欧洲股市周二小幅下跌，STOXX 50和STOXX 600指数均下跌0.2%，在连续三个交易日上涨后暂停。在美联储和英国央行本周做出关键货币政策决定以及中美贸易谈判之前，交易员变得谨慎，而美国总统特朗普今天开始访问英国。在数据方面，市场等待德国ZEW经济景气指数，而英国劳动力数据继续预示着就业市场放缓。按行业划分，保险、电信和银行领跌，而基础资源和技术表现优于其他行业。在企业新闻方面，欧莱雅下跌2%，桑坦德银行下跌约1%，法国巴黎银行下跌0.5%，尽管重申了其全年净利润目标。与此同时，ASML上涨了近3%。

European stocks edged lower on Tuesday, with both the STOXX 50 and STOXX 600 slipping 0.2%, pausing after three straight sessions of gains. Traders turned cautious ahead of key monetary policy decisions this week from the Fed and the BoE, as well as China–US trade talks, while US President Trump begins his visit to the UK today. On the data front, markets await the ZEW Economic Sentiment Index for Germany, while UK labour figures continued to signal a slowdown in the job market. By sector, insurance, telecoms and banks led the declines, while basic resources and technology outperformed. In corporate news, L'Oréal slipped 2%, Banco Santander lost about 1%, and BNP Paribas eased 0.5% despite reaffirming its full-year net income target. Meanwhile, ASML jumped nearly 3%.

欧元攀升至1.18美元，为7月初以来的最高水平，受美联储本周准备恢复降息之际美元普遍疲软的推动。市场普遍预计美联储周三将降息至少25个基点，政策制定者在劳动力市场降温与关税带来的持续通胀压力之间进行权衡。在欧洲，官员们继续强调对通货膨胀的警惕。欧洲央行执行委员会成员伊莎贝尔·施纳贝尔表示，货币政策应“保持稳健”，并警告称，从关税和服务通胀到食品价格和财政政策的上行风险仍然很大。斯洛伐克央行行长彼得·卡齐米尔也表达了同样的担忧，他警告说，忽视这些风险“将是一个错误”。欧洲央行上周连续第二次会议保持借贷成本不变，这表明其降息周期可能已经结束。

The euro climbed toward $1.18, its strongest level since early July, buoyed by broad dollar weakness as the US Federal Reserve prepares to resume interest rate cuts this week. Markets widely expect the Fed to lower rates by at least 25 basis points on Wednesday, with policymakers weighing a cooling labor market against lingering inflationary pressures from tariffs. In Europe, officials continue to stress vigilance on inflation. ECB Executive Board member Isabel Schnabel said monetary policy should “keep a steady hand,” warning that upside risks—ranging from tariffs and services inflation to food prices and fiscal policy—remain significant. Slovak central-bank Governor Peter Kazimir echoed the concern, cautioning that overlooking these risks “would be a mistake.” The ECB last week kept borrowing costs unchanged for a second straight meeting, signaling that its rate-cutting cycle may have come to an end.

周二，随着投资者继续评估全球前景，欧洲股市开盘时几乎没有变化。市场密切关注在西班牙举行的美中贸易谈判的进展，同时期待美联储本周降息。英格兰银行本周也将制定政策，普遍预计将保持利率不变。在数据方面，投资者将评估英国失业率、意大利通胀、德国经济情绪和欧元区工业生产。盘前交易中，欧洲斯托克50指数和斯托克600指数期货持平，略有上涨。

European equity markets were set to open little changed on Tuesday as investors continued to assess the global outlook. Markets closely watched for developments in US-China trade talks in Spain, while looking ahead to an expected interest rate cut from the US Federal Reserve this week. The Bank of England will also set policy this week and is widely expected to keep rates unchanged. On the data front, investors will assess UK unemployment, Italian inflation, German economic sentiment and Eurozone industrial production. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were flat to slightly higher.

欧洲股市本周初收高，市场评估了欧元区全球利率和信贷风险的前景。欧元区STOXX 50指数上涨0.9%，至5438点，STOXX 600指数上涨0.4%，至557点。人们普遍预计美联储将恢复降息，降息25个基点。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，在惠誉以政府债务增加和政治两极分化加剧为由下调其信用评级后，人们的注意力仍然集中在法国及其即将到来的预算中的赤字规模上。在摩根大通宣布该行业将出现实质性上涨后，奢侈品股飙升，而市场评估了阿玛尼被出售给一家企业集团的可能性。LVMH上涨近3%，开云集团上涨超过5.5%。与此同时，在CVC Capital Partners和托克传出收购意向后，Rubis股价飙升7.7%。

European stocks closed firmly higher at the start of the week as markets assessed the outlook on global rates and credit risks in the Eurozone. The Eurozone's STOXX 50 advanced 0.9% to 5,438 and the STOXX 600 added 0.4% to 557. The Federal Reserve is widely expected to resume interest rate cuts with a 25bps reduction. 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 and the magnitude of deficits in its upcoming budget after Fitch downgraded its credit rating, citing rising government debt and growing political polarization. Luxury stocks surged after JPMorgan announced it sees material upside in the sector, while markets assessed the likelihood of Armani being sold to a conglomerate. LVMH jumped nearly 3% and Kering added over 5.5%. Meanwhile, Rubis soared 7.7% following reports of takeover interest from CVC Capital Partners and Trafigura.