欧洲股市周四从创纪录水平下跌，斯托克50指数和斯托克600指数下跌约0.4%。欧洲银行股下跌逾1%，受汇丰银行拖累。汇丰银行宣布对其持有63%股权的香港子公司恒生银行进行私有化收购后，其股价下跌4.5%。奢侈品和消费品类股也受到影响：法拉利在下调全年和2030年的指导并削减电动汽车销售目标后下跌了15%，而LVMH、爱马仕和欧莱雅分别下跌了2.6%、2.2%和1.7%。丹麦制药巨头诺和诺德股价下跌1.1%，此前该公司宣布计划以每股54美元的价格收购美国生物技术公司Akero Therapeutics，使其估值达到47亿美元，并可能额外获得每股6美元的或有价值权。今天的注意力集中在法国，因为马克龙总统承诺在塞巴斯蒂安·莱科尔努辞职后48小时内任命新总理，同时呼吁避免另一个中间派盟友。

European stocks fell from record levels on Thursday, with the Stoxx 50 and the Stoxx 600 down by about 0.4%. European banks slipped more than 1%, dragged lower by HSBC, whose shares dropped 4.5% after announcing a privatization bid for its 63%-owned Hong Kong subsidiary, Hang Seng Bank. Luxury and consumer goods stocks also suffered: Ferrari tumbled 15% after lowering full-year and 2030 guidance and cutting EV sales targets, while LVMH, Hermès, and L’Oréal fell 2.6%, 2.2%, and 1.7%, respectively. Danish pharma giant Novo Nordisk dropped 1.1% after announcing plans to acquire US biotech Akero Therapeutics for $54 per share, valuing it at $4.7 billion, with an additional potential $6 per share contingent value right. Attention today was focused on France as President Macron pledged to appoint a new prime minister within 48 hours after Sebastien Lecornu’s resignation, amid calls to avoid another centrist ally.

欧洲央行9月政策会议的账目显示，欧洲央行官员普遍认为，目前的政策立场与2%的中期通胀目标保持一致。虽然一些成员认为通胀风险倾向于下行，一些成员认为其倾向于上行，但政策制定者一致认为，目前的利率水平足以应对双边通胀风险中的潜在冲击。与此同时，与会者指出，欧元区经济仍然相对强劲，但增长疲软，面临诸多风险，官员们对地缘政治紧张局势加剧以及国防开支增加对财政政策的潜在影响表示担忧。2024年6月至2025年6月，欧洲央行将借贷成本削减了200个基点，并在通胀达到目标后于7月暂停。投资者现在预计利率在短期内保持不变，有可能在2026年底恢复紧缩。

ECB officials broadly agreed the current policy stance remains consistent with the 2% medium-term inflation target, the accounts of the ECB’s September policy meeting showed. While several members viewed inflation risks as tilted to the downside and a few saw them as tilted to the upside, policymakers agreed that the current level of interest rates is sufficiently robust to address potential shocks amid two-sided inflation risks. Meanwhile, participants noted that the euro area economy remains relatively strong, but growth is weak and faces several risks, with officials expressing concerns about rising geopolitical tensions and the potential effects of higher defense spending on fiscal policy. Between June 2024 and June 2025, the ECB cut borrowing costs by 200 bps, pausing in July after inflation reached its target. Investors now expect rates to stay unchanged in the near term, with the possibility of a return to tightening in late 2026.

欧元徘徊在1.16美元左右，仍处于8月25日以来的最低水平，因为市场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。在Lecornu表示解散议会不太可能之后，投资者对可能避免提前选举的迹象表示欢迎。与反对党和盟友的讨论也表明，各方广泛支持在年底前通过预算。与此同时，德国的最新数据加剧了人们对欧元区经济前景的担忧。德国出口意外下降，而进口下降幅度超过预期。这些发展是在本周早些时候公布的工业产出和工厂订单大幅下降之后出现的。

The euro hovered around the $1.16 mark, remaining at its weakest level since August 25, as markets focused on political developments in France, where President Emmanuel Macron is expected to appoint a new prime minister following Sébastien Lecornu’s resignation. Investors welcomed signs that snap elections are likely to be avoided, after Lecornu indicated that dissolving parliament was improbable. Discussions with opposition parties and allies also suggested broad support for passing a budget by year-end. Meanwhile, fresh data from Germany added to concerns about the eurozone’s economic outlook. German exports unexpectedly declined, while imports fell more sharply than anticipated. These developments came on the heels of steep drops in both industrial output and factory orders released earlier in the week.

斯托克50指数抹去了开盘时曾将其推高至历史高点的早盘涨幅，周四徘徊在平线附近。与此同时，STOXX 600指数在前一交易日收于新高后下跌0.3%，受银行业下跌的拖累。汇丰银行（HSBC）股价暴跌逾6%，此前有消息称其香港子公司恒生银行（HangSengBank）将进行私有化，估值超过2900亿港元。劳埃德银行股价下跌3.4%，此前该行警告称，正在进行的汽车金融调查可能会产生影响。欧莱雅（-1.1%）和联合信贷银行（-1.1%。从好的方面来看，爱马仕上涨1.4%，至2179欧元，为2025年8月以来的最高水平，而西门子（+0.9%）、施耐德电气（+0.8%）、Vinci（+0.9%”）和梅赛德斯-奔驰（+0.7%）也上涨。与此同时，交易员们继续关注法国的政治发展，因为马克龙总统昨晚表示，他将在未来48小时内任命一位新总理。

The STOXX 50 erased early gains that had lifted it to record highs at the open, hovering around the flatline on Thursday. Meanwhile, the STOXX 600 was down 0.3% after closing at fresh highs in the previous session, weighed down by losses in the banking sector. HSBC shares tumbled more than 6% following news of a privatization bid for its Hong Kong–based subsidiary, Hang Seng Bank, valuing it at over HK$290 billion. Lloyds fell 3.4% after warning of a potential impact from the ongoing motor finance probe. L'Oréal (-1.1%) and UniCredit (-1.1%) also traded lower. On the upside, Hermès gained 1.4% to €2,179, its highest level since August 2025, while Siemens (+0.9%), Schneider Electric (+0.8%), Vinci (+0.9%), and Mercedes-Benz (+0.7%) also advanced. Meanwhile, traders continued to monitor political developments in France, as President Macron said last night he would appoint a new prime minister within the next 48 hours.