欧洲股市在下午交易中回落，周三收盘时大幅下跌，受大多数主要行业的压力，本周涨幅有所收窄。欧元区STOXX 50指数下跌0.7%，收于5380点，泛欧STOXX 600指数下跌0.6%，收于549点。由于对这家芯片制造巨头的关税担忧和出口管制可能会使其前景黯淡，并影响全球股市，投资者选择在美国股市开盘后英伟达盈利之前削减风险较高资产的头寸。欧洲科技巨头股价小幅下跌，SAP、ASML和英飞凌下跌近1%。与此同时，在欧洲债券回落的情况下，银行股大幅下跌，BBVA下跌2.3%，ING和BNP下跌超过1%。另一方面，德国汽车制造商在宝马、大众和梅赛德斯-奔驰超过2%的涨幅的支撑下收盘走高。此外，除了穆迪对意大利银行的评级上调外，联合信贷银行在增持希腊阿尔法银行股份后上涨了1%。

European stocks pulled back in afternoon trading to close firmly lower on Wednesday, trimming gains from the week with pressure from most major sectors. The Eurozone's STOXX 50 dropped 0.7% to close at 5,380 and the pan-European STOXX 600 fell 0.6% to 549. Investors opted to trim positions in riskier assets ahead of the Nvidia earnings after the bell in the US, as tariff concerns and export controls against the chipmaking giant may dim its outlook and impact stocks across the globe. Tech giants traded in Europe edged lower, with SAP, ASML, and Infineon down close to 1%. In the meantime, banks were sharply lower amid the pullback in European bonds, with BBVA down 2.3% and ING and BNP dropping over 1%. On the other hand, German auto manufacturers closed firmly higher with support from over 2% gains by BWM, Volkswagen, and Mercedes Benz. Also, UniCredit gained 1% after it raised its stake in Greek Alpha Bank, in addition to Moody's upgrades on Italian lenders.

欧元跌至1.134美元，因美国强劲的消费者信心数据和对贸易协议的乐观情绪增加了对美元的需求。在特朗普总统推迟了对欧盟提高关税的计划，缓解了贸易紧张局势的担忧后，美元也上涨了。随着谈判的恢复，欧盟官员正在审查欧洲主要公司的美国投资数据。与此同时，4月份欧元区短期通胀预期连续第二个月上升，消费者预计明年物价将上涨3.1%，为2024年2月以来的最高水平。长期预期保持稳定，欧洲央行仍有信心实现2%的通胀目标。法国5月初的通胀数据显示，通胀率为0.6%，预计6月3日将公布欧元区更广泛的数据。市场预计，从下周开始，欧洲央行将从目前的2.25%至少降息两次。

The euro eased to $1.134 as strong US consumer confidence data and optimism around trade deals increased demand for the dollar. The greenback also gained after President Trump delayed a planned hike in tariffs on the EU, easing trade tension concerns. As negotiations resume, EU officials are reviewing US investment data from major European companies. Meanwhile, short-term Euro Area inflation expectations rose for a second consecutive month in April, with consumers expecting prices to climb 3.1% over the next year, the highest since February 2024. Long-term expectations held steady, and the ECB remains confident in reaching its 2% inflation goal. Early May inflation data from France showed a low 0.6% rate, with broader Eurozone data expected on June 3. Markets are pricing in at least two ECB rate cuts starting next week from the current 2.25%.

周二，欧洲股市收盘走高，延续了前一交易日的大幅上涨，因为对美国贸易战的担忧有所缓解，国防部门也提供了新的支持。斯托克50指数上涨0.6%，收于5425点，泛欧斯托克600指数上涨0.5%，收于553点。美国总统特朗普表示，欧盟官员迅速与美国就贸易协议展开谈判，旨在恢复白宫征收的关税，并补充了总统在贸易方面的积极言论，这些言论推动股市在前一个交易日大幅上涨。在经济方面，德国GfK和欧元区的情绪调查在5月份都有所改善。科技股领涨欧元区，追随北美同行的积极势头，ASML和SAP各上涨1%以上。国防也大幅上升，在特朗普威胁要制裁俄罗斯后，空客、莱茵金属、BAE系统和莱昂纳多各增加了2%以上。

European stocks closed firmly higher on Tuesday, extending the sharp gains from the previous session amid eased concerns of a trade war against the United States and fresh support from the defense sector. The STOXX 50 added 0.6% to close at 5,425 and the pan-European STOXX 600 gained 0.5% to 553. US President Trump stated that EU officials were quick to establish talks for a trade deal with the US, aiming to revert the tariffs placed by the White House and adding to the President's positive rhetoric on trade that drove stocks to increase sharply the prior session. On the economic front, Germany’s GfK and Eurozone sentiment surveys both improved during May. Tech shares lead the gains on the currency bloc to track the positive momentum for North American counterparts, with ASML and SAP adding over 1% each. Defense also rose sharply, with Airbus, Rheinmetall, BAE Systems, and Leonardo adding more than 2% each after Trump threatened to sanction Russia.

欧元区服务业信心指数连续第四个月下降，从4月份向上修正的1.6降至2025年5月的1.5，为2021年4月以来的最低水平。尽管有所下降，但该指数仍高于市场预期的0.9。管理者对过去业务状况的评估显示有所改善（-2.2比-4.2），但这被对过去需求的较弱评估（1.4比2.7）所抵消。此外，对未来需求的预期有所减弱（5.3对6.3），就业预期也小幅下降（0.2对0.5）。

The Euro Area services confidence indicator declined for the fourth consecutive month, slipping to 1.5 in May 2025, its lowest level since April 2021, from an upwardly revised 1.6 in April. Despite the drop, the reading came in above market expectations of 0.9. Managers’ assessment of the past business situation showed some improvement (–2.2 vs –4.2), but this was offset by a weaker evaluation of past demand (1.4 vs 2.7). Additionally, expectations for future demand softened (5.3 vs 6.3), and employment expectations also edged lower (0.2 vs 0.5).