2025年7月，欧元区的进口额同比增长3.1%，达到2391亿欧元，为3月以来的最高水平，这是由于食品和饮料（+9.3%）、化学品（+10.6%）以及机械和车辆（+2.0%）的购买量增加。从来源来看，来自美国的进口增长了11.3%，反映了持续的贸易关税不确定性，此外还有中国（+3.6%）、英国（+1.0%）、瑞士（+7.3%）和土耳其（+9.0%）。

Imports into the Euro Area climbed 3.1% year-on-year to €239.1 billion in July 2025, their highest level since March, driven by stronger purchases of food & drink (+9.3%), chemicals (+10.6%), and machinery & vehicles (+2.0%). By source, imports rose from the US (+11.3%), reflecting ongoing trade tariff uncertainty, as well as China (+3.6%), UK (+1.0%), Switzerland (+7.3%), and Turkey (+9.0%).

2025年7月，欧元区出口同比增长0.4%，达到2515亿欧元，为3月以来的最高水平。对英国（+2.9%）、瑞士（+8.8%）和土耳其（+6.3%）的出货量增加抵消了对美国（-4.5%）和中国（-8.9%）等主要市场的下降。食品和饮料（+2.8%）以及机械和车辆（+3.5%）推动了增长，而原材料（-4.7%）、燃料和润滑油（-18.5%）以及化学品（-6.0%）对整体出口造成了压力。

Euro Area exports increased 0.4% year-on-year to €251.5 billion in July 2025, marking their highest level since March. Higher shipments to the UK (+2.9%), Switzerland (+8.8%), and Turkey (+6.3%) offset declines to major markets including the US (-4.5%) and China (-8.9%). Growth was driven by food & drink (+2.8%) and machinery & vehicles (+3.5%), while raw materials (-4.7%), fuels & lubricants (-18.5%), and chemicals (-6.0%) weighed on overall exports.

2025年7月，欧元区贸易顺差从一年前的185亿欧元收窄至124亿欧元，但略高于市场预期的117亿欧元。对美国的高度敏感的顺差从160亿欧元缩减至112亿欧元，因为进口激增（+11.3%）加上出口下降（-4.5%）突显了贸易关税不确定性的持续影响。进口总额增长3.1%，达到2391亿欧元，主要原因是食品和饮料（+9.3%）、化学品（+10.6%）以及机械和车辆（+2.0%）的购买量增加。按目的地划分，来自中国（+3.6%）、英国（+1.0%）、瑞士（+7.3%）和土耳其（+9.0%）的进口有所增长。与此同时，出口增长0.4%，达到2515亿欧元，这得益于食品和饮料（+2.8%）以及机械和车辆（+3.5%）出货量的增长，但受到原材料（-4.7%）、燃料和润滑油（-18.5%）以及化学品（-6.0%）下降的拖累。对英国（+2.9%）、瑞士（+8.8%）和土耳其（+6.3%）的出货量增加抵消了对中国（-8.9%）的下降。

The Euro Area trade surplus narrowed to €12.4 billion in July 2025, down from €18.5 billion a year earlier, but slightly above market expectations of €11.7 billion. The highly sensitive surplus with the US shrank to €11.2 billion from €16.0 billion as the surge in imports (+11.3%) combined with declining exports (-4.5%) highlighted the ongoing impact of trade tariff uncertainty. Total imports climbed 3.1% to €239.1 billion, driven by stronger purchases of food & drink (+9.3%), chemicals (+10.6%), and machinery & vehicles (+2.0%). By destination, imports rose from China (+3.6%), UK (+1.0%), Switzerland (+7.3%), and Turkey (+9.0%). Meanwhile, exports increased 0.4% to €251.5 billion, supported by rising shipments of food & drink (+2.8%) and machinery & vehicles (+3.5%), but weighed down by declines in raw materials (-4.7%), fuels & lubricants (-18.5%), and chemicals (-6.0%). Higher shipments to the UK (+2.9%), Switzerland (+8.8%) and Turkey (+6.3%) offset a decline to China (-8.9%).

欧洲股市本周开盘表现良好，STOXX 50指数上涨0.6%，STOXX 600指数上涨0.3%，达到三周高点，交易员们正在为忙碌的一周央行货币政策决策做准备。人们普遍预计美联储将恢复降息，其中25个基点的降息已完全消化。投资者还将关注英格兰银行、日本银行和加拿大银行的政策更新。与此同时，惠誉上周五下调了法国的信用评级，理由是政府债务增加、政治两极分化加剧以及对财政前景的担忧。银行业领涨，在CVC Capital Partners和托克有收购意向的报道后，Rubis飙升超过7%。其他银行也上涨，包括桑坦德银行（+0.9%）、联合信贷银行（+1%）、联合圣保罗银行（+1.2%）和法国巴黎银行（+1.1%）。在蓝筹股中，LVMH（+1.2%）和ASML控股（+1.3%）也实现了稳健增长。

European stocks started the week in positive territory, with the STOXX 50 up 0.6% and the STOXX 600 rising 0.3% to reach three-week highs, as traders brace for a busy week of central bank monetary policy decisions. The Federal Reserve is widely expected to resume interest rate cuts, with a 25 bps reduction fully priced in. Investors will also be watching policy updates from the Bank of England, the Bank of Japan, and the Bank of Canada. Meanwhile, attention remains on France after Fitch downgraded the country’s credit rating last Friday, citing rising government debt, growing political polarization, and concerns over the fiscal outlook. The banking sector led gains, with Rubis soaring more than 7% following reports of takeover interest from CVC Capital Partners and Trafigura. Other lenders also advanced, including Banco Santander (+0.9%), UniCredit (+1%), Intesa Sanpaolo (+1.2%), and BNP Paribas (+1.1%). Among blue chips, LVMH (+1.2%) and ASML Holding (+1.3%) also posted solid gains.