欧洲股市周五收盘大幅下跌，巩固了本周的波动势头，因为市场继续评估唐纳德·特朗普在美国的经济政策可能对欧洲企业部门的影响，以及欧盟的重大政治发展和主要盈利报告。斯托克50指数收于4800点，下跌1.1%，本周下跌1.6%，斯托克600指数下跌0.7%，收于507点，本周跌幅0.9%。在德国，总理奥拉夫·朔尔茨（Olaf Scholz）昨日任命了一位新的财政部长，此前他曾罢免了前任财政部长，有效地结束了执政联盟，并加大了总理提前举行选举的压力。奢侈品权重股领跌，因为投资者对中国为地方政府再融资隐性债务的新方案感到失望，而不是对客户的有针对性的支持。LVMH、爱马仕和开云集团股价下跌8%至3.3%。反过来，Adyen下跌了5%，为科技股留下了损失。

European stocks closed firmly lower on Friday, consolidating its volatile momentum during the week as markets continued to assess the impact that Donald Trump’s economic policies in the US may have in the European corporate sector, in addition to major political developments in the EU and key earnings reports. The Stoxx 50 closed 1.1% lower at 4,800, a 1.6% drop on the week, and the Stoxx 600 fell 0.7% to 507, a 0.9% decline on the week. In Germany, Chancellor Olaf Scholz appointed a new finance minister yesterday after dismissing the previous one, effectively ending the ruling coalition and increasing pressure on the Chancellor to call a snap election. Luxury heavyweights led the losses as investors were underwhelmed with China’s new package to refinance hidden debt for local governments instead of targeted support for customers. LVMH, Hermes, and Kering sank between 8% and 3.3%. In turn, Adyen sank 5% to leat the losses for tech.

欧元跌至1.0775美元，并将每周下跌，受美元走强和德国政治动荡的压力，德国总理奥拉夫·朔尔茨的联合政府周三崩溃。反对派和商界领袖呼吁举行新的选举，以减少不确定性。本周，唐纳德·特朗普再次当选美国总统，这引发了欧洲对潜在经济影响的担忧，包括对汽车和化工等主要行业的关税，以及对乌克兰的安全和支持。与此同时，美联储和英格兰银行在11月均降息25个基点，符合预期。预计欧洲央行将在12月跟进降息25个基点，市场预计到6月将降至2%。

The euro dropped to $1.0775 and was set for a weekly decline, pressured by a stronger dollar and political turmoil in Germany, where Chancellor Olaf Scholz's coalition government collapsed on Wednesday. Opposition and business leaders called for new elections to reduce uncertainty. The week also saw Donald Trump re-elected as US president, raising concerns in Europe over potential economic impacts, including tariffs on major industries like autos and chemicals, as well as security and support for Ukraine. Meanwhile, the Fed and the Bank of England both cut rates by 25 basis points in November, meeting expectations. The ECB is anticipated to follow suit with a 25bps rate cut in December, with markets pricing in a drop to 2% by June.

周五，STOXX 50指数下跌0.9%，STOXX 600指数下跌0.6%，交易员正在消化美联储最新的货币政策决定和德国的政治局势。美联储如预期般将联邦基金利率下调25个基点，并表示将采取谨慎态度进一步放松。在德国，总理奥拉夫·朔尔茨（Olaf Scholz）昨日任命了一位新的财政部长，此前他曾罢免了前任财政部长，有效地结束了执政联盟，并加大了总理提前举行选举的压力。与此同时，交易员密切关注中国的刺激措施，因为政府宣布了一项6万亿元人民币的计划，旨在为地方政府债务再融资。在盈利方面，历峰集团（Richemont）股价下跌约3%，此前该奢侈品集团公布的销售额降幅大于预期。另一方面，国际航空集团在报告盈利和收入增长后飙升了6%以上。本周，STOXX 50指数下跌0.6%，连续第四次下跌，而STOXX 600指数下跌约0.1%。

The STOXX 50 was down 0.9% and the STOXX 600 fell 0.6% on Friday, with traders digesting the latest Fed monetary policy decision and the political situation in Germany. The Fed lowered the fed funds rate by 25bps as expected and signaled a cautious approach to further easing. In Germany, Chancellor Olaf Scholz appointed a new finance minister yesterday after dismissing the previous one, effectively ending the ruling coalition and increasing pressure on the Chancellor to call a snap election. Meanwhile, traders closely monitored China’s stimulus efforts, as the government announced a CNY 6 trillion program aimed at refinancing local government debt. On the earnings front, Richemont was down about 3% after the luxury goods group posted a bigger-than-expected decline in sales. On the other hand, IAG soared more than 6% after reporting a rise in earnings and revenue. On the week, the STOXX 50 is down 0.6%, a fourth consecutive decline, while the STOXX 600 lost roughly 0.1%.

欧洲股市周五开盘走高，有望结束唐纳德·特朗普在美国总统大选中获胜以及美联储和英格兰银行降息所塑造的动荡一周。投资者还密切关注德国的政治发展，德国总理奥拉夫·朔尔茨本周早些时候罢免了财政部长克里斯蒂安·林德纳，这标志着该国三方联合政府的结束。与此同时，市场参与者将在今天晚些时候评估瑞士奢侈品集团历峰集团和英国航空公司所有者IAG的收益报告。欧洲斯托克50指数和斯托克600指数期货在盘前交易中均上涨约0.1%。

European equity markets were set to open higher on Friday, poised to wrap up a volatile week shaped by Donald Trump’s victory in the US presidential election and interest rate cuts from both the US Federal Reserve and the Bank of England. Investors also kept a close watch on political developments in Germany, where Chancellor Olaf Scholz dismissed Finance Minister Christian Lindner earlier in the week, signaling the end of the country’s three-way coalition government. Meanwhile, market participants will evaluate earnings reports from Swiss luxury group Richemont and British Airways-owner IAG later today. Euro Stoxx 50 and Stoxx 600 futures were both up by about 0.1% in premarket trade.