欧洲股市扭转了早盘涨势，出现下跌，结束了由美中贸易紧张局势升级主导的动荡一周，这再次引发了人们对全球经济衰退的担忧，动摇了投资者对美国资产的信心。斯托克50指数下跌0.9%，而斯托克600指数下跌0.6%。周五，中国财政部宣布对美国商品征收125%的额外关税，以回应特朗普总统一天前决定将中国进口商品的关税提高到145%。在欧洲，欧盟暂停了计划中的报复性关税，为期90天，这反映了华盛顿为促进对话所采取的行动。在企业方面，诺华公司宣布在美国投资230亿美元后，股价上涨2.5%，而Stellantis在第一季度汽车出货量同比下降9%后下跌超过3%。本周，两个基准指数均出现下跌，斯托克50指数下跌2.2%，斯托克600指数下跌2.5%。

European stock markets reversed early gains to trade in the red, capping a turbulent week dominated by escalating trade tensions between the U.S. and China, which reignited fears of a global recession and shaken investor confidence in U.S. assets. The STOXX 50 fell 0.9%, while the broader STOXX 600 slipped 0.6%. On Friday, China’s finance ministry announced additional tariffs of 125% on U.S. goods, in response to President Trump’s decision a day earlier to raise levies on Chinese imports to 145%. In Europe, the EU temporarily suspended its planned retaliatory tariffs for a 90-day period, mirroring Washington’s move in an effort to foster dialogue. On the corporate front, Novartis shares rose 2.5% after the company announced a $23 billion investment in the U.S., while Stellantis declined over 3% following a report of a 9% year-over-year drop in first-quarter vehicle shipments. For the week, both benchmarks posted losses, with the STOXX 50 down 2.2% and the STOXX 600 falling 2.5%.

欧元延续涨势，自2022年1月下旬以来首次突破1.14美元大关。本周全球贸易紧张局势升级，重新引发了人们对深度衰退的担忧，动摇了投资者对美国资产的信心。本周早些时候，唐纳德·特朗普总统宣布将美国一系列计划中的关税上调冻结90天，为贸易谈判留出空间，尽管华盛顿同时将中国商品的关税提高到145%。作为报复，北京对美国产品征收了125%的新税，而欧盟则暂停了对美国商品征收关税的计划。法国总统埃马纽埃尔·马克龙警告称，特朗普的决定只是“脆弱的停顿”，并强调商业信心仍将面临压力。与此同时，欧盟重申，作为与美国的任何潜在贸易协议的一部分，它不会在其数字监管框架上妥协。

The euro extended its rally, breaking above the $1.14 mark for the first time since late January 2022. It was poised for an over 3.5% weekly gain amid a turbulent end to a week marked by escalating global trade tensions, which have rekindled fears of a deep recession and shaken investor confidence in U.S. assets. Earlier in the week, President Donald Trump announced a 90-day freeze on a range of planned U.S. tariff hikes to allow room for trade negotiations, though Washington simultaneously raised duties on Chinese goods to 145%. In retaliation, Beijing imposed a new 125% levy on U.S. products, while the EU suspended its own planned tariffs on American goods. French President Emmanuel Macron warned that Trump’s decision amounted to only a “fragile pause,” stressing that business confidence would remain under strain. Meanwhile, the EU reaffirmed that it would not compromise on its digital regulatory framework as part of any potential trade agreement with the U.S.

周五，斯托克50指数上涨0.7%，斯托克600指数上涨0.5%，延续了前一交易日的涨势。然而，随着投资者在美中紧张局势加剧的情况下继续评估不断演变的贸易战及其对经济的影响，波动性仍然很高。欧盟已暂停其计划中的报复性关税，为期90天，这反映了华盛顿为促进对话而采取的行动。公用事业、建筑和材料、零售和医疗保健领涨，而石油和天然气、保险、汽车和金融服务则落后。在企业方面，诺华公司宣布在美国投资230亿美元后，股价上涨约2.6%，而Stellantis股价下跌1.5%，此前有报道称第一季度汽车出货量同比下降9%。本周，整体形势仍为负面，斯托克50指数下跌1.2%，斯托克600指数下跌1.8%。

The STOXX 50 gained 0.7% and the STOXX 600 was up 0.5% on Friday, extending the previous session’s rally. However, volatility remains elevated as investors continue to assess the evolving trade war and its economic economic impact amid mounting tensions between the US and China. The European Union has temporarily suspended its planned retaliatory tariffs for the same 90-day period, mirroring Washington's move in a bid to foster dialogue. Utilities, construction and materials, retail, and healthcare led the gains, while oil and gas, insurance, autos, and financial services lagged. On the corporate front, shares of Novartis rose approximately 2.6% after the company announced a $23 billion investment in the US while Stellantis shares fell 1.5% following a report of a 9% year-over-year decline in Q1 vehicle shipments. For the week, the broader picture remains negative, with the STOXX 50 down 1.2% and the STOXX 600 slipping 1.8%.

欧洲股市周五开盘小幅走高，投资者希望结束由关税相关动荡主导的动荡一周。欧盟暂时暂停了针对美国关税的反制措施，为期90天，与华盛顿自己的暂缓措施保持一致，以给谈判一个机会。尽管如此，随着美国将对中国商品的关税提高到累计145%，引发了人们对长期贸易战的担忧，并打压了市场情绪，谨慎的态度占了上风。全球贸易谈判结果的不确定性也继续笼罩着前景。盘前交易中，欧洲斯托克50指数期货上涨0.6%，斯托克600指数期货上涨0.3%。

European equity markets were poised to open slightly higher on Friday, as investors looked to wrap up a volatile week dominated by tariff-related turmoil. The European Union temporarily paused its planned countermeasures against US tariffs for 90 days, aligning with Washington’s own reprieve in an effort to give negotiations a chance. Still, caution prevailed as the US raised tariffs on Chinese goods to a cumulative 145%, stoking fears of a prolonged trade war and weighing on market sentiment. Uncertainty over the outcome of global trade talks also continued to cloud the outlook. In premarket trading, Euro Stoxx 50 futures rose 0.6%, while Stoxx 600 futures gained 0.3%.