欧洲股市收盘小幅下跌，停止了本周股市的强劲势头，因为市场获利回吐，并继续评估美国即将征收的关税对欧洲企业前景的风险。欧元区STOXX 50指数下跌0.3%，收于5400点，泛欧STOXX 600指数回落0.4%，收于542点。非必需消费品市场的波动势头延续至创纪录的亏损，路威酩轩集团和开云集团分别下跌2%和3%，欧莱雅下跌3.3%。反过来，随着美国总统特朗普即将通过限制药品价格的政策，医疗保健行业继续下滑，赛诺菲和拜耳分别亏损1%和2%。另一方面，银行收盘走高，桑坦德银行、联合信贷银行和荷兰国际集团上涨超过1%。在英国，博柏利在宣布几项组织变革后飙升8.9%。

European stocks closed slightly lower, halting the strong momentum for equities from the week as markets took profits and continued to assess risks to the European corporate outlook from pending tariffs by the US. The Eurozone's STOXX 50 lost 0.3% to close at 5,400 and the pan-European STOXX 600 pulled back 0.4% to 542. Consumer discretionary extended their volatile momentum to record losses, with LVMH and Kering dropping 2% and 3%, while L'Oreal slumped 3.3%. In turn, healthcare continued to decline as US President Trump was due to pass policy to cap drug prices, with Sanofi and Bayer losing 1% and 2%, respectively. On the other hand, banks closed firmly higher with Santander, UniCredit, and ING gaining over 1%. In the UK, Burberry soared 8.9% following the announcement of several organizational changes.

欧元回升至1.12美元上方，受美元走软的支撑，此前美国通胀意外下降，投资者对美中贸易谈判日益谨慎，尽管两国同意90天的关税休战，以达成更广泛的协议。然而，关税仍然很高，美国对中国商品的平均关税仍徘徊在40%左右，而此前为20%。在货币政策方面，货币市场现在将欧洲央行的存款便利化利率定价为年底前1.79%，高于周五晚些时候的1.67%，低于4月中旬的1.55%。与此同时，市场几乎完全预计6月份降息的可能性为95%，因为政策制定者的目标是在美国关税上升的情况下促进经济增长。欧洲央行政策制定者François Villeroy de Galhau表示，到夏季还有再次降息的空间，而他的同事Joachim Nagel则表示乐观，并指出通胀将“很有可能”趋同于央行2%的目标。

The euro climbed back above $1.12, supported by a weaker dollar following an unexpected drop in US inflation and growing investor caution over US-China trade negotiations, despite both countries agreeing to a 90-day tariff truce to work toward a broader deal. However, tariffs remain elevated, with the average US rate on Chinese goods still hovering around 40%, compared to 20% previously. On the monetary policy front, money markets now price the European Central Bank’s deposit facility rate at 1.79% by year-end, up from 1.67% late Friday and below 1.55% in mid-April. At the same time, markets are almost fully pricing in a 95% chance of a rate cut in June, as policymakers aim to bolster growth amid rising US tariffs. ECB policymaker François Villeroy de Galhau stated there was room for another rate cut by summer, while his colleague Joachim Nagel expressed optimism, noting a "good probability" that inflation would converge toward the central bank’s 2% target.

周三，欧洲股市缺乏明确的方向，STOXX 50和STOXX 600均在持平线上波动，最近的反弹是由全球贸易紧张局势缓解推动的，显示出失去动力的迹象。旅游休闲、房地产、石油和天然气股领涨，而媒体、公用事业和化工股则落后。交易员也密切关注企业盈利。戴姆勒卡车控股公司（Daimler Truck Holding）股价上涨约1%，此前该公司下调了全年展望，但维持了对其北美卡车部门的利润预期。E.ON微涨0.2%，重申其全年指引。与此同时，博柏利集团在宣布几项组织变革后上涨了近8%。

European stock markets lacked clear direction on Wednesday, with both the STOXX 50 and STOXX 600 fluctuating around the flatline, with the recent rally, driven by easing global trade tensions, showing signs of losing steam. Shares of travel and leisure, real estate, and oil and gas led the gains, while media, utilities, and chemicals lagged behind. Traders also closely monitored corporate earnings. Daimler Truck Holding rose around 1% after the company trimmed its full-year outlook but maintained margin expectations for its North American truck division. E.ON edged up 0.2%, reaffirming its full-year guidance. Meanwhile, Burberry Group jumped nearly 8% following the announcement of several organizational changes.

欧洲股市周三开盘小幅走低，因全球贸易紧张局势缓解推动的近期反弹开始失去动力。由于贸易协定的细节和执行仍存在不确定性，投资者情绪变得谨慎。市场还将关注德国和西班牙4月份的最终通胀数据，这可能会进一步了解该地区的价格压力和欧洲央行的政策前景。在企业方面，预计E.On、帝国品牌和戴姆勒卡车控股等公司将公布收益报告。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货均下跌约0.1%，表明该交易日开局疲软。

European equity markets were poised for a slightly lower open on Wednesday, as the recent rally fueled by easing global trade tensions began to lose momentum. Investor sentiment has turned cautious amid lingering uncertainty over the details and enforcement of trade agreements. Markets will also be focused on final April inflation data from Germany and Spain, which could provide further insights into the region's price pressures and the European Central Bank’s policy outlook. On the corporate front, earnings reports are expected from E.On, Imperial Brands, and Daimler Truck Holding, among others. In premarket trading, Euro Stoxx 50 and Stoxx 600 futures were both down around 0.1%, pointing to a subdued start for the session.