根据初步估计，欧元区经济在2025年第三季度同比增长1.3%，低于第二季度的1.5%，但略高于市场预期的1.2%。西班牙是主要经济体的领头羊，增长2.8%（第二季度为3.1%），其次是荷兰，增长1.6%（第三季度为1.7%）和法国，增长0.9%（第四季度为0.7%）。意大利和德国分别稳定在0.4%和0.3%。按季度计算，欧元区GDP增长0.2%，超过预期的0.1%。好于预期的结果缓解了欧洲央行在短期内降息的压力，强化了尽管地缘政治紧张局势和贸易政策不确定性，但经济仍然具有弹性的观点。

The Eurozone economy grew 1.3% year-over-year in Q3 2025, down from 1.5% in Q2 but slightly above market expectations of 1.2%, according to a flash estimate. Spain led the major economies, expanding 2.8% (vs 3.1% in Q2), followed by the Netherlands at 1.6% (vs 1.7%) and France at 0.9% (up from 0.7%). Italy and Germany remained steady at 0.4% and 0.3%, respectively. On a quarterly basis, Eurozone GDP rose 0.2%, exceeding expectations of 0.1%. The better-than-expected results ease pressure on the ECB to cut interest rates in the near term, reinforcing the view that the economy remains resilient despite geopolitical tensions and trade policy uncertainties.

STOXX 50指数和STOXX 600指数周四均下跌0.3%，因投资者消化了一波企业盈利、关键经济数据、美联储最新决定以及特朗普总统和Xi总统达成协议的消息，同时等待欧洲央行当天晚些时候的政策宣布，外界普遍预计这将使货币政策保持不变。最新数据显示，欧元区第三季度GDP增长0.2%，是预测的0.1%的两倍。然而，欧盟最大经济体的表现喜忧参半，法国和西班牙的增长更为强劲，而德国和意大利则停滞不前。施耐德电气在略微调整其2025年目标后下跌了近4%，TotalEnergies在净收入小幅下降后下跌了2.4%。BBVA在公布利润下降后下跌2.4%，而WPP在发布盈利预警后暴跌12.7%。大众汽车在报告五年来首次季度亏损后，抹去了早些时候的涨幅，收盘下跌1.7%。

Both the STOXX 50 and STOXX 600 fell 0.3% on Thursday, as investors digested a wave of corporate earnings, key economic data, the latest Federal Reserve decision, and news of a deal between Presidents Trump and Xi, while awaiting the ECB’s policy announcement later in the day, which is widely expected to leave monetary policy unchanged. Fresh data showed that Eurozone GDP grew 0.2% in Q3, double the 0.1% forecast. However, performance across the bloc’s largest economies was mixed with France and Spain posting stronger growth, while Germany and Italy stagnated. Schneider Electric tumbled nearly 4% after slightly adjusting its 2025 targets, and TotalEnergies lost 2.4% following a modest decline in net income. BBVA dropped 2.4% after reporting lower profits, while WPP plunged 12.7% after issuing a profit warning. Volkswagen erased earlier gains to close 1.7% lower, after reporting its first quarterly loss in five years.

2025年10月，欧元区消费者信心从9月的-14.9升至-14.2，为八个月来的最高水平，证实了初步估计。在更广泛的欧盟，10月份的情绪也有所改善，上升0.8点至-14.3点，这是由于消费者对本国总体经济形势的预期更加积极，以及家庭未来财务前景更好。然而，这些改善被大规模购买意愿的下降部分抵消。与此同时，消费者对过去三个月财务状况的评估基本保持稳定。

Euro Area consumer confidence rose to -14.2 in October 2025, the highest in eight months, from -14.9 in September and confirming the preliminary estimate. In the broader European Union, sentiment also improved, up 0.8 points to -14.3 in October, driven by more positive consumer expectations regarding the general economic situation in their countries and a better outlook for their households’ future finances. However, these improvements were partly offset by a decline in intentions to make major purchases. Meanwhile, consumers’ assessment of their financial situation over the past three months remained largely stable.

2025年10月，欧元区行业信心指数升至-8.2，为2023年6月以来的最高水平，而9月为-10.1，好于-10的预测。这一改善是由于经理们对生产的期望更高，对当前整体订单水平的评估也有所改善。此外，经理们对成品库存的评估大致保持稳定。

The Euro Area industry confidence indicator rose to -8.2 in October 2025, the highest since June 2023, compared to -10.1 in September and better than forecasts of -10. The improvement was driven by managers' brighter production expectations and improved assessments of the current level of overall order books. Also, managers’ assessment of stocks of finished products remained broadly stable.