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.

欧洲股市周二收盘走高，在美国和中国看似恢复的贸易关系的进一步支持下，略微延续了前一交易日的涨势。欧元区STOXX 50指数收于5411点，上涨0.4%，泛欧STOXX 600指数收于545点，略高于平线。在美国和中国在未来90天内缓和贸易战，重新谈判贸易条款，支持所有行业的宏观经济背景后，欧洲股市在上一交易日上涨。汽车板块领涨，大众、宝马和Stellantis上涨4.5%至3%。工业股也大幅上涨，西门子、空中客车和施耐德上涨1.5%。另一方面，慕尼黑再保险在公布第一季度公司业绩后暴跌4.5%，该业绩尤其受到洛杉矶野火的破坏。

European stocks closed higher on Tuesday, marginally extending the rally from the previous session on further support from the seemingly restored trade relationship between the United States and China. The Eurozone's STOXX 50 closed 0.4% higher at 5,411 and the pan-European STOXX 600 closed marginally above the flatline at 545. European equities had rallied the previous session after the US and China de-escalated their trade war for the next 90 days to renegotiate trade terms, supporting the macroeconomic backdrop for all industries. The auto sector led the gains with Volkswagen, BMW, and Stellantis adding between 4.5% and 3%. Industrials were also firmly higher, with Siemens, Airbus, and Schneider rising by 1.5%. On the other hand Munich Re plunged by 4.5% after releasing corporate results for the first quarter, which were especially hit by damage from the Los Angeles wildfires.