周二，欧洲股市开盘小幅走高，投资者等待美国贸易谈判的进一步发展，唐纳德·特朗普总统对全面互惠关税的90天暂缓将于下周到期。欧洲的焦点还将转向关键经济数据，包括可能影响欧洲央行利率前景预期的欧元区初步通胀数据。其他数据发布包括德国失业数据和英国全国房价。在企业方面，塞恩斯伯里和索迪斯的盈利报告即将公布，这可能会影响行业情绪。在早盘交易中，期货预示着谨慎但积极的开局，欧洲斯托克50指数和斯托克600指数期货分别上涨0.1%和0.2%。

European equity markets were set to open slightly higher on Tuesday as investors awaited further developments in US trade negotiations, with President Donald Trump’s 90-day reprieve on sweeping reciprocal tariffs set to expire next week. Focus in Europe will also turn to key economic data, including preliminary Eurozone inflation figures that could shape expectations for the European Central Bank’s interest rate outlook. Additional data releases include German unemployment figures and UK nationwide house prices. On the corporate front, earnings reports from Sainsbury’s and Sodexo are due, potentially influencing sector sentiment. In early premarket trading, futures pointed to a cautious but positive start, with Euro Stoxx 50 and Stoxx 600 futures up 0.1% and 0.2%, respectively.

周一，欧洲股市收盘大多下跌，市场评估了美国对主要贸易伙伴的关税水平。斯托克50指数下跌0.4%，至5305点，斯托克50指数下降0.4%，至542点。美国官员表示，与中国和欧盟等主要伙伴的谈判正在取得进展，而加拿大在特朗普总统周末宣布将终止与加拿大的所有贸易谈判后，取消了计划中的数字服务税。周一也标志着上个月促成的英美贸易协议的正式开始。在数据方面，德国6月份的通胀率意外放缓至2%，再次达到欧洲央行的目标，意大利的通胀率如预期般微升至1.7%。上周，CPI数据显示，法国和西班牙的通货膨胀率基本保持在较低水平。在企业新闻中，业绩喜忧参半。欧莱雅上涨2.3%，西门子和施耐德均下跌1%。6月份，STOXX 50指数下跌0.9%，STOXX 600指数下跌1.2%。

European stocks closed mostly lower on Monday as markets assessed the level of US tariffs against major trading partners. The STOXX 50 dropped 0.4% to 5,305 and the STOXX fell 0.4% to 542. US officials said negotiations with major partners such as China and the European Union are making progress, while Canada scrapped its planned Digital Services Tax following President Trump’s announcement over the weekend that he would terminate all trade discussions with Canada. Monday also marked the official start of the UK-US trade deal that was brokered last month. On the data front, inflation in Germany unexpectedly slowed to 2% in June, hitting again the ECB target and in Italy, it inched higher to 1.7% as expected. Last week, CPI figures showed inflation remained mostly subdued in France and Spain. In corporate news, performance was mixed. L'Oréal gained 2.3%, while Siemens and Schneider were both down 1%. For the month of June, the STOXX 50 fell 0.9% and the STOXX 600 dropped 1.2%.

周一，欧洲主要股市仍然低迷，STOXX 50和STOXX 600指数在持平线上徘徊，交易员评估了美国贸易谈判的进展。官员们表示，与中国和欧盟等主要伙伴的谈判正在取得进展，而加拿大在特朗普总统周末宣布将终止与加拿大的所有贸易谈判后，取消了计划中的数字服务税。周一也标志着上个月促成的英美贸易协议的正式开始。在数据方面，德国6月份的通胀率意外放缓至2%，再次达到欧洲央行的目标，意大利的通胀率如预期般微升至1.7%。上周，CPI数据显示，法国和西班牙的通货膨胀率基本保持在较低水平。在企业新闻中，业绩喜忧参半。欧莱雅上涨2.3%，西门子下跌1%。6月份，斯托克50指数和斯托克600指数均下跌0.8%。

Major bourses in Europe remained subdued on Monday, with both the STOXX 50 and the STOXX 600 swinging around the flatline as traders assessed progress in US trade negotiations. Officials said negotiations with major partners such as China and the European Union are making progress, while Canada scrapped its planned Digital Services Tax following President Trump’s announcement over the weekend that he would terminate all trade discussions with Canada. Monday also marked the official start of the UK-US trade deal that was brokered last month. On the data front, inflation in Germany unexpectedly slowed to 2% in June, hitting again the ECB target and in Italy, it inched higher to 1.7% as expected. Last week, CPI figures showed inflation remained mostly subdued in France and Spain. In corporate news, performance was mixed. L'Oréal gained 2.3%, while Siemens fell 1%. For the month of June, both the STOXX 50 and the STOXX 600 are down 0.8%.

欧元稳定在略高于1.17美元的水平，这是自2021年9月以来的最高水平，在美联储前景更加温和和美国财政担忧加剧的情况下，美元普遍疲软。在欧洲，投资者评估了该地区最大经济体的一波通胀数据及其对欧洲央行政策路径的影响。德国6月份的消费者价格通胀率从5月份的2.1%意外降至2.0%，自2024年10月以来首次恢复到欧洲央行的目标，并打破了升至2.2%的预测。相比之下，法国、意大利和西班牙的通货膨胀略有上升，但仍然相对温和。德国零售额大幅下降，加剧了谨慎情绪。尽管信号喜忧参半，但货币市场继续将欧洲央行的最终利率定在1.75%-1.80%左右。欧洲央行副行长Luis de Guindos周一重申，目前的政策立场是适当的，但强调在持续的不确定性中保持灵活性的重要性。

The euro stabilized just above $1.17, its strongest level since September 2021, supported by broad dollar weakness amid a more dovish US Fed outlook and rising US fiscal concerns. In Europe, investors assessed a wave of inflation data from the region’s largest economies and its implications for the ECB’s policy path. Germany’s consumer price inflation unexpectedly eased to 2.0% in June from 2.1% in May, returning to the ECB’s target for the first time since October 2024 and defying forecasts of a rise to 2.2%. In contrast, inflation in France, Italy, and Spain edged up slightly, though it remained relatively subdued. Adding to the cautious sentiment, German retail sales posted a sharp decline. Despite mixed signals, money markets continue to price the ECB’s terminal rate around 1.75%–1.80%. ECB Vice President Luis de Guindos reiterated on Monday that the current policy stance is appropriate but stressed the importance of maintaining flexibility amid lingering uncertainty.