周四，斯托克50指数和斯托克600指数均下跌0.5%，投资者权衡了央行行动、企业盈利和好坏参半的经济数据。欧洲央行连续第三次会议保持利率不变，指出通胀前景大致保持稳定，而美联储再次降息，但警告称，12月的进一步宽松政策并非板上钉钉。在数据方面，欧元区第三季度GDP增长0.2%，超出预期，尽管主要经济体的表现参差不齐，法国和西班牙增长强劲，而德国和意大利则停滞不前。在企业中，施耐德电气下跌4.3%，尽管第三季度收入有所增加，并证实了其2025年的前景，因为有机增长和利润率有望提高到该区间的下半部分。桑坦德银行股价下跌3.5%，每股收益略有下降，西班牙对外银行股价下跌1.9%，利润下降。荷兰国际集团股价飙升5.5%，净利润高于预期，而空中客车公司股价上涨3.2%，报告第三季度业绩稳健，并保持了2025年的预期。

Both the STOXX 50 and STOXX 600 were down 0.5% on Thursday, as investors weighed central bank actions, corporate earnings, and mixed economic data. The ECB kept rates unchanged for a third consecutive meeting, noting that the inflation outlook remains broadly stable, while the Fed cut rates again but cautioned that further easing in December is not guaranteed. On the data front, Eurozone GDP grew 0.2% in Q3, exceeding expectations, though performance across major economies was uneven, with France and Spain posting strong growth, while Germany and Italy stagnated. Among corporates, Schneider Electric fell 4.3% despite higher Q3 revenues and confirming its 2025 outlook, as organic growth and margin improvements are expected toward the lower half of the range. Banco Santander dropped 3.5% on slightly missed EPS, and BBVA fell 1.9% on lower profits. ING surged 5.5% with net profit above expectations, while Airbus gained 3.2%, reporting a solid Q3 and maintaining its 2025 guidance.

欧元继续下跌至1.15美元，为7月以来的最低水平，受到美元普遍走强的压力，因为投资者正在关注欧洲央行和美联储的货币政策方向。欧洲央行如预期的那样连续第三次保持利率不变，并指出通胀前景总体保持稳定，经济继续增长，前景仍不确定。与前几个月一样，政策制定者重申了他们对货币政策采取“数据依赖、逐个会议的方法”的承诺。市场普遍预计欧洲央行今年不会采取进一步行动。在数据方面，欧元区经济在第三季度增长了0.2%，超过了0.1%的预期，而失业率仍接近历史最低水平。通胀趋势喜忧参半，德国物价放缓，但西班牙通胀上升。与此同时，美联储10月份如预期般降息25个基点，但主席鲍威尔对进一步宽松政策表示谨慎，强调12月降息并非板上钉钉。

The Euro continued its decline to $1.15, the lowest level since July, pressured by broad dollar strength as investors monitor the monetary policy direction from both the ECB and the Fed. The ECB left interest rates unchanged for a third consecutive meeting as expected and noted that the inflation outlook remains broadly stable, the economy continues to grow and the outlook remains uncertain. As in previous months, policymakers reiterated their commitment to a “data-dependent, meeting-by-meeting approach” to monetary policy. Markets largely expect no further ECB moves this year. On the data front, the Eurozone economy expanded 0.2% in Q3, surpassing expectations of 0.1%, while unemployment remained near record lows. Inflation trends were mixed, with slowing prices in Germany but rising inflation in Spain. Meanwhile, the Fed cut rates by 25bps in October as expected, but Chair Powell sounded cautious on further easing, emphasizing that a December rate cut is not a foregone conclusion.

欧洲央行在10月连续第三次会议保持利率不变，这表明人们对欧元区经济的弹性充满信心，并缓解了通胀压力。主要再融资利率保持在2.15%，而存款便利利率保持在2.0%。欧洲央行指出，通胀率仍接近其2%的中期目标，管理委员会对通胀前景的评估大致没有变化。尽管全球环境充满挑战，但经济仍在继续扩张，这得益于强劲的劳动力市场、稳健的私营部门资产负债表以及之前降息的影响，这些因素共同支撑了该地区的韧性。然而，经济前景仍然不确定，特别是由于持续的全球贸易争端和地缘政治紧张局势。政策制定者还表示，在制定货币政策时，他们将继续遵循数据依赖、逐次会议的方法。

The European Central Bank left interest rates unchanged for a third consecutive meeting in October, signaling confidence in a resilient eurozone economy and easing inflation pressures. The main refinancing rate remained at 2.15%, while the deposit facility rate stayed at 2.0%. The ECB noted that inflation remains close to its 2% medium-term target, and the Governing Council’s assessment of the inflation outlook is broadly unchanged. The economy has continued to expand despite a challenging global environment, supported by a robust labor market, solid private-sector balance sheets, and the impact of previous rate cuts, which together underpin the region’s resilience. However, the economic outlook remains uncertain, particularly due to persistent global trade disputes and geopolitical tensions. Policymakers also said they will continue to follow a data-dependent, meeting-by-meeting approach in setting monetary policy.

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.