欧元/匈牙利福林 (EURHUF) 加自选

德国DAX指数周四小幅收跌，收于24208点，与欧洲同行持平，因投资者评估了新的季度公司报告。与此同时，地缘政治的发展引起了人们的关注，美国宣布对俄罗斯主要石油生产国实施制裁，欧盟公布了针对莫斯科的新一揽子计划。在盈利方面，德国软件制造商SAP在公布第三季度收入和营业利润增长后上涨2.2%，全年营业利润接近其早先预测的最高水平。虽然云收入略低于预期，但该公司重申，云仍然是长期增长的基础。护肤品巨头拜尔斯道夫在第三季度业绩低于预期后第二次下调全年销售预测，同时保持其息税前利润率指引，上涨0.3%。

Germany's DAX pared some early losses to close slightly up at 24,208 on Thursday, tracking its European peers, as investors assessed fresh quarterly corporate reports. Meanwhile, geopolitical developments drew attention, as the US announced sanctions on Russia’s top oil producers and the EU unveiled a new package targeting Moscow. On the earnings side, German software maker SAP rose 2.2% after reporting higher third-quarter revenue and operating profit, guiding full-year operating profit toward the top of its earlier forecast. While cloud revenue came in slightly below estimates, the company reiterated that it remains the foundation for long-term growth. Skincare giant Beiersdorf gained 0.3% after cutting its full-year sales forecast for a second time following Q3 results below expectations, while maintaining its EBIT margin guidance.

周四，富时MIB指数上涨0.4%，收于42382点，在乐观的企业新闻中追随全球涨势。在美国因乌克兰战争对俄罗斯实施新的制裁后，原油价格飙升，埃尼集团上涨3%，泰纳瑞斯公司上涨2.8%，而莱昂纳多公司在地缘政治紧张局势再次加剧的情况下上涨1.7%。豪华股也上涨，法拉利上涨2.3%，Moncler上涨2.8%，布鲁内洛·库奇内利上涨1%。法拉利的股票仍然受到分析师的青睐：彭博社追踪的75%的人建议购买，尽管增长预测温和，但其作为奢侈品牌的溢价估值支持了这一点。公用事业和工业股也上涨，A2A上涨3%，普睿司曼上涨2.9%。金融股整体上涨，其中Unipol（2.2%）、UniCredit（1.3%）和Generali（0.9%）领涨。不利的一面是，在摩根大通将其持股比例降至3%后，BPER Banca下跌了2%，而Banca Popolare di Sondrio下跌了1.5%。意法半导体股价下跌14.1%，因利润率压缩掩盖了强劲的销售额；摩根大通将目标价格从30欧元下调至26.40欧元

The FTSE MIB rose 0.4% to close at 42,382 on Thursday, tracking global gains amid mostly optimistic corporate news. Crude surged after new US sanctions on Russia over the Ukraine war, lifting Eni 3% and Tenaris 2.8%, while Leonardo added 1.7% amid renewed geopolitical tensions. Luxury stocks also advanced, with Ferrari up 2.3%, Moncler 2.8%, and Brunello Cucinelli 1%. Ferrari shares remain favored by analysts: 75% of those tracked by Bloomberg recommend buying, supported by its premium valuation as a luxury brand despite modest growth forecasts. Utilities and industrials were also higher, with A2A up 3% and Prysmian 2.9%. Financials gained overall, led by Unipol (2.2%), UniCredit (1.3%), and Generali (0.9%). On the downside, BPER Banca dropped 2% after JPMorgan cut its stake to 3%, while Banca Popolare di Sondrio fell 1.5%. STMicroelectronics slumped 14.1% as strong sales were overshadowed by margin compression; JPMorgan lowered its price target to EUR 26.40 from EUR 30

CAC 40指数周四上涨0.2%，收于8226点，距离周二创下的8271点的历史高点不远，投资者消化了新一波的企业盈利。开云集团股价上涨8.7%，此前第三季度销售额下降低于预期，这得益于其小品牌的强劲表现和古驰的早期复苏迹象。泰雷兹股价上涨0.6%，此前其收入在恒定范围内增长了9.1%。米其林股价上涨0.8%，尽管其报告收入下降4.4%，至193亿欧元，并于10月14日发布盈利预警，称北美市场形势疲软。在其他地方，能源巨头TotalEnergies上涨2%，因美国对俄罗斯最大的石油生产商实施制裁后油价飙升。相比之下，达索系统在第三季度令人失望后暴跌13%，而家乐福下跌3.9%，尽管第三季度收入同比增长2.1%，达到226.1亿欧元。在经济方面，10月份法国的行业信心改善超过预期，升至2024年3月以来的最高水平。

The CAC 40 rose 0.2% to close at 8,226 on Thursday, not far from the record high of 8,271 set on Tuesday, as investors digested a fresh wave of corporate earnings. Kering jumped 8.7% after third-quarter sales fell less than expected, helped by strong showings from its smaller brands and early signs of recovery at Gucci. Thales gained 0.6% after posting a 9.1% revenue increase on a constant-scope. Michelin added 0.8% despite reporting a 4.4% revenue decline to €19.3 billion and issuing an October 14 profit warning, citing weakening North American conditions. Elsewhere, energy giant TotalEnergies rose 2% as oil prices surged following US sanctions on Russia’s largest oil producers. In contrast, Dassault Systèmes plunged 13% after a disappointing third quarter, while Carrefour fell 3.9% despite like-for-like Q3 revenue rising 2.1% to €22.61 billion. On the economic front, industry confidence in France improved more than expected in October, rising to its highest level since March 2024.

欧元区消费者信心在2025年10月升至-14.2，为8个月来最高，高于9月的-14.9，超过了市场预期的-15。强劲的读数反映了近几个月来借贷成本下降和通胀缓解的支持。尽管如此，欧洲各地财政政策的不确定性和贸易关税的潜在影响可能会给前景蒙上阴影。就整个欧盟而言，消费者信心也有所上升，上升0.8点至-13.5点

Euro Area consumer confidence rose to -14.2 in October 2025, the highest in 8 months and up from -14.9 in September, beating market expectations of -15. The stronger reading reflects support from lower borrowing costs and easing inflation in recent months. Still, uncertainty over fiscal policies across Europe and the potential impact of trade tariffs could cloud the outlook. For the EU as a whole, consumer sentiment also rose, gaining 0.8 points to -13.5