2025年7月，欧元区零售额比上个月下降0.5%，抹去了上一时期向上修正的15个月高点0.6%的增长，并且明显高于0.2%的疲软收缩预期。这是近两年来零售量的最大跌幅，主要受食品、饮料和烟草价格暴跌1.1%（6月份为0.7%）和专卖店汽车燃料销售额暴跌1.7%（6月为0.8%）的影响。尽管如此，非食品类产品的零售额仍增长了02%，延续了上个月0.6%的增长。在欧元区最大的经济体中，德国的零售贸易下降了1.5%，西班牙下降了0.4%。反过来，法国的零售额连续第三个月保持不变。

Retail sales in the Eurozone fell by 0.5% from the previous month in July of 2025, erasing the upwardly revised, 15-month high increase of 0.6% in the previous period, and firmly above expectations of a softer 0.2% contraction. It was the sharpest drop in retail volume in nearly two years, pressured by a 1.1% slump in food, drinks, and tobacco (vs 0.7% in June) and a 1.7% plunge in sales of automotive fuel in specialized stores (vs 0.8%). Still, retail of non-food products rose by 02%, extending the 0.6% increase in the prior month. Among the Eurozone's largest economies, retail trade slipped by 1.5% in Germany and fell by 0.4% in Spain. In turn, retail sales were unchanged for a third month in France.

HCOB欧元区建筑业采购经理人指数从上个月的五个月低点44.7跃升至2025年8月的46.7。这标志着自2023年2月以来的最高读数，因为住宅建设的下降是四个月来最慢的，而土木工程活动恢复增长。相比之下，商业建筑出现了自2024年11月以来的最大收缩。从地区来看，法国经历了最温和的下降，而德国和意大利的收缩率略有加剧。新订单连续第41个月下降，尽管与7月份相比下降速度有所放缓。因此，建筑业的就业人数继续下降，这一趋势现在持续了两年半。在成本方面，投入价格通胀降至四个月低点，远低于长期平均水平。最后，商业情绪仍然非常悲观，企业继续对未来一年的前景表示越来越担忧。

The HCOB Eurozone Construction PMI jumped to 46.7 in August 2025, from a five-month low of 44.7 in the previous month. This marked the highest reading since February 2023, as the decline in residential construction was the slowest in four months, while civil engineering activity returned to growth. In contrast, commercial construction saw its sharpest contraction since November 2024. Regionally, France experienced the mildest decline, whereas the rate of contraction in Germany and Italy intensified marginally. New orders continued to fall for the 41st straight month, though the pace of decline eased compared to July. As a result, employment in the construction sector continued to fall—a trend now extending over two and a half years. On the cost front, input price inflation eased to a four-month low and remained well below the long-run average. Finally, business sentiment remained deeply pessimistic, with firms continuing to express growing concerns about the year-ahead outlook.

周四，随着债券市场压力缓解，收益率小幅下降，STOXX 50和STOXX 600均徘徊在平稳线附近。交易员们仍然关注即将公布的美国劳动力市场数据，以衡量美联储的下一步行动，本月的降息现在几乎完全反映在价格中。在特朗普总统敦促最高法院迅速听取他推翻上周宣布大多数关税非法的裁决的上诉后，贸易政策的发展也引起了人们的关注。旅游股表现最差，Jet2在“艰难的市场”中下调了2025-26年冬季的运力前景后暴跌13.8%。这一消息对同行瑞安航空（-2.7%）、易捷航空（-4.5%）和途易航空（-4.7%）造成了压力。相比之下，科技股上涨，SAP上涨0.7%，ASML控股上涨0.9%。

Both the STOXX 50 and STOXX 600 hovered around the flatline on Thursday, as bond market pressures eased and yields edged lower. Traders remained focused on upcoming US labour market data to gauge the Federal Reserve’s next move, with a rate cut this month now almost fully priced in. Trade policy developments also drew attention after President Trump urged the Supreme Court to swiftly hear his appeal to overturn last week’s ruling that declared most tariffs illegal. Travel stocks were among the weakest performers, with Jet2 plunging 13.8% after cutting its winter 2025–26 capacity outlook amid a “difficult market.” The announcement weighed on peers Ryanair (-2.7%), easyJet (-4.5%), and TUI (-4.7%). By contrast, technology shares gained ground, with SAP up 0.7% and ASML Holding 0.9% higher.

欧洲股市周四开盘小幅走高，因投资者权衡全球贸易关税的前景。周三晚些时候，唐纳德·特朗普总统敦促美国最高法院迅速审理一项上诉，该上诉对下级法院的一项裁决提出质疑，该裁决认为他的大部分关税都是非法的。特朗普警告称，如果维持这一决定，美国可能被迫解除与欧盟、日本和韩国等国的贸易协定。在数据方面，市场将消化最新的欧元区零售销售报告，而地区盈利日历仍然很轻。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0.05%。

European stocks were set to open slightly higher on Thursday as investors weighed the outlook for global trade tariffs. Late Wednesday, President Donald Trump urged the US Supreme Court to swiftly hear an appeal challenging a lower court ruling that deemed most of his tariffs illegal. Trump warned the US may be forced to unwind trade agreements with the European Union, Japan and South Korea, among others, if the decision is upheld. On the data front, markets will digest the latest Eurozone retail sales report, while the regional earnings calendar remains light. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were both up around 0.05%.