欧洲股市收盘大多走高，延续了本周的积极势头，医疗保健和奢侈品牌走强。欧元区STOXX 50指数微涨至5651点，泛欧STOXX 600指数上涨0.5%至570点，均创历史新高。赛诺菲、诺和诺德、默克和加州大学伯克利分校的股价上涨了2%以上，在美国总统政府表示对药品的关税可能没有人们担心的那么激进，同时允许患者通过一个新的联邦网站购买折扣处方药后，本周继续上涨。奢侈品巨头也走高，因为市场在黄金周期间评估了中国的消费情况，LVMH、开云和爱马仕的消费增长在4%至1%之间。新的行业联盟进一步支撑了市场情绪——日立与OpenAI合作，富士通与Nvidia合作。然而，科技板块在前一交易日强劲反弹后，难以守住涨幅。

European stocks closed mostly higher to extend the positive momentum this week on strength in healthcare and luxury brands. The Eurozone's STOXX 50 inched higher to 5,651 and the pan-European STOXX 600 rose 0.5% to 570, both at record highs. Sanofi, Novo Nordisk, Merck, and UCB rose more than 2%, extending their surge this week after the US Presidential Administration signaled that tariffs on pharmaceutical goods may be less aggressive than feared, while allowing patients to buy discounted prescription drugs through a new federal website. Luxury giants were also higher as markets assessed consumption in China during their golden week, with LVMH, Kering, and Hermes adding between 4% and 1%. Sentiment was further underpinned by fresh industry alliances—Hitachi teaming up with OpenAI and Fujitsu partnering with Nvidia. The tech sector however, struggled to hold onto gains after a strong rally in the previous session.

2025年8月，欧元区工业生产者价格环比下跌0.3%，扭转了连续两个月的上涨趋势，未能达到市场预期的0.1%的跌幅。能源成本下降1.3%（7月份为+1.7%），而中间产品价格小幅下降0.1%，这是连续第五个月下降。耐用消费品价格也下跌了0.1%（7月份为+0.1%）。相反，资本和中间产品价格小幅上涨，均上涨0.1%。按年度计算，8月份生产者价格指数下跌0.6%，这是自2024年11月以来的首次年度下跌，跌幅大于预期的0.4%。

Industrial producer prices in the Euro Area declined 0.3% month-on-month in August 2025, reversing two consecutive months of increases and missing market expectations of a 0.1% drop. Energy costs fell 1.3% (vs. +1.7% in July), while intermediate goods prices edged down 0.1%, marking the fifth straight month of decline. Durable consumer goods prices also slipped 0.1% (vs. +0.1% in July). Conversely, modest upward pressure came from capital and intermediate goods prices, each rising 0.1%. On a yearly basis, producer prices fell 0.6% in August, the first annual decline since November 2024 and larger than the expected 0.4% drop.

HCOB欧元区综合采购经理人指数于2025年9月确认为51.2，较8月的51.0略有上升，标志着连续第四个月增长。该数据标志着私营部门活动自2024年5月以来最快的扩张，尽管增长仍然疲软，服务业和制造业仅略有增长。新订单以2024年3月以来的最快速度增长，尽管幅度不大，但积压的工作继续减少，就业率下降。在价格方面，投入成本通胀有所缓解，产出费用出现了自5月以来的最低涨幅。与此同时，商业信心改善至2024年7月以来的第二高水平，但仍低于历史平均水平。

The HCOB Eurozone Composite PMI was confirmed at 51.2 in September 2025, edging up from 51.0 in August and marking a fourth consecutive monthly increase. The reading signaled the fastest expansion in private sector activity since May 2024, though growth remained subdued, underpinned by only modest gains in both services and manufacturing. New orders rose at their quickest pace since May 2024, albeit marginally, while backlogs of work continued to shrink and employment declined. On the price front, input cost inflation eased, and output charges posted their weakest rise since May. Meanwhile, business confidence improved to its second-highest level since July 2024, though it stayed below historical averages.

HCOB欧元区服务业采购经理人指数从上个月的50.5升至2025年9月的51.3，略低于初步估计的51.4，但仍坚定地领先于最初的市场预期50.5。这一结果使欧元区服务业活动自1月以来的最快扩张速度连续第四个增长期持平。新订单以温和的速度增长，因为欧盟内部强劲的需求被外国客户新销售的疲软所抵消，这与其他主要经济体在美国一系列关税引发的持续贸易争端中的类似发展相一致。尽管如此，随着积压工作的继续减少，产量急剧扩大。与此同时，就业率以四年多来最缓慢的速度增长。在价格方面，投入成本和产出费用的增长速度较慢。展望未来，服务提供商继续对未来一年表现乐观，信心指数升至11个月高点。

The HCOB Eurozone Services PMI rose to 51.3 in September 2025 from 50.5 in the previous month, revised marginally lower from the preliminary estimate of 51.4 but remaining firmly ahead of the initial market expectations of 50.5. The result tied the fastest pace of expansion in the Eurozone's services activity from January for the fourth consecutive period of growth. New orders grew at a mild pace as robust demand within the bloc was offset by weakness in new sales from foreign clients, in line with similar developments in other major economies amid ongoing trade disputes triggered by the series of tariffs by the US. Still, output expanded sharply as backlogs continued to shrink. In the meantime, employment rose at the slightest pace in over four years. On the price front, both input costs and output charges rose at a slower pace. Looking forward, service providers continued to show optimism on the year ahead, with the confidence gauge rising to an 11-month high.