泛欧100指数 (Euronext100) 加自选

意大利10年期政府债券收益率小幅上涨至3.55%，因投资者权衡了新实施的美国关税和新的欧元区通胀数据的影响。美国的有效关税率已从年初的略高于2%飙升至15%左右，为20世纪30年代以来的最高水平。在8月1日截止日期前最后一刻达成协议后，欧盟现在对其对美国的出口征收15%的关税。在通胀方面，7月份欧元区消费者价格同比上涨2.0%，连续第二个月达到欧洲央行的目标，但略高于市场预测的1.9%。核心通胀率稳定在2.3%。随着未来几个月整体通胀率预计仍将高于欧洲央行的预期，进一步降息的可能性已经降低。在美国，美联储主席鲍威尔的鹰派语气进一步降低了市场对9月会议降息的预期。

Italy’s 10-year government bond yield rose slightly to 3.55% as investors weighed the impact of newly implemented US tariffs and fresh Eurozone inflation data. The effective US tariff rate has surged to around 15%, up from just over 2% at the beginning of the year—its highest level since the 1930s. The EU now faces a 15% tariff on its exports to the US, following a last-minute deal reached just before the August 1 deadline. On the inflation side, Eurozone consumer prices increased by 2.0% year-on-year in July, matching the ECB’s target for a second straight month but slightly exceeding market forecasts of 1.9%. Core inflation held steady at 2.3%. With headline inflation projected to remain above ECB expectations in the coming months, the probability of further rate cuts has diminished. In the US, Fed Chair Powell’s hawkish tone has further dampened market expectations for a rate cut at the September meeting.

法国10年期政府债券收益率微升至3.36%，投资者评估了美国新征收关税和欧元区最新通胀数据的影响。美国的有效关税率已从年初的略高于2%跃升至约15%，创下20世纪30年代以来的最高水平。在8月1日截止日期前最后一刻达成协议后，欧盟现在面临对美国出口15%的关税。在通胀方面，7月份欧元区消费者价格同比上涨2.0%，与欧洲央行连续第二个月的目标一致，但略高于市场预期的1.9%。核心通胀率稳定在2.3%。随着未来几个月整体通胀率预计将高于欧洲央行的预测，进一步降息的可能性已经降低。在美国，美联储主席鲍威尔的鹰派言论进一步降低了市场对9月会议降息的预期。

France's 10-year government bond yield edged up to 3.36% as investors assessed the implications of newly imposed US tariffs and the latest Eurozone inflation figures. The effective US tariff rate has jumped to approximately 15%, up from just over 2% at the start of the year—marking its highest level since the 1930s. The EU now faces a 15% tariff on exports to the US, following a last-minute agreement reached just ahead of the August 1 deadline. On the inflation front, Eurozone consumer prices rose 2.0% yoy in July, in line with the ECB’s target for a second consecutive month, though slightly above market expectations of 1.9%. Core inflation remained stable at 2.3%. With headline inflation expected to stay above ECB forecasts in the coming months, the likelihood of further rate cuts has diminished. In the US, Fed Chair Powell’s hawkish comments have further reduced the market’s expectations for a rate cut at the September meeting.

德国10年期国债收益率略高于2.7%，投资者权衡了新宣布的美国关税和欧元区新通胀数据的影响。美国的有效关税率已从年初的略高于2%飙升至15%左右，为20世纪30年代以来的最高水平。在8月1日截止日期前最后一刻达成协议后，欧盟现在对其对美国的出口征收15%的关税。与此同时，7月份欧元区消费者通胀率稳定在2.0%，连续第二个月达到欧洲央行的目标，但略高于市场预期的1.9%。核心通胀率保持在2.3%不变。由于未来几个月整体通胀率可能仍高于欧洲央行的预测，进一步降息的可能性似乎越来越小。尽管如此，市场仍认为，到2026年3月，欧洲央行降息25个基点的可能性为90%。在美国，美联储主席杰罗姆·鲍威尔的鹰派立场降低了人们对9月会议降息的预期。

Germany’s 10-year Bund yield hovered slightly above 2.7% as investors weighed the impact of newly announced US tariffs and fresh Eurozone inflation data. The effective US tariff rate has surged to around 15%, up from just over 2% at the start of the year—its highest level since the 1930s. The EU now faces a 15% tariff on its exports to the US, following a last-minute deal reached just before the August 1 deadline. Meanwhile, Eurozone consumer inflation held steady at 2.0% in July, matching the ECB’s target for a second straight month but slightly exceeding market expectations of 1.9%. Core inflation remained unchanged at 2.3%. With headline inflation likely to remain above the ECB’s projections in the coming months, further rate cuts appear increasingly unlikely. Still, markets are pricing in a 90% chance of a 25 basis point ECB rate cut by March 2026. In the US, Federal Reserve Chair Jerome Powell’s hawkish stance has dampened expectations for a rate cut at the September meeting.

据初步估计，2025年7月，欧元区消费者价格通胀率同比稳定在2.0%，与6月持平，但略高于市场预期的1.9%。这标志着通货膨胀率连续第二个月与欧洲央行的官方目标保持一致。服务业通胀放缓（3.1%对6月份的3.3%）有助于抵消食品、烟酒（3.3%对3.1%）和非能源工业品（0.8%对0.5%）价格的快速上涨。能源价格继续下跌，在6月份下跌2.6%后下跌2.5%。与此同时，核心通胀率（不包括能源、食品、酒精和烟草）保持不变，为2.3%，为2022年1月以来的最低水平。

Eurozone consumer price inflation held steady at 2.0% year-on-year in July 2025, unchanged from June but slightly above market expectations of 1.9%, according to preliminary estimates. This marks the second consecutive month that inflation has aligned with the European Central Bank’s official target. A slowdown in services inflation (3.1% vs 3.3% in June) helped offset faster price increases in food, alcohol & tobacco (3.3% vs 3.1%) and non-energy industrial goods (0.8% vs 0.5%). Energy prices continued to decline, falling by 2.5% following a 2.6% drop in June. Meanwhile, core inflation—which excludes energy, food, alcohol, and tobacco—remained unchanged at 2.3%, its lowest level since January 2022.