欧洲主要股市周四下跌，STOXX 50指数下跌0.8%，STOXX 600指数下跌0.3%，此前欧洲央行如普遍预期将利率下调25个基点至2.25%。此举反映出经济增长放缓和通胀缓解，而美国关税的不确定性仍在继续。值得注意的是，欧洲央行在其声明中删除了“限制性”一词，这是未来进一步宽松的潜在信号。市场也消化了喜忧参半的收益：奢侈品巨头爱马仕在第一季度销售额低于预期后下跌了3%，而西门子能源公司因业绩强于预期和2025年前景升级而上涨了13%。在贸易方面，在特朗普总统表示与日本的谈判取得“重大进展”后，市场情绪略有改善，这增加了人们对更广泛协议的希望。

Major European stock markets fell on Thursday, with the STOXX 50 down 0.8% and the STOXX 600 slipping 0.3%, after the ECB cut interest rates by 25bps to 2.25%, as widely expected. The move reflects slowing growth and easing inflation, while uncertainty from US tariffs continues to weigh. Notably, the ECB dropped the word "restrictive" from its statement, a potential signal of further easing ahead. Markets also digested mixed earnings: luxury giant Hermès fell 3% after Q1 sales missed estimates, while Siemens Energy jumped 13% on stronger-than-expected results and an upgraded 2025 outlook. On the trade front, sentiment improved slightly after President Trump said “big progress” was made in talks with Japan, raising hopes for broader deals.

欧洲央行按预期连续第六次降低借贷成本后，欧元兑美元汇率跌至1.13美元，略低于2022年1月的高点。央行将关键存款利率下调25个基点至2.25%，为2023年初以来的最低水平，并取消了对“限制性”政策的提及。尽管如此，4月份迄今为止，欧元兑美元汇率已上涨约5%，因为投资者重新评估了美元在全球金融体系中的作用，并越来越多地将共同货币视为可行的替代品。此外，对更高国防开支的预期，特别是在德国，增加了欧元的上涨势头。

The Euro weakened to approach $1.13, slightly retreating from January-2022 highs, after the ECB lowered borrowing costs for a sixth straight time as expected. The central bank cut the key deposit rate by 25bps to 2.25%, the lowest level since early 2023, and dropped a reference to 'restrictive' policy. Still, the euro has gained roughly 5% against the greenback so far in April, as investors reassess the dollar’s role in the global financial system and increasingly view the common currency as a viable alternative. In addition, expectations of higher defense spending, particularly in Germany, have added upward momentum to the euro.

正如预期的那样，欧洲央行将其所有三个关键利率下调了25个基点，将主要再融资利率降至2.40%，存款利率降至2.25%，边际贷款利率降至2.65%。这一决定反映出，人们越来越相信通货膨胀将可持续地恢复到2%的目标。总体通胀和核心通胀都继续缓解，服务通胀也有所降温。工资增长正在放缓，企业正在吸收一些成本压力。然而，欧元区前景的风险仍然存在，特别是由于全球贸易紧张局势加剧，这损害了信心并收紧了金融状况。欧洲央行承认，增长前景已经减弱，并强调未来将采取依赖数据的方法。它没有承诺进一步削减，强调未来的决定将取决于经济数据、通胀动态和货币传导的力度。

The ECB cut all three of its key interest rates by 25 basis points, lowering the main refinancing rate to 2.40%, the deposit rate to 2.25% and the marginal lending facility to 2.65%, as expected. The decision reflects growing confidence that inflation is on track to return sustainably to the 2% target. Both headline and core inflation have continued to ease, with services inflation also cooling. Wage growth is moderating, and firms are absorbing some of the cost pressure. However, risks to the Euro Area outlook remain, especially due to rising global trade tensions, which are hurting confidence and tightening financial conditions. The ECB acknowledged that growth prospects have weakened and emphasized a data-dependent approach going forward. It made no commitment to further cuts, underlining that future decisions will depend on economic data, inflation dynamics, and the strength of monetary transmission.

欧洲主要股市周四下跌，STOXX 50和STOXX 600均下跌0.4%，因投资者消化了新的企业盈利，期待欧洲央行即将出台的政策决定，并继续关注贸易战。爱马仕股价下跌3%，此前该奢侈品牌公布第一季度收入同比增长7%，低于预期的7.6%。相比之下，西门子能源在上调2025财年展望后飙升近10%，第一季度收入和利润也超过了预期。与此同时，人们普遍预计欧洲央行今天将再次降息25个基点。在贸易方面，在唐纳德·特朗普总统声称与日本的贸易谈判取得“重大进展”后，乐观情绪有所上升，这增强了与其他国家达成潜在协议的希望。

Major European bourses traded lower on Thursday, with both the STOXX 50 and STOXX 600 down 0.4% as investors digest fresh corporate earnings, look ahead to the European Central Bank’s upcoming policy decision and continue to follow the trade war. Hermes shares fell 3% after the luxury brand reported a 7% year-on-year revenue increase in Q1, falling short of expectations for 7.6%. In contrast, Siemens Energy surged nearly 10% after the company raised its outlook for fiscal 2025, with first-quarter revenue and profit also exceeding forecasts. Meanwhile, the ECB is widely expected to deliver another 25 basis point rate cut today. On the trade front, optimism rose after President Donald Trump claimed “big progress” in trade talks with Japan, fueling hopes of potential deals with other countries.