2025年5月，欧元区的贸易顺差从一年前的127亿欧元扩大到162亿欧元，出口增长0.9%，进口下降0.6%。在更广泛的欧盟，贸易顺差也从89亿欧元增长到131亿欧元。欧盟出口小幅增长0.1%，至2169亿欧元，得益于化学品（+12.1%）和食品饮料（+3.2%）的强劲销售，抵消了机械和车辆的下降（-2.4%）。对主要合作伙伴的出口增长，包括美国（+4.4%）、瑞士（+6.8%）和英国（+2.5%）。在进口方面，欧盟购买了2038亿欧元的商品，比去年下降了2%。这一下降主要是由于对能源（-18.7%）和原材料（-1.7%）的需求减弱。来自中国的进口增加（+3.4%），但来自美国（-7.4%）和英国（-7.1%）的进口大幅下降。

The Eurozone’s trade surplus widened to €16.2 billion in May 2025 from €12.7 billion a year earlier, as exports rose 0.9% while imports declined 0.6%. In the broader EU, the trade surplus also grew to €13.1 billion from €8.9 billion. EU exports edged up 0.1% to €216.9 billion, supported by strong sales of chemicals (+12.1%) and food and drink (+3.2%), which offset declines in machinery and vehicles (-2.4%). Exports to key partners rose, including the US (+4.4%), Switzerland (+6.8%), and the UK (+2.5%). On the import side, the EU purchased €203.8 billion in goods, down 2% from last year. This drop was mainly driven by weaker demand for energy (-18.7%) and raw materials (-1.7%). Imports increased from China (+3.4%) but fell significantly from the US (-7.4%) and the UK (-7.1%).

周三，STOXX 50指数下跌0.6%，STOXX 600指数下跌0.3%，投资者关注新一波企业盈利。ASML控股公司股价下跌超过6%，此前该公司警告称2026年没有增长潜力，理由是宏观经济和地缘政治的不确定性，包括对运往美国的新系统和零件征收关税的风险以及其他国家可能采取的报复措施。尽管存在这些担忧，ASML的收入和收益均超过了第二季度的预期。此外，雷诺在下调了今年的利润率预期后暴跌了17%以上。其他值得注意的跌幅包括阿斯利康（-1.3%）和西门子能源（-1.9%）。相比之下，历峰集团在报告第二季度收入好于预期后上涨了近1.5%，尽管利润率压力仍然令人担忧。与此同时，贸易紧张局势仍然是人们关注的焦点，特朗普总统表示，他可能会在本月底前对药品征收关税，并建议很快对半导体征税。

The STOXX 50 was down 0.6% and the STOXX 600 slipped 0.3% on Wednesday, as investors focused on a fresh wave of corporate earnings. ASML Holding shares tumbled more than 6% after the company warned of no growth potential in 2026, citing macroeconomic and geopolitical uncertainties, including the risk of tariffs on new systems and parts shipped to the US and potential retaliatory measures from other countries. Despite these concerns, ASML beat Q2 estimates on both revenue and earnings. Also, Renault plunged more than 17% after cutting its margin outlook for the year. Other notable decliners included AstraZeneca (-1.3%) and Siemens Energy (-1.9%). In contrast, Richemont rose nearly 1.5% after reporting better-than-expected Q2 revenue, although margin pressures remain a concern. Meanwhile, trade tensions remained in focus, with President Trump stating he may impose tariffs on pharmaceuticals by the end of the month, and suggesting that levies on semiconductors could follow soon.

周三，欧洲股市开盘走低，因为最新的美国通胀数据降低了对美联储降息的预期。美国总统唐纳德·特朗普早在8月1日就表示可能对药品和半导体征收关税后，新的贸易紧张局势也打压了市场情绪。在欧洲，人们的注意力转向了英国6月份的通胀数据，这可能会影响对英格兰银行政策的预期。在企业方面，荷兰芯片设备制造商ASML公布了强于预期的第二季度收益和净订单，表明半导体行业持续强劲。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货分别下跌0.3%和0.1%。

European equity markets were set for a weaker open on Wednesday, as the latest US inflation data tempered expectations for Federal Reserve rate cuts. Sentiment was also weighed down by fresh trade tensions after US President Donald Trump signaled potential tariffs on pharmaceuticals and semiconductors as early as August 1. In Europe, attention turns to UK inflation data for June, which could influence expectations for Bank of England policy. On the corporate front, Dutch chip equipment maker ASML posted stronger-than-expected Q2 earnings and net bookings, pointing to continued strength in the semiconductor sector. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures slipped 0.3% and 0.1%, respectively.

欧洲股市抹去了早盘涨幅，周二收盘大多下跌，因为市场继续评估美国的潜在关税可能会如何损害欧洲企业。斯托克50指数下跌0.3%，收于5358点，斯托克600指数下跌0.4%，收于545点。美国总统特朗普此前宣布，从8月1日起对来自欧盟的进口商品征收30%的关税，促使欧盟继续寻求达成贸易协定。欧盟官员最近表示，一项避免关税的协议仍在谈判中，但无论如何，一项报复计划正在准备中，这可能会对价值720亿欧元的美国商品征收关税。金融服务提供商领跌，安联、西班牙对外银行和联合信贷银行下跌2%至1%。此外，由于美国进口关税对业绩造成压力，爱立信股价下跌超过4%，尽管该公司盈利超出预期。另一方面，得益于美国放宽对Nvidia芯片的出口限制，ASML上涨2.7%。

European stocks erased early gains and closed mostly lower on Tuesday as markets continued to assess how potential tariffs from the US may hurt European businesses. The STOXX 50 closed 0.3% lower at 5,358 and the STOXX 600 fell 0.4% to close at 545. US President Trump had previously announced a 30% tariff on imports from the European Union starting August 1st, prompting the bloc to continue to seek a trade agreement. EU officials recently stated that a deal is still being negotiated to avoid tariffs, but a retaliation package is being prepared regardless, which may tariff up to€72 billion worth of US goods. Financial service providers led the losses in the session, with Allianz, BBVA, and UniCredit dropping between 2% and 1%. Also, Ericsson fell over 4%, despite the company beating earnings forecasts, as US import tariffs weighed on results. On the other hand, ASML jumped 2.7%, benefitting from the US relaxing export curbs on Nvidia chips.