欧元/南非兰特 (EURZAR) 加自选

欧元兑美元汇率在1.18美元左右，略低于本周早些时候达到的四年高点，因为美联储的政策决定使美元走强。正如预期的那样，美联储将基金利率下调了25个基点，并表示到年底将再下调50个基点。然而，鲍威尔主席强调，此举是“风险管理”削减，而不是新宽松周期的开始。在欧洲，欧洲央行上周连续第二次保持利率不变，这表明其降息周期可能已经结束。政策制定者继续强调谨慎：执行委员会成员伊莎贝尔·施纳贝尔敦促政策制定者“保持稳健”，理由是关税、服务通胀、食品价格和财政政策带来的风险。斯洛伐克央行行长彼得·卡齐米尔回应了这一警告，称淡化这些风险是“错误的”。2025年8月，欧元区的通货膨胀率降至2.0%，略低于初步估计的2.1%。

The euro traded around $1.18, slightly below the four-year highs reached earlier in the week, as the dollar firmed following the Fed’s policy decision. The Fed cut the funds rate by 25 bps, as expected, and signaled an additional 50 bps of reductions by year-end. However, Chair Powell emphasized that the move was a ‘risk management’ cut rather than the start of a new easing cycle. In Europe, the ECB left rates unchanged for a second consecutive meeting last week, suggesting its rate-cutting cycle may be over. Policymakers continued to stress caution: Executive board member Isabel Schnabel urged policymakers to “keep a steady hand,” citing risks from tariffs, services inflation, food prices, and fiscal policy. Slovak central bank governor Peter Kazimir echoed the warning, saying it would be “a mistake” to downplay these risks. Inflation in the Euro Area eased to 2.0% in August 2025, slightly below the preliminary estimate of 2.1%.

在米兰，富时MIB指数周三下跌550点，跌幅1.29%。MFE MediaForEurope（-5.99%）、Banca Generali（-3.63%）和UniCredit（-3.54%）领跌。

In Milan, the FTSE MIB Index dropped 550 points or 1.29 percent on Wednesday. Losses were led by MFE-MediaForEurope (-5.99%), Banca Generali (-3.63%) and UniCredit (-3.54%).

德国DAX指数经历了一个波动的交易日，周三微涨至23359点，因为投资者在当天晚些时候备受期待的美联储政策决定之前变得更加谨慎。尽管人们普遍预计美联储将在2025年的首次降息中至少降息25个基点，但重点将放在美联储鲍威尔关于进一步宽松政策的言论上。在数据方面，欧元区2025年8月的消费者价格通胀率从初步的2.1%下调至2.0%，与欧洲央行的目标保持一致。在企业方面，SAP领涨，上涨3.2%，杰富瑞维持买入评级和290欧元的目标价，预示着云计算的强劲增长和自由现金流前景。其他表现最好的公司包括大陆集团（+1.9%）、阿迪达斯（+1.7%）、费森尤斯医疗（+1.1%）、拜耳（+1.6%）和英飞凌科技（+1.3%）。相比之下，德国商业银行和西门子能源公司的亏损最大，分别下降2.8%和2.2%。

The DAX in Germany experienced a volatile session to close marginally up at 23,359 on Wednesday, as investors turned more cautious ahead of the highly anticipated Fed's policy decision later in the day. While the US central bank is widely expected to lower interest rates by at least 25 basis points in its first cut of 2025, the focus will be on Fed Powell's remarks for signals on further easing. On the data front, Eurozone consumer price inflation for August 2025 was revised down to 2.0% from a preliminary 2.1%, aligning with the ECB’s target. On the corporate front, SAP led the gains, rising 3.2%, as Jefferies maintained a Buy rating and EUR 290 price target, pointing to resilient cloud growth and free cash flow outlook. Other top performers included Continental (+1.9%), Adidas (+1.7%), Fresenius Medical Care (+1.7%), Bayer (+1.6%) and Infineon Technologies (+1.3%). By contrast, Commerzbank and Siemens Energy posted the biggest losses, down 2.8% and 2.2%, respectively.

周三，富时MIB指数下跌1.3%，收于41955点，投资者正在等待为期两天的联邦公开市场委员会会议的结果，市场预计，由于劳动力市场恶化的迹象，利率将下调25个基点。在企业方面，联合信贷银行（-3.6%）下跌，此前首席执行官Andrea Orcel强调波兰、意大利和德国是潜在的并购目标。今年早些时候，联合信贷银行对Banco BPM（-1.5%）的收购失败，而德国的反对意见阻碍了与德国商业银行的交易，通过衍生品转换，联合信贷的股份将在年底前增至29%。其他意大利银行也下跌（联合圣保罗银行-1.3%，Banca Mediolanum银行-1.8%）。法拉利（-2.6%）和莱昂纳多（-2.5%）下跌，而Nexi（+1.9%）表现优异。

The FTSE MIB fell 1.3% to close at 41,955 on Wednesday as investors awaited the outcome of the two-day FOMC meeting, with markets expecting a 25bps rate cut on evidence of a deteriorating labor market.On the corporate front, UniCredit (-3.6%) slumped after CEO Andrea Orcel highlighted Poland, Italy, and Germany as potential M&A targets. UniCredit’s bid for Banco BPM (-1.5%) collapsed earlier this year, while German opposition has stalled a deal with Commerzbank, where UniCredit’s stake is set to rise to 29% by year-end through derivative conversion. Other Italian banks also fell (Intesa Sanpaolo -1.3%, Banca Mediolanum -1.8%). Ferrari (-2.6%) and Leonardo (-2.5%) declined, while Nexi (+1.9%) outperformed.