欧洲股市周二开盘走低，在美国总统唐纳德·特朗普的关税计划持续存在不确定性的情况下，延续了最近的跌幅。周一，特朗普重申他打算对汽车、制药和其他行业征税，这引发了人们对欧洲主要出口产品潜在风险的担忧。投资者还将关注德国Ifo研究所3月份的报告，以及史密斯集团、翠鸟和贝尔韦的收益发布。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货分别下跌0.2%和0.6%。

European equity markets were set to open lower on Tuesday, extending recent losses amid ongoing uncertainty over US President Donald Trump’s tariff plans. On Monday, Trump reiterated his intent to impose levies on automobiles, pharmaceuticals, and other industries, raising concerns about potential risks to key European exports. Investors will also monitor Germany’s Ifo Institute reports for March, along with earnings releases from Smiths Group, Kingfisher, and Bellway. In premarket trading, Euro Stoxx 50 and Stoxx 600 futures declined 0.2% and 0.6%, respectively.

欧洲股市抹去了早盘涨幅，周一下午涨跌互现，斯托克50指数和斯托克600指数在连续两个交易日下跌后徘徊在持平线上。拜耳是最大的落后者，在佐治亚州陪审团裁定该公司因其Roundup除草剂导致癌症而支付21亿美元的赔偿金后，该公司暴跌7%。JD Sports也下跌了近5%，此前Peel Hunt在公司全年业绩公布前下调了预测，理由是短期行业挑战。从好的方面来看，瑞典国防公司萨博股价上涨6.3%，此前瑞银将其股票评级上调至“买入”，理由是国防支出增加导致其强势定位。伦敦希思罗机场因附近变电站发生火灾而中断，随后重新开放，旅游和休闲行业上涨。与此同时，随着会议的进行，美国总统唐纳德·特朗普暗示的关税“灵活性”的乐观情绪逐渐消退。

European stocks erased early gains and turned mixed on Monday afternoon, with both the Stoxx 50 and Stoxx 600 hovering around the flatline after two straight sessions of losses. Bayer was the biggest laggard, plunging 7% after a Georgia jury ordered the company to pay $2.1 billion in damages over claims that its Roundup weedkiller caused cancer. JD Sports also dropped nearly 5% after Peel Hunt downgraded its forecast ahead of the company’s full-year results, citing short-term industry challenges. On the upside, Swedish defense firm Saab jumped 6.3% after UBS upgraded the stock to "buy," citing strong positioning amid rising defense spending. The travel and leisure sector gained as London’s Heathrow Airport reopened following disruptions caused by a fire at a nearby electrical substation. Meanwhile, optimism from US President Donald Trump’s hint at tariff "flexibility" faded as the session progressed.

欧元保持在1.08美元上方，徘徊在3月18日达到的1.095美元的五个月高点以下，因为投资者评估了最新的采购经理人指数数据和欧洲央行官员的言论。最近的调查显示，欧元区私营部门活动以8月以来的最快速度扩张，尽管增长低于市场预期，制造业产出的反弹部分被服务业的放缓所抵消。与此同时，欧洲央行官员Cipollone表示，降息的理由正在加强，因为通货膨胀可能比预期更快地放缓。周五，他的同事斯托纳拉斯呼应了这一观点，表示所有迹象都表明4月份将降息。此外，拉加德总统警告称，如果欧盟对美国关税进行报复，经济增长将放缓，但淡化了通胀风险，这表明欧洲央行不会以更高的利率进行反击。欧洲央行的de Galhau也强化了央行有进一步降低借贷成本的空间的观点。

The euro held above the $1.08 mark, hovering just below the five-month high of $1.095 reached on March 18th, as investors assessed the latest PMI data and remarks from ECB officials. Recent surveys indicated that Eurozone private sector activity expanded at its fastest pace since August, though the growth fell short of market expectations, with a rebound in manufacturing output partially offset by a slowdown in the services sector. Meanwhile, ECB official Cipollone suggested that the case for a rate cut is strengthening, as inflation may be slowing faster than anticipated. His colleague Stournaras echoed this sentiment on Friday, stating that all signs point to a cut in April. Additionally, President Lagarde cautioned about weaker economic growth but downplayed inflation risks if the EU retaliated against US tariffs, signaling that the ECB would not counter with higher rates. ECB’s de Galhau also reinforced the view that the central bank has room to further ease borrowing costs.

根据初步估计，HCOB欧元区服务业采购经理人指数从2月份的50.6降至2025年3月的50.4，低于预期的51。该数据表明，在新订单持续下降的推动下，服务业连续第四个月扩张，但增速最慢。与此同时，投入成本和销售价格的上涨速度均低于近几个月，这表明工资压力有所减轻，而工资压力是劳动密集型服务业的一个重要因素。

The HCOB Eurozone Services PMI fell to 50.4 in March 2025 from 50.6 in February, missing the expected 51, according to preliminary estimates. The reading indicated a fourth consecutive month of expansion in the services sector, though at the weakest pace in the sequence, driven by a continued decline in new orders. Meanwhile, both input costs and selling prices rose at a slower rate than in recent months, suggesting reduced wage pressures—an important factor in the labor-intensive services sector.