欧盟委员会将于周三正式推进其期待已久的与南方共同市场（巴西、阿根廷、巴拉圭和乌拉圭）的贸易协定，启动欧盟27个成员国和议会的批准程序。如果获得批准，它将成为欧盟最大的自由贸易协定，涵盖关税、知识产权等领域。预计本周还将与墨西哥达成一项现代化协议。去年12月政治解决的南方共同市场协议面临着法国等国的反对，他们担心牛肉和家禽进口的增加会威胁到国内农业。这一举措是在特朗普总统征收关税后欧盟与美国关系紧张之际推出的。美国和欧盟的初步贸易协议对大多数欧盟进口商品征收15%的关税，同时放宽对美国商品的关税。

The European Commission will formally advance its long-awaited trade pact with Mercosur—Brazil, Argentina, Paraguay, and Uruguay—on Wednesday, initiating ratification by the EU’s 27 member states and Parliament. If approved, it would become the EU’s largest free-trade agreement, covering tariffs, intellectual property, and more. A modernized deal with Mexico is also expected this week. The Mercosur agreement, politically settled last December, faces opposition from countries like France, concerned about increased beef and poultry imports threatening domestic agriculture. The push comes amid strained EU-U.S. relations following President Trump’s tariffs. A preliminary U.S.-EU trade deal imposes a 15% tariff on most EU imports while easing duties on U.S. goods.

周二，欧洲股市收盘大幅下跌，随着长期借贷成本上升，全球股市普遍下跌，同时市场分析了最新的通胀数据。欧元区的年通胀率微升至2.1%，而核心通胀率连续第三个月没有下降，引发了人们对顽固的服务业通胀的持续担忧。这一数据恰逢欧洲债券发行在一个交易日创下新纪录，英国和意大利大幅抛售，给长期证券增加了压力。信贷紧缩给重量级银行业带来了压力，联合信贷银行、桑坦德银行和联合圣保罗银行股价下跌超过1.5%。由于对人工智能相关公司估值过高的担忧加剧，科技股也大幅下跌，在美国也出现了亏损。ASML下跌3%，英飞凌下跌4.5%。相比之下，法拉利股价上涨2.3%，施耐德电气股价上涨0.4%，此前两家公司都获得了德意志银行的升级。

European stocks closed sharply lower on Tuesday, tracking a broad selloff in global equities amid the rise in long-term borrowing costs, while markets parsed the latest inflation data. The annual inflation rate in the Eurozone inched higher to 2.1%, while the core rate refrained from dropping for a third month to stoke lingering concerns of stubborn services inflation. The data coincided with a fresh record in European bond issuance in one session amid major sales in the UK and Italy, adding strain to long-dated securities. The tight credit conditions pressured the heavyweight banking sector, with UniCredit, Santander, and Intesa Sanpaolo dropping more than 1.5%. Tech also sold sharply, tracking losses in the US amid heightened concerns of overvaluation in artificial intelligence-related companies. ASML sank 3% while Infineon dropped 4.5%. In contrast, Ferrari jumped 2.3% and Schneider Electric added 0.4% after both companies received upgrades from Deutsche Bank.

欧洲股市周二继续下跌，STOXX 50指数下跌0.5%，STOXX 600指数下跌0.6%，跌至一个月低点，投资者消化了最新的通胀数据。8月份，欧元区的年通胀率微升至2.1%，高于2%的预期，而核心通胀率稳定在2.3%。这些数据强化了人们对欧洲央行下周将再次暂停降息的预期，同时对今年晚些时候进一步宽松的可能性产生了怀疑。在企业方面，雀巢在首席执行官被解雇后下跌了0.9%。ASML控股（-1.8%）和西门子（-2.8%）也对指数构成压力。相比之下，LVMH上涨3.2%，施耐德电气上涨2.6%，此前德意志银行将该股从“持有”上调至“买入”

Stocks in Europe extended losses on Tuesday, with the STOXX 50 down 0.5% and the STOXX 600 sliding 0.6% toward one-month lows, as investors digested the latest inflation data. The Eurozone’s annual inflation rate edged up to 2.1% in August, above expectations of 2%, while core inflation held steady at 2.3%. The figures reinforced expectations that the ECB will pause rate cuts again next week, while casting doubt on the likelihood of further easing later this year. On the corporate front, Nestlé fell 0.9% following the dismissal of its CEO. ASML Holding (-1.8%) and Siemens (-2.8%) also weighed on the indices. In contrast, LVMH climbed 3.2% and Schneider Electric advanced 2.6% after Deutsche Bank upgraded the stock to “buy” from “hold.”

欧元跌至1.16美元，因欧洲政府债券收益率上升，投资者关注焦点转向日益加剧的财政问题。法国和德国的30年期国债收益率达到了自2011年欧元区主权债务危机以来的最高水平。德国的中期财政计划预计，到2029年，将有大约5000亿欧元的净新借款，为增加的基础设施和国防开支提供资金。在法国，对该国债务负担的担忧是总理下周举行信任投票的关键因素。与此同时，8月份欧元区通胀率加速至2.1%，略高于市场预期和欧洲央行2%的目标，强化了央行将在下周会议上保持利率不变的预测。

The euro slipped toward $1.16 on rising European government bond yields, as investor focus shifted to mounting fiscal concerns. French and German 30-year yields hit levels not seen since 2011, during the eurozone sovereign debt crisis. Germany’s medium-term finance plan foresees roughly €500 billion in net new borrowing through 2029 to fund increased infrastructure and defense spending. In France, concerns over the country’s debt burden are a key factor behind the prime minister’s confidence vote scheduled for next week. Meanwhile, eurozone inflation accelerated to 2.1% in August, slightly above both market expectations and the ECB’s 2% target, reinforcing forecasts that the central bank will keep interest rates unchanged at next week’s meeting.