2025年3月，欧元区零售贸易环比下降0.1%，此前2月份下调了0.2%的增长，低于市场对平稳增长的预期。非食品类产品的销售额在经历了两个月的停滞后下降了0.1%，而食品、饮料和烟草的销售额也下降了0.1%。相比之下，燃料销售额连续第二个月增长0.4%。按年度计算，3月份零售贸易增长放缓至1.5%，为2024年7月以来的最低水平，低于1.9%的预测。

Eurozone retail trade declined by 0.1% month-over-month in March 2025, following a downwardly revised 0.2% increase in February and falling short of market expectations for flat growth. Sales of non-food products fell by 0.1% after two months of stagnation, while sales of food, drinks, and tobacco also declined by 0.1%, ending a two-month expansion streak. In contrast, fuel sales rose by 0.4% for the second consecutive month. On an annual basis, retail trade growth slowed to 1.5% in March, the weakest pace since July 2024 and below forecasts of 1.9%.

欧洲股市周三下跌，STOXX 50指数下跌0.2%，STOXX 600指数下跌0.3%，因投资者在美联储当天晚些时候的货币政策决定之前保持谨慎。人们普遍预计央行将保持联邦基金利率不变，但所有人的目光都将集中在有关货币政策未来路径的任何暗示上。与此同时，交易员们也在消化新一批企业盈利，而美国和中国本周将在日内瓦举行贸易谈判的消息并没有提振投资者信心。在盈利方面，诺和诺德股价上涨超过3%，此前该公司公布了好于预期的净利润，尽管下调了全年销售增长预测。宝马上涨3.7%，尽管其第一季度收益下降了23%。相比之下，西门子医疗股价下跌1.6%，此前该公司下调了年度盈利预测的下限。费森尤斯股价下跌0.5%，因其业绩未能给投资者留下深刻印象。

European shares slipped on Wednesday, with the STOXX 50 down 0.2% and the STOXX 600 falling 0.3%, as investors remained cautious ahead of the Federal Reserve's monetary policy decision later in the day. The central bank is widely expected to keep the federal funds rate unchanged, but all eyes will be on any hints about the future path of monetary policy. Meanwhile, traders were also digesting a fresh batch of corporate earnings, while news that the US and China will hold trade talks this week in Geneva did little to lift investor confidence. On the earnings front, shares of Novo Nordisk rose more than 3% after the company posted better-than-expected net profit, despite lowering its full-year sales growth forecast. BMW gained 3.7%, even though its Q1 earnings dropped by 23%. In contrast, Siemens Healthineers fell 1.6% after the company revised down the lower end of its annual earnings forecast. Fresenius slipped 0.5%, as its results failed to impress investors.

HCOB欧元区建筑业采购经理人指数从3月份的44.8上升至2025年4月的46，表明整个欧元区的建筑活动持续下降，但速度为2023年2月以来的最低水平。虽然这标志着连续第三年出现收缩，但4月份的数据表明，经济衰退略有缓解。新订单仍在下降，但下降幅度较小，导致就业和采购进一步减少。投入成本以一年多来最快的速度增长，尽管通货膨胀率仍低于历史正常水平。交货时间再次改善，显示供应链有所复苏。然而，企业情绪恶化，明年的前景变得更加悲观。从地区来看，德国的经济放缓有所缓解，法国的收缩略有加深，意大利的建筑活动基本稳定。

The HCOB Eurozone Construction PMI rose to 46 in April 2025 from 44.8 in March, indicating a continued decline in construction activity across the bloc, though at the slowest pace since February 2023. While this marks the third straight year of contraction, April’s data suggests a modest easing in the downturn. New orders still dropped but at a less severe rate, which led to further reductions in employment and purchasing. Input costs rose at the fastest pace in over a year, though inflation remained below historical norms. Delivery times improved again, showing some supply chain recovery. However, sentiment among firms deteriorated, with outlooks for the next year becoming more pessimistic. Regionally, Germany’s slowdown eased, France saw a slightly deeper contraction, and Italy's construction activity was mostly stable.

周三，欧洲股市开盘涨跌互现，投资者权衡全球贸易发展，等待美联储的最新政策决定。亚洲股市和美国股指期货上涨，此前有消息证实，美国和中国官员将于本周晚些时候在瑞士会晤，讨论贸易事宜，这提振了缓解紧张局势的希望。尽管人们普遍预计美联储将保持利率不变，但交易员将仔细审查主席杰罗姆·鲍威尔的言论，以寻找未来政策路径的线索，尤其是在降低利率的政治压力不断上升的情况下。在欧洲，人们的注意力转向了一系列企业盈利，诺和诺德、宝马、费森尤斯、西门子医疗和意大利电信将发布关键报告。投资者还将研究欧元区零售销售数据，以深入了解关税可能如何影响消费者需求。盘前交易中，欧洲斯托克50指数期货微涨0.1%，斯托克600指数期货下跌0.1%。

European equity markets were set for a mixed open on Wednesday, as investors weighed global trade developments and awaited the Federal Reserve’s latest policy decision. Asian stocks and US index futures climbed after confirmation that US and Chinese officials will meet in Switzerland later this week to discuss trade matters, lifting hopes for easing tensions. While the Fed is widely expected to keep interest rates unchanged, traders will scrutinize Chair Jerome Powell’s comments for clues on the future policy path, especially amid rising political pressure to lower rates. In Europe, attention turns to a flurry of corporate earnings, with key reports due from Novo Nordisk, BMW, Fresenius, Siemens Healthineers, and Telecom Italia. Investors will also examine Eurozone retail sales data for insight into how tariffs may be affecting consumer demand. In premarket trade, Euro Stoxx 50 futures edged up 0.1%, while Stoxx 600 futures slipped 0.1%.