欧洲股市周五收盘大幅下跌，因与美国的贸易紧张局势持续存在。欧元区STOXX 50指数下跌1%，收于5291点，泛欧STOXX 600指数下跌0.5%，收于541点。欧盟委员会表示，他们正在接近与美国达成贸易协议的框架，以避免在7月9日的最后期限前重新引入激进的关税。与此同时，美国官员发表声明称，最后期限不会延长，可能会对没有贸易协议的经济体征收高达70%的单边关税。反过来，欧洲央行官员指出，如果欧元长期保持在1.20美元的强势，他们可能会低于2%的通胀目标。在数据方面，5月份欧盟生产者价格指数较上月下跌0.6%。银行、科技和工业巨头领跌，BBVA、西门子和ASML下跌约2.5%。与此同时，路威酩轩集团股价下跌1.8%，此前中国宣布将对来自欧盟的白兰地征收关税。

European stocks closed firmly lower on Friday as trade tensions with the United States persisted. The Eurozone's STOXX 50 closed 1% lower at 5,291 and the pan-European STOXX 600 fell 0.5% to close at 541. The EU Commission stated that they are approaching a framework for a trade agreement with the US to avoid the reintroduction of aggressive tariffs by the July 9th deadline. This coincided with statements by US officials noting that the deadline will not be extended, and unilateral tariffs of up to 70% could be set on economies without a trade deal. In turn, ECB officials noted that they could undershoot the 2% inflation target if the euro stays as strong as $1.20 for an prolonged period. On the data front, producer prices in the bloc fell by 0.6% from the previous month in May. Banks, tech, and industrial giants led the losse with BBVA, Siemens, and ASML dropping around 2.5%. In the meantime LVMH fell 1.8% after China announced it will tariff brandy from the EU.

2025年5月，欧元区的年度工业生产者价格通胀率从上个月的0.7%降至0.3%，符合市场预期。减速的主要原因是能源价格大幅下跌（-1.4%对4月份的-0.5%）。中间产品（0.3%对0.4%）和资本货物（1.6%对1.7%）的价格增长也有所放缓。相比之下，耐用消费品（1.4%对0.9%）和非耐用消费品的通货膨胀率都有所上升（1.9%对1.8%）。在4月份下降2.2%之后，5月份生产者价格指数环比下降0.6%。

Annual industrial producer price inflation in the Euro Area slowed to 0.3% in May 2025, down from 0.7% in the previous month, in line with market expectations. The deceleration was largely driven by a sharper drop in energy prices (-1.4% vs. -0.5% in April). Price growth also eased for intermediate goods (0.3% vs. 0.4%) and capital goods (1.6% vs. 1.7%). In contrast, inflation accelerated for both durable (1.4% vs. 0.9%) and non-durable consumer goods (1.9% vs. 1.8%). On a monthly basis, producer prices dropped by 0.6% in May, after a 2.2% decline in April.

2025年5月，欧元区工业生产者价格环比下跌0.6%，此前4月跌幅更大，为2.2%，略高于市场预期的0.5%的跌幅。能源价格继续下跌，但速度较慢（-2.1%，而4月份为-7.8%），而中间产品价格下降了0.1%，与上月持平。资本品价格与4月份0.1%的涨幅相比没有变化。相比之下，耐用消费品（0.3%对0.1%）和非耐用消费品的价格都有所上涨（0.2%对0.3%）。在欧元区最大的经济体中，法国（-0.8%）、意大利（-0.7%）和西班牙（-0.7%。按年度计算，5月份生产者价格通胀率从4月份的0.7%大幅降至0.3%。

Euro Area industrial producer prices fell by 0.6% month-on-month in May 2025, following a sharper 2.2% decline in April and slightly exceeding market expectations of a 0.5% drop. Energy prices continued to fall, though at a slower pace (-2.1% vs. -7.8% in April), while prices for intermediate goods declined by 0.1%, matching the previous month’s rate. Capital goods prices were unchanged, compared with a 0.1% increase in April. In contrast, prices rose for both durable consumer goods (0.3% vs. 0.1%) and non-durable consumer goods (0.2% vs. 0.3%). Among the largest Eurozone economies, France (-0.8%), Italy (-0.7%), and Spain (-0.7%) recorded the most significant monthly declines. On an annual basis, producer price inflation eased sharply to 0.3% in May, down from 0.7% in April.

HCOB欧元区建筑业采购经理人指数从5月的45.6微降至2025年6月的45.2，为三个月来最大跌幅。由于新订单急剧下降，产量明显下降。需求疲软促使企业削减人员和投入采购，将衰退期分别延长至28个月和37个月。从地区来看，德国和法国仍然是主要拖累因素，后者的跌幅更大，而意大利则连续第四个月实现增长。在各个行业中，住宅行业再次表现最差，而商业活动则以四个月来最快的速度下降。从更乐观的角度来看，土木工程工作自2022年3月以来首次扩大，所有三个受监测的经济体都出现了增长。在价格方面，投入成本通胀升至2023年12月以来的最高水平，导致产出价格出现2023年9月以来最快的上涨。最后，企业对未来一年仍持悲观态度，预计整体活动将下降。

The HCOB Eurozone Construction PMI edged down to 45.2 in June 2025 from 45.6 in May, marking the sharpest decline in three months. Output fell markedly, driven by a steep drop in new orders. Weak demand conditions prompted firms to cut staffing and input purchases, extending their downturns to 28 and 37 months, respectively. Regionally, Germany and France remained the main drags, with the latter seeing the sharper decline, while Italy registered growth for the fourth month. Across sectors, the residential sector was again the worst performer, while commercial activity fell at the fastest pace in four months. On a brighter note, civil engineering work expanded for the first time since March 2022, with growth seen in all three monitored economies. On prices, input cost inflation rose to its highest since December 2023, leading to the fastest rise in output prices since September 2023. Lastly, firms remained pessimistic about the year ahead, anticipating a drop in overall activity.