周二，随着投资者消化美国以外的最新贸易发展，欧洲股市有望开盘走低。唐纳德·特朗普总统宣布了14个尚未与华盛顿达成贸易协议的国家的最新关税税率，其中包括日本和韩国等主要出口驱动型经济体，这两个国家都将面临25%的关税。特朗普还签署了一项行政命令，将互惠关税的最后期限从7月9日延长至8月1日，为谈判提供了更多时间。在欧洲，人们的注意力将转向德国和法国的最新贸易数据，这些数据可以提供对美欧贸易动态变化的潜在影响的见解。在早盘交易中，欧洲斯托克50指数期货下跌0.1%，斯托克600指数期货下跌0.2%。

European equity markets were poised to open lower on Tuesday as investors digested the latest trade developments out of the US. President Donald Trump announced updated tariff rates on 14 countries that have yet to reach trade agreements with Washington, including major export-driven economies such as Japan and South Korea, both of which will face 25% levies. Trump also signed an executive order extending the deadline for reciprocal tariffs to August 1 from July 9, providing additional time for negotiations. In Europe, attention will turn to the latest trade data from Germany and France, which could offer insights into the potential impact of shifting US-EU trade dynamics. In early premarket trading, Euro Stoxx 50 futures slipped 0.1%, while Stoxx 600 futures fell 0.2%.

周一下午，欧元小幅下跌至1.17美元，投资者等待美国即将出台的关税措施的进一步明确。欧盟表示，它正在与美国达成贸易协议，旨在通过一项初步协议防止重大关税升级，该协议将对许多商品征收10%的普遍关税，并降低制药、酒精、半导体和商用飞机等关键行业的税率。然而，欧盟还宣布准备对一系列美国产品征收报复性关税，以回应特朗普总统的金属关税。官员们警告说，如果没有达成协议，可能会采取额外措施，如出口管制和限制美国获得公共合同。与此同时，商务部长霍华德·卢特尼克证实，原定于7月9日实施的更广泛的美国关税计划已推迟到8月1日。在货币政策方面，市场现在预计欧洲央行今年只会再降息一次。

The euro edged lower toward $1.17 on Monday afternoon, as investors awaited further clarity on upcoming US tariff measures. The European Union said it is making progress toward a trade agreement with the US, aiming to prevent a major tariff escalation through a preliminary deal that would impose a 10% universal tariff on many goods, with reduced rates for key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft. However, the EU also announced preparations for retaliatory tariffs on a range of US products in response to President Trump’s metal duties. Officials warned that, if no agreement is reached, additional measures—such as export controls and restrictions on US access to public contracts—may follow. Meanwhile, Commerce Secretary Howard Lutnick confirmed that the broader US tariff package—initially slated for July 9—has been postponed to August 1. On the monetary policy front, markets are now pricing in just one more rate cut from the ECB this year.

周一下午，欧洲股市上涨势头强劲，STOXX 50指数上涨0.7%，此前欧盟表示与美国的贸易协议取得进展。欧盟的目标是通过努力达成一项初步协议来避免重大关税升级，该协议将包括对许多商品征收10%的普遍关税，对制药、酒精、半导体和商用飞机等关键行业征收较低的关税。与此同时，欧盟正准备对一系列美国产品征收报复性关税，以回应特朗普的金属关税。官员们还警告说，如果没有达成协议，可能会采取额外措施，如出口管制和限制美国获得公共合同。在其他地方，在欧佩克+宣布8月份产量增幅大于预期后，能源股面临压力。在中国对欧盟医疗器械实施反制裁后，西门子医疗和其他德国医疗科技公司股价下跌。默克公司也在经纪商降级后下跌。

European stocks gained momentum on Monday afternoon, with the STOXX 50 up 0.7%, after the EU signaled progress on a trade deal with the US. The bloc is aiming to avoid a major tariff escalation by working toward a preliminary agreement that would include a 10% universal tariff on many goods, with lower rates for key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft. At the same time, the EU is preparing retaliatory tariffs on a range of US products in response to Trump’s metal duties. Officials also warned that additional measures—such as export controls and limits on US access to public contracts—could be introduced if no deal is reached. Elsewhere, energy stocks came under pressure after OPEC+ announced a larger-than-expected output increase for August. In single-stock moves, Siemens Healthineers and other German medical tech firms fell after China imposed counter-sanctions on EU medical devices. Merck KGaA also declined following a broker downgrade.

2025年5月，欧元区零售额环比下降0.7%，为2023年8月以来的最大跌幅，此前4月上调了0.3%，符合市场预期。下降的原因是非食品产品（-0.6%对4月份-0.1%）、燃料（-1.3%对+1.3%）以及食品、饮料和烟草（-0.7%对+0.8%）的需求减弱。在欧盟主要经济体中，德国的零售量显著下降（-1.7%），其次是荷兰（-0.6%）、意大利（-0.4%）和法国（-0.2%），而西班牙则逆势上涨0.2%。按年度计算，5月份零售贸易增长从4月份的2.7%放缓至1.8%。

Eurozone retail sales fell by 0.7% month-over-month in May 2025, the steepest decline since August 2023, following an upwardly revised 0.3% gain in April and in line with market expectations. The drop was driven by weaker demand for non-food products (-0.6% vs -0.1% in April), fuel (-1.3% vs +1.3%), and food, drinks, and tobacco (-0.7% vs +0.8%). Among the bloc’s major economies, retail volumes fell notably in Germany (-1.7%), followed by the Netherlands (-0.6%), Italy (-0.4%), and France (-0.2%), while Spain bucked the trend with a modest 0.2% rise. On an annual basis, retail trade growth slowed to 1.8% in May from 2.7% in April.