周二，美国总统唐纳德·特朗普表示愿意与主要合作伙伴进行贸易谈判，加剧了全球贸易紧张局势缓和的希望，全球情绪改善，欧洲股市将反弹。美国财政部长斯科特·贝森特透露，近70个国家已与白宫联系，启动关税谈判。尽管如此，不确定性仍然存在，因为特朗普否认了可能推迟其互惠关税的报道，坚称征税可能会永久存在——尽管他表示对谈判持开放态度。欧盟委员会主席乌尔苏拉·冯德莱恩周一透露，欧盟已提议对工业品实施“零对零关税”协议，这一提议很快被特朗普拒绝，这加剧了复杂的贸易格局。在盘前交易中，期货开盘强劲，欧洲斯托克50指数期货上涨2.5%，斯托克600指数期货上涨2.1%。

European equity markets were set to rebound on Tuesday, buoyed by improving global sentiment after US President Donald Trump signaled a willingness to engage in trade negotiations with key partners, fueling hopes for a de-escalation in global trade tensions. US Treasury Secretary Scott Bessent revealed that nearly 70 countries have reached out to the White House to initiate tariff discussions. Still, uncertainties remain as Trump denied reports of a possible delay to his reciprocal tariffs, insisting the levies could remain in place permanently—even as he expressed openness to negotiations. Adding to the complex trade landscape, European Commission President Ursula von der Leyen disclosed on Monday that the EU had proposed a “zero-for-zero tariffs” deal on industrial goods—an offer Trump swiftly rejected. In premarket trading, futures pointed to a strong open, with Euro Stoxx 50 futures up 2.5% and Stoxx 600 futures rising 2.1%.

周一，欧洲股市连续第四个交易日下跌，此前特朗普总统最新关税公告引发全球股市抛售。斯托克50指数暴跌7%以上，收盘下跌5.4%，为8月以来的最低水平。斯托克600指数下跌6%，跌幅收窄，收于4.5%，为2024年1月以来的最低水平。公用事业、零售、保险、金融服务、石油和天然气以及化工等行业的跌幅均超过5%。在欧洲下午的交易中，全球市场受到冲击，在对可能暂停关税的猜测后短暂复苏。然而，白宫新闻秘书卡罗林·莱维特（Karoline Leavitt）将这些报道斥为“假新闻”。就在欧洲关闭之前，特朗普增加了更多的不确定性，威胁要将对中国的关税再提高50%，除非取消报复性关税。

European stocks dropped for a fourth consecutive session on Monday, following a global equity selloff triggered by President Trump’s latest tariff announcements. The Stoxx 50 plunged more than 7% before closing 5.4% lower, its lowest since August. The Stoxx 600 fell as much as 6% before narrowing losses to end 4.5% down, its lowest since January 2024. Sectors including utilities, retail, insurance, financial services, oil and gas, and chemicals all saw declines of over 5%. Global markets were jolted during Europe’s afternoon session, briefly recovering after speculation about a potential tariff pause. However, White House Press Secretary Karoline Leavitt dismissed the reports as “fake news.” Just before the European close, Trump added further uncertainty, threatening to increase tariffs on China by another 50% unless it cancels retaliatory duties.

欧元区零售贸易在连续三个月停滞后，于2025年2月环比增长0.3%，但低于市场对0.5%增长的预期。非食品类产品的销售额在1月份下降0.2%后反弹0.3%，而食品、饮料和烟草的销售额也增长了0.3%，较上月0.5%的增长有所缓解。燃料销售在1月份持平后小幅上涨0.2%。在欧盟最大的经济体中，西班牙（1.3%）、德国（0.7%）和法国（0.2%）的零售额有所增长，而意大利（-0.1%）和荷兰（-1.4%）的零售总额则有所下降。

Eurozone retail trade rose by 0.3% month-over-month in February 2025, following three consecutive months of stagnation, but fell short of market expectations for a 0.5% increase. Sales of non-food products rebounded by 0.3% after a 0.2% decline in January, while food, drinks, and tobacco sales also rose 0.3%, easing from a 0.5% gain the previous month. Fuel sales edged up 0.2% after remaining flat in January. Among the bloc’s largest economies, retail sales posted gains in Spain (1.3%), Germany (0.7%), and France (0.2%), while declining in Italy (-0.1%) and the Netherlands (-1.4%).

欧元徘徊在1.10美元附近，接近2024年10月初以来的最高水平，因为美元仍面临压力，投资者密切关注不断升级的贸易战紧张局势。周五，中国宣布计划从4月10日起对所有美国商品征收34%的关税，此前特朗普总统决定对所有进口商品征收10%的关税，对特定国家征收更高的关税，包括对欧盟商品征收20%的税，对中国商品加征34%的税。在欧洲，法国总统埃马纽埃尔·马克龙呼吁企业暂停对美国的投资，而欧盟委员会则表示正在准备采取报复措施。与此同时，特朗普总统重申了他对维持广泛关税的承诺，促使市场提高了对欧洲央行进一步放松货币政策的预期。投资者现在预计，4月份降息25个基点的可能性为90%，预计到12月，欧洲央行的存款利率将从目前的2.5%降至1.65%。

The euro hovered near $1.10, close to its strongest level since early October 2024, as the dollar remained under pressure and investors closely watched escalating trade war tensions. On Friday, China announced plans to impose 34% tariffs on all U.S. goods starting April 10, following President Trump’s decision to implement a 10% tariff on all imports, with steeper rates for select countries, including a 20% levy on EU goods and an additional 34% duty on Chinese goods. In Europe, French President Emmanuel Macron called on companies to suspend U.S. investments, while the European Commission signaled it was preparing retaliatory measures. President Trump, meanwhile, reaffirmed his commitment to maintaining broad tariffs, prompting markets to increase their expectations of further monetary easing by the ECB. Investors are now pricing in a 90% probability of a 25-basis-point rate cut in April, with the ECB’s deposit rate expected to decline to 1.65% by December from the current 2.5%.