欧洲股市周二基本持平，从早盘逾1%的跌幅中恢复，此前低于预期的欧元区通胀数据强化了人们对欧洲央行本周晚些时候降息25个基点的预期。与此同时，在经合组织下调前景后，全球增长担忧打压了市场情绪，预计世界GDP将从2024年的3.3%放缓至2025年和2026年的2.9%，理由是贸易紧张局势升级。随着政府因移民政策分歧而崩溃，荷兰的政治不稳定加剧了市场的不安。在企业新闻中，医疗保健房地产公司Aedifica和Cofinimmo宣布合并，成立欧洲最大的医疗保健地产公司。与此同时，英美烟草公司表示，预计其美国业务今年将恢复收入和利润增长，并将年销售增长目标提高到1-2%

European stocks closed mostly flat on Tuesday, recovering from losses of more than 1% earlier in the session after weaker-than-expected Eurozone inflation data reinforced expectations for a 25 basis point rate cut by the ECB later this week. Meanwhile, global growth concerns weighed on sentiment after the OECD cut its outlook, projecting world GDP to slow from 3.3% in 2024 to 2.9% in both 2025 and 2026, citing escalating trade tensions. Adding to market jitters, political instability in the Netherlands deepened as the government collapsed over immigration policy disagreements. In corporate news, healthcare real estate firms Aedifica and Cofinimmo announced a merger, forming the largest healthcare property company in Europe. Meanwhile, British American Tobacco said it expects a return to revenue and profit growth in its US operations this year and raised its annual sales growth target to 1–2%

STOXX 50指数周二将早些时候的跌幅收窄至5310点，仍为5月8日以来的最低水平，但在欧元区通胀数据弱于预期，强化了本周晚些时候欧洲央行降息25个基点的预期后，该指数从早盘1.1%的大幅下跌中恢复过来。与此同时，在经合组织下调前景后，全球增长担忧打压了市场情绪，预计世界GDP将从2024年的3.3%放缓至2025年和2026年的2.9%，理由是贸易紧张局势升级。随着政府因移民政策分歧而崩溃，荷兰的政治不稳定加剧了市场的不安。在企业新闻中，医疗保健房地产公司Aedifica和Cofinimmo宣布合并，成立欧洲最大的医疗保健地产公司。与此同时，英美烟草公司表示，预计其美国业务今年将恢复收入和利润增长，并将年度销售增长目标提高到1-2%

The STOXX 50 pared earlier losses to trade at 5,310 on Tuesday, still marking its lowest level since May 8 but recovering from a sharper 1.1% drop earlier in the session after weaker-than-expected Eurozone inflation data reinforced expectations for a 25 basis point rate cut by the ECB later this week. Meanwhile, global growth concerns weighed on sentiment after the OECD cut its outlook, projecting world GDP to slow from 3.3% in 2024 to 2.9% in both 2025 and 2026, citing escalating trade tensions. Adding to market jitters, political instability in the Netherlands deepened as the government collapsed over immigration policy disagreements. In corporate news, healthcare real estate firms Aedifica and Cofinimmo announced a merger, forming the largest healthcare property company in Europe. Meanwhile, British American Tobacco said it expects a return to revenue and profit growth in its U.S. operations this year and raised its annual sales growth target to 1–2%

欧元微降至1.14美元，受通胀数据低于预期、经合组织下调全球增长前景以及荷兰政治不确定性加剧的压力。欧元区5月消费者价格同比上涨1.9%，低于2.0%的预期，强化了本周晚些时候欧洲央行降息25个基点的预期，这可能是宽松周期暂停前的最后一次降息。与此同时，经合组织下调了全球增长预测，预计国内生产总值将从2024年的3.3%放缓至2025年和2026年的2.9%，理由是贸易紧张局势不断升级。在荷兰，政府因移民政策纠纷而崩溃后，政治不稳定加剧，促使极右翼领导人吉尔特·维尔德斯将其政党从执政联盟中撤出。贸易政策的不确定性仍然是人们关注的焦点，有报道称，美国要求在周三之前在正在进行的谈判中提出最终报价——就在几天前，前总统特朗普威胁要将钢铁和铝的关税提高一倍。

The euro edged down to $1.14, pressured by softer-than-expected inflation data, a downgraded global growth outlook from the OECD, and heightened political uncertainty in the Netherlands. Eurozone consumer prices rose 1.9% yoy in May, below the 2.0% forecast, reinforcing expectations for a 25 basis point ECB rate cut later this week—likely the last before a pause in the easing cycle. Meanwhile, the OECD lowered its global growth forecast, projecting GDP to slow from 3.3% in 2024 to 2.9% in both 2025 and 2026, citing escalating trade tensions. In the Netherlands, political instability intensified after the government collapsed over immigration policy disputes, prompting far-right leader Geert Wilders to pull his party from the ruling coalition. Trade policy uncertainty also remained in focus, with reports indicating the US is demanding final offers in ongoing negotiations by Wednesday—just days after former President Trump threatened to double tariffs on steel and aluminum.

欧元区的失业率在2025年4月小幅降至6.2%，与12月创下的历史新低相匹配，此前3月修正后为6.3%，与市场预测相匹配。失业人数比上月减少20.7万人，至10680万人。与此同时，反映25岁以下求职者的青年失业率从上个月向上修正的14.8%降至四个月低点14.4%。在欧盟最大的经济体中，德国（3.6%）和荷兰（3.8%）报告的失业率最低，而西班牙（10.9%）、法国（7.1%）和意大利（5.9%）的失业率继续上升。一年前，失业率高达6.4%。

The unemployment rate in the Euro Area edged down to 6.2% in April 2025, matching the record low set in December, after a revised 6.3% in March and matching market forecasts. The number of unemployed individuals decreased by 207 thousand from the prior month to 10.680 million. Meanwhile, the youth unemployment rate, reflecting those under 25 seeking employment, fell to a four-month low of 14.4% from an upwardly revised 14.8% in the prior month. Among the bloc’s largest economies, Germany (3.6%) and the Netherlands (3.8%) reported the lowest unemployment rates, while Spain (10.9%), France (7.1%), and Italy (5.9%) continued to post higher levels. A year ago, the jobless rate was higher at 6.4%.