欧元在动荡的一周结束时反弹至1.16美元以上，从周四触及的两个多月低点1.154美元回升。经济复苏之际，投资者抛售美元，此前美国总统特朗普表示，没有理由在两周后在韩国会见中国的Xi，并计划提高对中国进口商品的关税。市场还关注法国的政治发展，预计法国总统埃马纽埃尔·马克龙将在塞巴斯蒂安·莱科尔努辞职后任命新总理。投资者对可能避免提前选举的迹象表示欢迎，因为Lecornu表示解散议会的可能性不大。在货币政策方面，欧洲央行9月份的会议记录显示，政策制定者一致认为，当前的利率足够稳健，可以应对双边通胀风险中的潜在冲击。

The euro rebounded above $1.16 at the close of a volatile week, recovering from a more than two-month low of $1.154 touched on Thursday. The recovery came as investors sold the dollar following US President Trump’s comments that there was no reason to meet with China’s Xi Jinping in two weeks in South Korea and his plans to raise tariffs on Chinese imports. Markets also focused on political developments in France, where President Emmanuel Macron is expected to appoint a new prime minister after Sébastien Lecornu’s resignation. Investors welcomed signs that snap elections are likely to be avoided, as Lecornu indicated that dissolving parliament was improbable. On the monetary policy front, the ECB’s September meeting accounts showed that policymakers agreed current interest rates are sufficiently robust to address potential shocks amid two-sided inflation risks.

欧洲股市周五连续第二个交易日延续跌势，斯托克50指数和斯托克600指数均下跌约1%。国防股领跌，因美国在中东达成的一项破裂的和平协议出现进展迹象。以色列证实，与哈马斯的停火协议于当地时间中午生效，随着人质根据协议获释，军队从加沙部分地区撤军。斯托克欧洲航空航天和国防指数下跌超过2%，其中莱昂纳多（-5.6%）、莱茵金属（-2.5%）、泰雷兹（-2.4%）、萨博（-2.2%）、BAE系统公司（-1.9%）、劳斯莱斯（-1.7%）、赛峰集团（-1.6%）和空中客车（-1%）领跌。矿业股也走弱，斯托克欧洲基本资源指数下跌超过1.5%。在唐纳德·特朗普总统威胁要“大幅提高”对中国商品的关税，重新引发人们对新一轮贸易战的担忧后，收盘情绪也大幅下跌。从好的方面来看，丹麦的Jyske Bank上涨了4%，此前乐观的企业更新提振了投资者的信心。

European stocks extended losses for a second session on Friday, with both the Stoxx 50 and Stoxx 600 down around 1%. Defense stocks led declines as signs of progress emerged in a US-brokered peace deal in the Middle East. Israel confirmed that a ceasefire with Hamas took effect at noon local time, with troop withdrawals from parts of Gaza as hostages were released under the agreement. The Stoxx Europe Aerospace and Defense index slumped over 2%, led by Leonardo (-5.6%), Rheinmetall (-2.5%), Thales (-2.4%), Saab (-2.2%), BAE Systems (-1.9%), Rolls-Royce (-1.7%), Safran (-1.6%), and Airbus (-1%). Mining shares also weakened, with the Stoxx Europe Basic Resources index down more than 1.5%. Sentiment toward the close also tumbled after President Donald Trump threatened a “massive increase” of tariffs on Chinese goods, rekindling fears of a renewed trade war. On the upside, Denmark’s Jyske Bank rose 4% after upbeat corporate updates boosted investor confidence.

周五，欧洲股市在小幅涨跌之间波动，主要受矿业和能源股拖累。在中国加强了对稀土及相关技术的出口管制，并禁止其公民从事未经授权的海外采矿后，市场情绪受到压力。与此同时，随着加沙停火生效，油价下跌，缓解了人们对通过苏伊士运河和红海运输原油的担忧。在单个板块中，西门子能源下跌3.1%，安赛乐米塔尔下跌2.9%，壳牌下跌1%，英国石油下跌0.7%。国防类股也面临压力，赛峰集团下跌1.5%，莱茵金属公司下跌2.3%，伦克公司下跌2.6%，莱昂纳多公司下跌4.3%，亨索特公司下跌4.7%。另一方面，Stellantis在报告第三季度交付量增长13%后上涨了近1%，梅赛德斯-奔驰上涨了2.1%。此外，Jyske Bank是表现最好的银行之一，在上调每股收益指导后上涨了4%。本周，STOXX 50指数下跌0.4%，而STOXX 600指数迄今上涨0.1%。

European stocks swung between small gains and losses on Friday, weighed down mainly by mining and energy shares. Sentiment was pressured after China tightened export controls on rare earths and related technologies and barred its citizens from engaging in unauthorized overseas mining. Meanwhile, oil prices declined as the ceasefire in Gaza took effect, easing concerns about crude shipments through the Suez Canal and the Red Sea. Among individual movers, Siemens Energy fell 3.1%, ArcelorMittal dropped 2.9%, Shell lost 1%, and BP declined 0.7%. Defense stocks were also under pressure, with Safran down 1.5%, Rheinmetall 2.3%, Renk 2.6%, Leonardo 4.3%, and Hensoldt 4.7%. On the other hand, Stellantis gained nearly 1% after reporting a 13% increase in Q3 deliveries and Mercedes-Benz added 2.1%. Also, Jyske Bank was among the top performers, rising 4% after raising its earnings per share guidance. For the week, the STOXX 50 is down 0.4%, while the STOXX 600 is up 0.1% so far.

STOXX 50指数上涨0.3%，而STOXX 600指数周五徘徊在平稳线上，结束了欧洲股市低迷的一周。交易员们仍然保持谨慎，等待新的催化剂，关注企业动态，并为财报季的开始做准备。市场也继续关注法国的政治局势，预计马克龙总统将很快宣布新总理。汽车行业在经历了自3月以来最糟糕的一天后反弹。Stellantis在报告第三季度交付量增长13%后上涨了近2%，这主要得益于北美的强劲销售。梅赛德斯-奔驰上涨2.2%，大众汽车上涨0.9%。银行也呈绿色，包括桑坦德银行（1%）和联合信贷银行（0.6%）。另一方面，医疗保健行业面临压力，即诺和诺德（0.9%）、诺华（0.5%）和阿斯利康（0.9%）。本周，STOXX 50指数下跌0.4%，而STOXX 600指数迄今上涨0.1%。

The STOXX 50 rose 0.3%, while the STOXX 600 hovered around the flatline on Friday, wrapping up a muted week for European equities. Traders remained cautious, awaiting fresh catalysts, monitoring corporate updates, and preparing for the start of the earnings season. Markets also continued to watch the political situation in France, with President Macron expected to announce a new prime minister soon. The auto sector rebounded after having its worst day since March. Stellantis gained nearly 2% after reporting a 13% increase in Q3 deliveries, driven largely by strong sales in North America. Mercedes-Benz added 2.2%, and Volkswagen rose 0.9%. Banks were also in the green, including Banco Santander (1%) and UniCredit (0.6%). On the other hand, the healthcare sector was under pressure, namely Novo Nordisk (0.9%), Novartis (0.5%), and AstraZeneca (0.9%). For the week, the STOXX 50 is down 0.4%, while the STOXX 600 is up 0.1% so far.