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%.

周一，STOXX 50指数下跌6.8%，跌至8月以来的最低水平，而STOXX 600指数下跌5.6%，跌至2023年12月以来的最低点。抛售延续了上周的大幅下跌，这是自2020年以来最糟糕的一周表现。随着对贸易战加剧的担忧加剧，投资者情绪仍面临巨大压力。最新的打击发生在中国上周五宣布报复措施之际，对各种美国商品征收34%的关税。与此同时，特朗普总统驳斥了投资者对通货膨胀和经济衰退的担忧。交易员们现在正密切关注欧盟对特朗普总统最新关税公告的回应。市场下跌的范围很广，银行、能源和保险业受到的打击最为严重。国防类股也面临压力，因为投资者锁定了利润，并通过出售之前的赢家筹集了现金。诺和诺德（-5.1%）、SAP（-6%）、LVMH（-5.1%.）和雀巢（-5.3%.）的股价大幅下跌。

The STOXX 50 sank 6.8% on Monday, plunging to its lowest level since August, while the STOXX 600 tumbled 5.6% to reach lows not seen since December 2023. The sell-off extended steep losses from the previous week, which marked the worst weekly performance since 2020. Investor sentiment remains under heavy pressure as concerns mount over a deepening trade war. The latest blow came as China announced retaliatory measures last Friday, imposing 34% tariffs on a wide range of US goods. At the same time, President Trump dismissed investors' fears of inflation and recession. Traders are now closely watching for the European Union’s response to President Trump’s latest tariff announcements. The market decline was broad-based, with banks, energy, and insurance sectors among the hardest hit. Defense stocks also came under pressure, as investors locked in profits and raised cash by selling previous winners. Novo Nordisk (-5.1%), SAP (-6%), LVMH (-5.1%) and Nestle (-5.3%) were sharply lower.

周一，欧洲股市似乎准备进一步下跌，延续了上周四开始的大幅抛售，当时特朗普总统不断升级的贸易战加剧了人们对全球经济衰退的担忧。在美国对所有国家征收全面关税后，中国以对美国商品征税作为回应，预计其他主要经济体也将效仿。投资者现在正在等待欧洲领导人的协调回应，因为该地区正在考虑捍卫其经济利益的对策。尽管市场波动，但特朗普政府表示无意退缩。与此同时，市场还将消化新的德国贸易数据和欧元区通胀数据。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货下跌超过3%。

European equity markets looked poised for further losses on Monday, extending a steep selloff that began last Thursday as President Trump’s escalating trade war fueled fears of a global recession. After the US imposed sweeping tariffs on all countries, China responded with its own levies on US goods, with other major economies expected to follow suit. Investors are now awaiting a coordinated response from European leaders as the region considers countermeasures to defend its economic interests. Despite market volatility, the Trump administration signaled no intention to back down. Meanwhile, markets will also digest fresh German trade data and Eurozone inflation figures. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were down more than 3%.