据报道，2025年8月，HCOB欧元区服务业采购经理人指数为50.5，低于7月份的四个月高点51.0，也低于50.7的初步估计。这一数字表明，欧盟服务业的产出增长速度较慢，幅度较小，主要是由于新订单的停滞。尽管经济放缓，但劳动力市场仍有强劲的迹象，创造就业的速度达到了4月以来的最高水平。此外，积压的减少幅度很小，是2024年5月以来的最低水平。随着投入成本通胀攀升至三个月高点，产出费用以3月以来的最快速度上涨，通胀压力加剧。最后，商业信心略有下降，仍低于长期平均水平。

The HCOB Eurozone Services PMI was reported at 50.5 in August 2025, a decrease from July’s four-month high of 51.0 and below the flash estimate of 50.7. This figure pointed to a slower, more marginal increase in output for the bloc's service sector, largely due to a stagnation in new orders. Despite the slowdown, there were signs of strength in the labor market, with the pace of job creation hitting its highest level since April. Furthermore, the reduction in backlogs was minimal and the weakest since May 2024. Inflationary pressures intensified, as input cost inflation climbed to a three-month high and output charges rose at their fastest pace since March. Finally, business confidence saw a slight decline, remaining below its long-term average.

HCOB欧元区综合采购经理人指数从上个月的50.9微升至2025年8月的51，略低于51.1的初步估计，但仍高于最初的市场预期50.7。这一结果反映了欧元区私营部门活动一年来连续第三次加速扩张，制造商再次反弹（7月份为50.7比49.8），服务提供商增长放缓（50.5）。尽管新出口订单减少，但新订单总量在15个月内首次增加。新产能需求的信号促使企业增加了14个月来最多的员工人数。与此同时，投入成本通胀加速至五个月高点，随后提高了产出费用。尽管标题读数走强，但由于对美国关税和欧元区经济逆风的担忧，商业信心在此期间基本保持不变。

The HCOB Eurozone Composite PMI inched higher to 51 in August of 2025 from 50.9 in the previous month, revised marginally lower from the flash estimate of 51.1 but remaining ahead of the initial market expectations of 50.7. The result reflected a third consecutive acceleration for the Eurozone's sharpest expansion in private sector activity in one year, with a fresh rebound among manufacturers (50.7 vs 49.8 in July) and slower growth for service providers (50.5). New orders at the aggregate level increased for the first time in 15 months, despite a reduction in new export orders. The signal of new capacity demand drove firms to increase their headcounts the most in 14 months. Meanwhile, input cost inflation accelerated to a five-month high, subsequently lifting output charges. Despite the stronger headline reading, business confidence was broadly unchanged in the period amid concerns of tariffs from the US and economic headwinds in the Euro Area.

欧洲股市周三走高，STOXX 50指数上涨0.7%，STOXX 600指数上涨0.4%，在前一交易日下跌1.4%后反弹。周二，由于对主要经济体债务可持续性的担忧推高了债券收益率，股市下跌，英国市场承受的压力最大。大盘股大多上涨，其中SAP（+1.6%）、LVMH（+1.5%）、ASML Holding（+2.1%）、爱马仕国际（+0.5%）和诺华（-0.5%）领涨。相比之下，瑞士人寿在报告上半年净利润疲软后下跌约2%，而M&G在利润和管理资产均小幅上涨后下跌2.5%。

European stocks traded higher on Wednesday, with the STOXX 50 up 0.7% and the STOXX 600 gaining 0.4%, rebounding after a 1.4% drop in the previous session. On Tuesday, equities retreated as concerns over debt sustainability in major economies pushed bond yields sharply higher, with the UK market under the greatest strain. Large-cap stocks mostly advanced, led by SAP (+1.6%), LVMH (+1.5%), ASML Holding (+2.1%), Hermès International (+0.5%) and Novartis (+0.5%). In contrast, Swiss Life fell about 2% after reporting a weaker first-half net profit, while M&G slipped 2.5% after posting a modest rise in both profit and assets under management.

欧洲股市周三开盘走高，在前一交易日因地区财政担忧引发的抛售后反弹。周二，由于对主要经济体债务可持续性的担忧推动债券收益率大幅上升，股市下跌。在下周的不信任投票之前，英国30年期国债收益率攀升至5.65%，为1998年以来的最高水平，而法国30年期债券收益率升至4.5%，为2009年以来的最强水平。在其他地方，投资者将关注今天公布的土耳其通胀数据。在企业方面，预计Helvetia控股和瑞士人寿控股将公布业绩。在盘前交易中，欧洲斯托克50指数和斯托克600指数期货均上涨约0.3%。

European stocks were poised to open higher on Wednesday, rebounding after the prior session’s selloff sparked by regional fiscal worries. On Tuesday, equities slid as concerns over debt sustainability in major economies drove bond yields sharply higher. The UK’s 30-year gilt yield climbed past 5.65%, its highest since 1998, while France’s 30-year yield rose to 4.5%, the strongest since 2009, ahead of next week’s no-confidence vote. Elsewhere, investors will monitor Turkish inflation figures due today. On the corporate side, results are expected from Helvetia Holding and Swiss Life Holding. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures each gained about 0.3%.