欧洲股市从早些时候的下跌中恢复过来，周四收于平线之上，抹去了上一交易日的小幅回落，因为市场消化了一批盈利结果，并评估了贸易壁垒可能如何危及经济增长。欧元区STOXX 50指数微涨至5410点，泛欧STOXX 60指数上涨0.5%，收于546点。医疗保健类股反弹，因投资者利用美国总统特朗普发出的药品价格上限信号导致的估值下降，拜耳和赛诺菲股价分别上涨3%和1%。公用事业也大幅上涨，Iberdrola和Enel各上涨近2%。在盈利方面，尽管宏观经济背景不确定，德国电信在上调全年指引后仍上涨2.6%。另一方面，西门子和安联在公布收益后收盘下跌。

European stocks recovered from earlier losses to close above the flatline on Thursday, erasing the slight pullback from last session as markets digested a batch of earnings results and assessed how trade barriers may jeopardize economic growth. The Eurozone's STOXX 50 closed marginally higher at 5,410 and the pan-European STOXX 60 gained 0.5% to close at 546. Healthcare stocks rebounded as investors took advantage of lower valuations due to US President Trump's signals of caps on drug prices, lifting Bayer and Sanofi shares by 3% and 1%, respectively. Utilities also advanced sharply with Iberdrola and Enel each gaining close to 2%. On the earnings front, Deutsche Telekom advanced 2.6% after raising its full-year guidance despite the uncertain macroeconomic backdrop. On the other hand, Siemens and Allianz closed lower following their earnings releases.

2025年第一季度，欧元区经济同比增长1.2%，与上一季度的增长速度和初步估计相符。在欧盟最大的经济体中，德国连续第二个季度收缩0.2%。相比之下，法国的增长率稳定在0.8%，而意大利的增长率略有加快，从0.5%上升到0.6%。其他经济体也报告了扩张：西班牙增长了2.8%（第四季度为3.3%），荷兰增长了2.0%（第二季度为1.9%），比利时稳定在1.1%，爱尔兰强劲增长了10.9%（第三季度为9.2%）。芬兰增长1.2%（对1.0%），葡萄牙增长1.6%（对2.8%），斯洛伐克增长1.0%（对1.5%），立陶宛增长3.2%（对3.9%），爱沙尼亚增长1.2%（比1.1%），塞浦路斯增长3.0%（对2.9%）。另一方面，奥地利的国内生产总值下降了0.7%，尽管低于上一季度0.9%的收缩率，而斯洛文尼亚则出现了令人惊讶的衰退，国内生产总值从之前的1.0%增长下降了0.8%。

The Eurozone economy grew by 1.2% year-on-year in the first quarter of 2025, matching both the previous quarter’s pace and the initial estimate. Among the bloc’s largest economies, Germany contracted by 0.2% for the second consecutive quarter. In contrast, growth in France remained steady at 0.8%, while Italy saw a slight acceleration to 0.6% (up from 0.5%). Other economies also reported expansions: Spain grew by 2.8% (vs 3.3% in Q4), the Netherlands by 2.0% (vs 1.9%), Belgium held steady at 1.1%, and Ireland posted a strong 10.9% increase (vs 9.2%). Finland expanded by 1.2% (vs 1.0%), Portugal by 1.6% (vs 2.8%), Slovakia by 1.0% (vs 1.5%), Lithuania by 3.2% (vs 3.9%), Estonia by 1.2% (vs 1.1%), and Cyprus by 3.0% (vs 2.9%). On the other hand, Austria’s GDP shrank by 0.7%, though less than the 0.9% contraction in the previous quarter, while Slovenia saw a surprising downturn, with GDP falling by 0.8% compared to 1.0% growth previously.

2025年3月，欧元区工业生产环比增长2.6%，这是自2020年11月以来的最大增幅，比2月份的1.1%有所加快。这一结果轻松超过了1.8%的市场预期。这一激增主要是由于耐用消费品产量的反弹（2月份为3.1%对-2.0%）。此外，资本货物（3.2%对0.8%）和非耐用消费品（2.3%对2.1%）的生产加速，而中间产品的生产继续以同样的速度增长（0.6%）。相比之下，能源产量下降了0.5%，扭转了上个月0.6%的增长。工业生产同比增长3.6%，高于2月份的1.0%。

Eurozone industrial production rose by 2.6% month-over-month in March 2025, marking the strongest increase since November 2020 and accelerating from a 1.1% gain in February. The result easily beat market expectations of a 1.8% rise. The surge was driven primarily by a rebound in output of durable consumer goods (3.1% vs -2.0% in February). Also, production accelerated for capital goods (3.2% vs 0.8%) and non-durable consumer goods (2.3% vs 2.1%), while production of intermediate goods continued to rise at the same pace (0.6%). In contrast, energy output declined by 0.5%, reversing a 0.6% gain in the previous month. On an annual basis, industrial production increased by 3.6%, up from a 1.0% rise in February.

欧元区经济在2025年第一季度增长了0.3%，略低于初步估计的0.4%，但标志着连续第五个季度的扩张。经济增长得益于国内需求的增强，这得益于通胀的缓解和借贷成本的降低，以及德国决定放松财政约束后的乐观情绪。对未来几个月国防开支增加的预期也有助于抵消对美国不稳定关税政策的持续担忧。然而，随着美国新贸易关税的影响开始对欧盟出口造成压力，而不确定性的增加抑制了商业投资和家庭消费，未来几个月的势头可能会减弱。在主要经济体中，德国增长了0.2%，而西班牙和意大利的增长率分别为0.6%和0.3%。相比之下，法国和荷兰的涨幅较为温和，均仅增长0.1%。

The Eurozone economy grew by 0.3% in the first quarter of 2025, slightly below the preliminary estimate of 0.4%, but marking the fifth consecutive quarter of expansion. The growth was supported by stronger domestic demand, fueled by easing inflation and lower borrowing costs, and renewed optimism following Germany’s decision to relax fiscal constraints. Expectations of increased defense spending in the coming months also helped counterbalance ongoing concerns over volatile U.S. tariff policies. However, momentum may soften in the months ahead, as the impact of new U.S. trade duties begins to weigh on EU exports, while rising uncertainty curbs business investment and household consumption. Among major economies, Germany expanded by 0.2%, while Spain and Italy outperformed with growth rates of 0.6% and 0.3%, respectively. In contrast, France and the Netherlands posted more modest gains, each growing by just 0.1%.