普遍预期降息，行长克里斯蒂娜·拉加德表示该行即将结束宽松周期。与此同时，欧洲央行政策制定者Yannis Stournaras告诉彭博社，欧元区已经实现了软着陆，大多数降息可能已经过去——尽管不确定性仍然存在，特别是由于新关税的潜在影响。周四，欧洲央行又将利率下调了25个基点，并下调了今年和明年的通胀预测，目前预计2025年的整体通胀率平均为2.0%，2026年为1.6%，自3月以来下调了0.3个百分点，这反映了能源价格下跌和欧元走强。由于特朗普总统的关税和削减开支导致投资者对美国资产的信心减弱，引发了人们对美国经济增长前景的担忧，欧元也因美元普遍疲软而获得了一些支撑。

The euro slipped slightly to $1.142 but remained near Thursday’s six-week high of $1.149, following the ECB’s widely anticipated rate cut and President Christine Lagarde’s indication that the bank is approaching the end of its easing cycle. Meanwhile, ECB policymaker Yannis Stournaras told Bloomberg that the eurozone has achieved a soft landing and that most rate cuts are likely behind us—though uncertainty remains, particularly due to the potential impact of new tariffs. On Thursday, the ECB lowered interest rates by another 25 basis points and revised down its inflation forecasts for this year and next, now projecting headline inflation to average 2.0% in 2025 and 1.6% in 2026—a 0.3 percentage point cut since March—reflecting lower energy prices and a stronger euro. The euro also gained some support from broad dollar weakness, as investor confidence in US assets wanes amid President Trump’s tariffs and spending cuts, raising concerns about the outlook for US economic growth.

周五，STOXX 50和STOXX 600均徘徊在平稳线上，因为投资者在美国总统特朗普和中国国家主席习之间的贸易谈判进一步发展之前采取了谨慎的立场。两位领导人昨天通了电话，同意恢复贸易谈判，但缺乏具体进展使市场处于紧张状态。与此同时，交易员们也在等待最新的美国就业报告。在欧洲，欧洲央行如普遍预期的那样降息，但拉加德总统表示，降息周期可能已经结束。在数据方面，德国的出口和工业生产数据令人失望。在企业方面，阿迪达斯（-0.9%）和彪马（-1.8%）的股价下跌，此前Lululemon Athletica下调了年度利润预期。空中客车（-0.9%）、大众汽车（-0.7%）和宝马（0.9%）也是表现最差的公司之一。相比之下，RWE上涨0.9%，拜耳上涨1%。本周，STOXX 50上涨0.7%，而STOXX 600上涨0.6%。

Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese President Xi. The two leaders had a call yesterday and agreed to resume trade negotiations, but the absence of concrete progress kept markets on edge. Meanwhile, traders were also awaiting the latest US jobs report. In Europe, the ECB cut interest rates as widely expected, but President Lagarde signaled that the rate-cutting cycle may have reached its end. On the data front, exports and industrial production data for Germany disappointed. On the corporate front, shares of Adidas (-0.9%) and Puma (-1.8%) fell after Lululemon Athletica lowered its annual profit forecast. Airbus (-0.9%), Volkswagen (-0.7%), and BMW (-0.9%) were also among the worst performers. In contrast, RWE gained 0.9%, and Bayer rose 1%. For the week, the STOXX 50 added 0.7%, while the STOXX 600 gained 0.6%.

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.