欧洲股市本周开盘表现良好，STOXX 50指数上涨0.6%，STOXX 600指数上涨0.3%，达到三周高点，交易员们正在为忙碌的一周央行货币政策决策做准备。人们普遍预计美联储将恢复降息，其中25个基点的降息已完全消化。投资者还将关注英格兰银行、日本银行和加拿大银行的政策更新。与此同时，惠誉上周五下调了法国的信用评级，理由是政府债务增加、政治两极分化加剧以及对财政前景的担忧。银行业领涨，在CVC Capital Partners和托克有收购意向的报道后，Rubis飙升超过7%。其他银行也上涨，包括桑坦德银行（+0.9%）、联合信贷银行（+1%）、联合圣保罗银行（+1.2%）和法国巴黎银行（+1.1%）。在蓝筹股中，LVMH（+1.2%）和ASML控股（+1.3%）也实现了稳健增长。

European stocks started the week in positive territory, with the STOXX 50 up 0.6% and the STOXX 600 rising 0.3% to reach three-week highs, as traders brace for a busy week of central bank monetary policy decisions. The Federal Reserve is widely expected to resume interest rate cuts, with a 25 bps reduction fully priced in. Investors will also be watching policy updates from the Bank of England, the Bank of Japan, and the Bank of Canada. Meanwhile, attention remains on France after Fitch downgraded the country’s credit rating last Friday, citing rising government debt, growing political polarization, and concerns over the fiscal outlook. The banking sector led gains, with Rubis soaring more than 7% following reports of takeover interest from CVC Capital Partners and Trafigura. Other lenders also advanced, including Banco Santander (+0.9%), UniCredit (+1%), Intesa Sanpaolo (+1.2%), and BNP Paribas (+1.1%). Among blue chips, LVMH (+1.2%) and ASML Holding (+1.3%) also posted solid gains.

惠誉将法国的信用评级从AA-下调至A+，为有记录以来的最低水平，欧元兑美元汇率几乎没有变化，为1.17美元。该机构指出，随着新任命的总理塞巴斯蒂安·莱科尔努开始预算谈判，政治不稳定和债务不断增加。现在，人们的注意力转向了一周紧凑的央行会议。由于对其独立性的担忧，美联储预计将在周三降息至少25个基点，因为官员们正在权衡劳动力市场降温与关税带来的通胀压力。人们普遍预计英格兰银行和日本银行将保持政策不变。与此同时，欧洲央行上周表示，其降息周期可能已经结束。克里斯蒂娜·拉加德总统表示，增长风险现在更加平衡，这表明政策制定者在数月的宽松政策后正转向更稳定的立场。

The euro was little-changed at $1.17 after Fitch downgraded France’s credit rating to A+ from AA-, its lowest on record. The agency cited political instability and rising debt as newly appointed Prime Minister Sébastien Lecornu begins budget talks. Attention now shifts to a packed week of central bank meetings. The Federal Reserve is expected to cut rates by at least 25 basis points on Wednesday amid concerns over its independence, as officials weigh a cooling labor market against inflationary pressures from tariffs. The Bank of England and the Bank of Japan are widely expected to keep policy unchanged. Meanwhile, the European Central Bank last week signaled that its rate-cutting cycle may be over. President Christine Lagarde said growth risks are now more balanced, suggesting policymakers are shifting toward a steadier stance after months of easing.

随着风险情绪的改善，欧洲股市周一开盘走高，投资者预计美联储本周将降息。与此同时，随着通货膨胀率上升，预计英格兰银行将在周四保持政策稳定，未来几个季度将恢复降息。在数据方面，交易员将关注8月份欧元区最新贸易平衡和德国批发价格。今天没有大公司的盈利报告。盘前交易中，欧洲斯托克50指数期货上涨0.3%，斯托克600指数期货上涨0.1%。

European equities were set to start higher on Monday as risk sentiment improved, with investors looking ahead to an expected rate cut from the US Federal Reserve this week. The Bank of England is meanwhile expected to hold policy steady on Thursday as inflation edges higher, with rate cuts seen resuming in the coming quarters. On the data front, traders will watch the latest Eurozone trade balance and German wholesale prices for August. No major corporate earnings are due today. In premarket action, Euro Stoxx 50 futures rose 0.3% while Stoxx 600 futures added 0.1%.

欧洲股市周五收盘小幅下跌，市场继续评估全球利率前景，并等待惠誉对法国的信用评级。斯托克50指数收平，报5387点，泛欧斯托克600指数下跌0.1%，报555点，受制药板块拖累。由于政治不稳定及其对赤字扩大的影响，投资者在惠誉可能下调法国信用评级之前持谨慎态度。与此同时，由于仿制药品牌的竞争加剧，高盛下调了诺华的评级，导致其股价下跌3%，并推动罗氏、阿斯利康和葛兰素史克下跌超过1%，欧洲制药股也随之下跌。昨天，欧洲央行表示其宽松周期已经完成，拉加德总统指出，该行目前处于“良好状态”，增长风险似乎更加平衡。本周，斯托克50指数上涨1.3%，斯托克600指数上涨1%。

European stocks closed marginally lower on Friday as markets continued to assess the outlook on global rates and awaited Fitch's credit rating for France. The STOXX 50 index closed flat at 5,387 and the pan-European STOXX 600 eased 0.1% to 555, weighed by the pharmaceutical sector. Investors were cautious ahead of the possible downgrade to the French credit rating by Fitch due to political instability and its impact on widening deficits. In the meantime, pharmaceutical stocks in Europe sank after Goldman Sachs downgraded Novartis on rising competition from generic brands, pressuring its shares by 3% and driving Roche, AstraZeneca, and GSK to drop over 1%. Yesterday, the ECB signaled its easing cycle is complete, with President Lagarde noting the bank is now in a “good place” and that growth risks appear more balanced. On the week, the STOXX 50 gained 1.3% and the STOXX 600 advanced 1%.