欧元徘徊在1.09美元上方，投资者停下来等待欧盟计划如何应对美国关税的更明确信号。此前，在贸易紧张局势升级和对全球增长的担忧加深的情况下，风险较高的货币更广泛地退出，导致连续两个交易日下跌。周一，欧盟委员会透露，它已向特朗普政府提出了一项零对零关税协议，以避免贸易战，欧盟部长们同意优先考虑谈判。然而，华盛顿拒绝了这一提议。与此同时，它还提议对一系列美国商品征收25%的反关税，以回应唐纳德·特朗普总统上个月对钢铁和铝征税的决定。在其他地方，北京发誓不会屈服于它所说的美国“勒索”，此前特朗普总统威胁称，除非中国在周二之前撤销报复措施，否则将对中国商品征收额外50%的关税。

The euro hovered just above $1.09 as investors paused to await clearer signals on how the EU plans to respond to U.S. tariffs. This came after two consecutive sessions of declines, fueled by a broader retreat from riskier currencies amid escalating trade tensions and deepening concerns over global growth. On Monday, the European Commission revealed it had proposed a zero-for-zero tariff deal to the Trump administration in a bid to avert a trade war, with EU ministers agreeing to prioritize negotiations. However, the offer was rejected by Washington. Meanwhile, it has also proposed counter-tariffs of 25% on a range of U.S. goods, in response to President Donald Trump’s decision last month to impose levies on steel and aluminum. Elsewhere, Beijing vowed not to bow to what it described as U.S. "blackmail," after President Trump threatened to slap an additional 50% tariff on Chinese goods unless China rolled back its retaliatory measures by Tuesday.

欧洲主要股市周二反弹，结束了连续四天的下跌。STOXX 50指数上涨1.7%，STOXX 600指数上涨1.5%，此前周一的大幅抛售分别将其推至8个月和14个月低点。贸易紧张局势仍在加剧，欧盟委员会主席乌尔苏拉·冯德莱恩证实，欧盟已向特朗普提出了一项针对工业品的“零对零关税”协议，但特朗普拒绝了这一提议。她警告称，欧盟已准备好进行报复，有报道称，欧盟正准备对部分美国商品征收25%的关税。与此同时，中国誓言要“战斗到底”。几乎所有行业的股价都上涨了。在企业方面，LVMH（+2.3%）、爱马仕（+2%）、ASML（+2.9%）、阿斯利康（+1.4%）和欧莱雅（+1.4%.）均录得强劲涨幅。

Major European bourses rebounded on Tuesday, snapping a four-day losing streak. The STOXX 50 rose 1.7% and the STOXX 600 gained 1.5%, after Monday’s sharp sell-off pushed them to 8-month and 14-month lows, respectively. Trade tensions remained elevated, with European Commission President Ursula von der Leyen confirming that the EU had offered Trump a “zero-for-zero tariffs” deal on industrial goods, an offer he rejected. She warned that the bloc is ready to retaliate, and reports indicated the EU is preparing to impose 25% tariffs on select US goods. Meanwhile, China vowed to “fight to the end.”Nearly all sectors traded higher. On the corporate front, LVMH (+2.3%), Hermès (+2%), ASML (+2.9%), AstraZeneca (+1.4%), and L'Oréal (+1.4%) posted strong gains.

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.