5月1日，欧元在交易清淡的情况下小幅下跌至1.13美元，此前4月份欧元兑美元汇率上涨了5%以上。随着唐纳德·特朗普总统发出与印度、日本和韩国可能达成协议的信号，以及他对与中国达成协议的信心，人们越来越乐观地认为贸易紧张局势可能会缓解，美元找到了支撑。与此同时，投资者消化了大量最近的经济数据，并展望了周五的美国非农就业报告，以进一步了解美联储的政策前景。2025年第一季度，美国经济意外收缩，年化收缩率为0.3%，部分原因是在特朗普政府征收预期关税之前进口激增。相比之下，在强劲的国内需求的推动下，欧元区经济增长了0.4%，好于预期。在通胀方面，德国4月份的整体通胀率降至2.1%，尽管核心通胀率有所上升，而法国的年通胀率保持在0.8%不变。

The euro edged slightly lower toward $1.13 in thin trading on the first day of May, after gaining more than 5% against the U.S. dollar in April, as the dollar found support amid growing optimism that trade tensions may ease following President Donald Trump's signals of potential agreements with India, Japan, and South Korea, along with his confidence in a deal with China. Meanwhile, investors digested a raft of recent economic data and looked ahead to Friday’s U.S. non-farm payrolls report for further insight into the Fed’s policy outlook. The U.S. economy unexpectedly contracted at an annualized rate of 0.3% in Q1 2025, driven in part by a spike in imports ahead of expected Trump administration tariffs. In contrast, the Eurozone economy grew by a better-than-expected 0.4%, buoyed by strong domestic demand. On the inflation front, German headline inflation eased to 2.1% in April, though core inflation ticked higher, while France’s annual rate remained unchanged at 0.8%.

欧洲股市周三收盘涨跌互现，斯托克50指数下跌0.5%，斯托克600指数连续第七个交易日上涨0.5%，投资者消化了一波盈利和悲观的美国经济数据。尽管早期出现亏损，但医疗保健和银行业的上涨帮助市场复苏。汽车行业下跌1.2%，疲软的收益盖过了特朗普总统软化部分汽车关税的命令。医疗保健类股上涨1.3%，葛兰素史克、阿斯利康和施乐辉表示，他们已做好应对关税影响的准备。瑞银盈利16.92亿美元，超出预期，而巴克莱银行也超出预期。然而，大众汽车报告第一季度利润下降37%，Stellantis因贸易不确定性而暂停指导，TotalEnergies因原油疲软而下跌18%。与此同时，欧元区GDP超出预期，在第四季度持平增长后，第一季度增长0.4%。

European stocks closed mixed on Wednesday, with the Stoxx 50 down 0.5% while the Stoxx 600 rose 0.5% for a seventh straight session, as investors digested a wave of earnings and downbeat US economic data. Despite early losses, gains in healthcare and banking helped markets recover. The automotive sector fell 1.2%, as weak earnings overshadowed President Trump’s order softening some auto tariffs. Healthcare stocks gained 1.3%, with GSK, AstraZeneca, and Smith+Nephew saying they’re prepared for tariff impacts. UBS beat expectations with a $1.692B profit, while Barclays also exceeded forecasts. However, Volkswagen reported a 37% drop in Q1 profit, Stellantis suspended guidance due to trade uncertainty, and TotalEnergies saw an 18% decline on weaker crude. Meanwhile, Eurozone GDP beat expectations, rising 0.4% in Q1 after flat growth in Q4.

周三，欧洲股市下跌，投资者消化了喜忧参半的收益和美国GDP的意外收缩。斯托克600指数下跌0.2%，停止了六天的反弹，而斯托克50指数下跌超过1%。汽车股扭转了早些时候的涨势，下跌1.2%，因为对盈利的担忧超过了特朗普总统放松部分汽车关税的举措。医疗保健表现优异，斯托克医疗保健指数上涨1.3%，此前葛兰素史克、阿斯利康和施乐辉表示，他们有能力应对美国关税的影响。特朗普的贸易政策已成为第一季度财报的主导主题，许多公司警告称存在不确定性。瑞银在公布强于预期的16.92亿美元利润后上涨，而Stellantis在暂停全年指导后下跌。

European stocks turned lower on Wednesday as investors digested mixed earnings and a surprise US GDP contraction. The Stoxx 600 slipped 0.2%, halting a six-day rally, while the Stoxx 50 fell over 1%. Autos reversed earlier gains to drop 1.2%, as earnings concerns outweighed President Trump’s move to ease some auto tariffs. Healthcare outperformed, with the Stoxx Healthcare index up 1.3%, after GSK, AstraZeneca, and Smith+Nephew said they were well positioned to handle US tariff impacts. Trump’s trade policies have become a dominant theme in Q1 earnings, with many companies warning of uncertainty. UBS rose after posting a stronger-than-expected $1.692 billion profit, while Stellantis fell after suspending full-year guidance.

欧元从早些时候的下跌中恢复过来，但仍略低于1.14美元，因为投资者权衡了美国和欧洲不同的经济信号。2025年第一季度，美国经济意外收缩，年化率为0.3%，主要原因是进口激增，因为企业和消费者在预期的特朗普政府关税之前提前进行了前期购买。相比之下，在强劲的国内需求的推动下，欧元区经济增长了0.4%，强于预期。在主要经济体中，德国按预期增长了0.2%，而法国表现不佳，仅增长了0.1%。在通胀方面，德国4月份的整体通胀率降至2.1%，但核心压力上升，而法国的年通胀率稳定在0.8%。尽管通胀疲软，但欧元兑美元仍有望每月上涨5%以上，因为美国贸易政策的不确定性继续削弱人们对美国资产的信心。

The euro recovered from earlier losses but remained just below the $1.14 mark as investors weighed diverging economic signals from the U.S. and Europe. The U.S. economy unexpectedly contracted at an annualized rate of 0.3% in Q1 2025, largely due to a surge in imports as businesses and consumers moved to front-load purchases ahead of anticipated Trump administration tariffs. In contrast, the Eurozone economy grew by a stronger-than-expected 0.4%, driven by resilient domestic demand. Among major economies, Germany expanded by 0.2% as forecast, while France underperformed with a modest 0.1% increase. On the inflation front, German headline inflation eased to 2.1% in April but core pressures rose, while France’s annual rate held steady at 0.8%. Despite soft inflation, the euro remained on track for a monthly gain of over 5% against the dollar, as uncertainty over U.S. trade policy continued to undermine confidence in American assets.