周四，欧洲股市收盘大幅上涨，受到科技行业主要公司的强劲支持，同时投资者评估了主要央行的政策决定及其对全球利率的影响。正如预期的那样，美联储将利率下调了25个基点，并公布了今年再降息两次的中值预测，尽管对核心通胀和增长预期的上调缓和了明年进一步降息的押注。与此同时，正如预期的那样，英格兰银行保持利率不变，但放慢了量化紧缩的步伐，以缓解长期信贷的压力。科技股飙升，ASML飙升7.7%，SAP、英飞凌和诺基亚上涨5%至2%。工业巨头也领先，施耐德、赛峰集团和威科集团的涨幅在6%至2%之间。

European stocks closed sharply higher on Thursday on strong support from major companies in the tech sector, while investors assessed policy decisions from major central banks and their impact on global rates. The Federal Reserve cut its rates by 25bps, as expected, and published median projections of two more rate cuts this year, although upward revisions to expectations of higher core inflation and growth tempered bets of more cuts next year. In the meantime, the Bank of England held its rates unchanged, as expected, but slowed the pace of its quantitative tightening to tame pressure on credit of longer maturities. Tech shares surged, with ASML soaring 7.7% while SAP, Infineon, and Nokia adding between 5% and 2%. Industrial giants were also ahead, with Schneider, Safran, and Wolters Kluwer advancing between 6% and 2%.

2025年7月，欧元区建筑业产出同比增长3.2%，高于6月份修正后的1.8%的增长率。这一加速得益于所有领域的稳健增长：建筑施工（3.3%对3.1%）、土木工程（3.4%对3.0%）和专业活动（2.8%对1.2%）。在欧盟最大的经济体中，西班牙的增长最为强劲（22.8%对31.4%），其次是荷兰（1.9%对1.4%）。相比之下，德国（-1.2%对-2.0%）和法国（-1.7%对-5.0%）的产出继续萎缩。按月计算，建筑活动增长0.5%，在连续两次下降后反弹。

Eurozone construction output grew 3.2% year-on-year in July 2025, picking up from a revised 1.8% expansion in June. The acceleration was supported by solid gains across all segments: building construction (3.3% vs. 3.1%), civil engineering (3.4% vs. 3.0%), and specialized activities (2.8% vs. 1.2%). Among the bloc’s largest economies, Spain posted the strongest growth (22.8% vs. 31.4%), followed by the Netherlands (1.9% vs. 1.4%). In contrast, output continued to contract in Germany (-1.2% vs. -2.0%) and France (-1.7% vs. -5.0%). On a monthly basis, construction activity rose 0.5%, rebounding after two consecutive declines.

2025年7月，欧元区的经常账户盈余从一年前的393亿欧元收窄至350亿欧元。商品贸易顺差从353亿欧元降至279亿欧元，服务贸易顺差从204亿欧元降至199亿欧元。此外，次级收入赤字从143亿欧元扩大到157亿欧元。另一方面，初级收入账户录得29亿欧元的盈余，而去年同期为21亿欧元的赤字。经季节性调整后，7月份经常账户盈余从上月的358亿欧元降至277亿欧元，低于市场预期的346亿欧元。

The Eurozone’s current account surplus narrowed to EUR 35 billion in July 2025 from EUR 39.3 billion a year earlier. The goods surplus fell to EUR 27.9 billion from EUR 35.3 billion, and the services surplus dropped to EUR 19.9 billion from EUR 20.4 billion. Also, the secondary income deficit widened to EUR 15.7 billion from EUR 14.3 billion. On the other hand, the primary income account recorded a surplus of EUR 2.9 billion, compared with a EUR 2.1 billion deficit a year earlier. On a seasonally adjusted basis, the current account surplus fell to EUR 27.7 billion in July from EUR 35.8 billion in the previous month, below market expectations of EUR 34.6 billion.

周四，随着追踪者消化美联储的最新决定，STOXX 50指数上涨0.7%，STOXX 600指数上涨0.5%。央行按预期将联邦基金利率下调25个基点，并表示将在年底前再下调50个基点。然而，鲍威尔主席强调，此举不应被视为新宽松周期的开始。与此同时，英格兰银行将在当天晚些时候宣布货币政策决定时放弃借贷成本。在企业方面，SAP（2.3%）、ASML控股（2%）、林德（1.8%）、西门子（1.3%）和施耐德电气（2.2%）均录得强劲涨幅。银行业也是表现最好的行业之一，包括桑坦德银行（2.1%）、联合信贷银行（1%）、联合圣保罗银行（0.9%）、法国巴黎银行（1.1%）

The STOXX 50 jumped 0.7% and the STOXX 600 was up 0.5% on Thursday, as trackers digest the latest Fed decision. The central bank cut the fed funds rate by 25bps as expected and signalled 50bps of additional cuts until the end of the year. However, Chair Powell emphasized that the move should not be seen as the start of a new easing cycle. Meanwhile, the Bank of England is set to leave borrowing costs when it announces the monetary policy decision later in the day. On the corporate front, SAP (2.3%), ASML Holding (2%), Linde (1.8%), Siemens (1.3%) and Schneider Electric (2.2%) booked strong gains. The banking sector was also among the top performers, including Banco Santander (2.1%), UniCredit (1%), Intesa Sanpaolo (0.9%), BNP Paribas (1.1%)