欧洲股市周三收盘强势走高，STOXX 50和STOXX 600均上涨0.7%，从上一交易日各自1.4%的跌幅反弹，因为市场继续评估当地财政问题。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。在欧元区，荷兰长期债券的流动性担忧和法国预算的财政担忧仍然是人们关注的焦点。科技板块大幅上涨，弥补了前一交易日的大部分亏损，SAP、ASML和诺基亚上涨了3%至1.8%。工业和奢侈品牌也上涨，空中客车、施耐德和路威酩轩集团上涨了3%至1.5%。相比之下，瑞士人寿在报告上半年净利润疲软后下跌约1.2%，而M&G在利润和管理资产均小幅上涨后下跌2.5%。

European stocks closed firmly higher on Wednesday, with both the STOXX 50 and the STOXX 600 gaining 0.7%, rebounding from their respective 1.4% drop in the previous session as markets continued to assess local fiscal concerns. 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. In the Eurozone, liquidity concerns in long-term Dutch bonds and fiscal worries in the French budget remained under the spotlight. The tech sector rose sharply to recoup most of the losses from the previous session, with SAP, ASML, and Nokia adding between 3% and 1.8%. Industrials and luxury brands were also higher, with Airbus, Schneider, and LVMH jumping between 3% and 1.5%. In contrast, Swiss Life fell about 1.2% 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.

欧元收涨至1.16美元上方，徘徊在一个多月来的最高水平附近，因美元因就业数据疲软而走弱。JOLTS报告显示，美国7月份的职位空缺减少了17.6万个，至718万个，为2024年9月以来的最低水平，低于预期的740万个，这加强了人们对美联储9月份降息的押注。在欧洲，由于对国防开支增加和德国基础设施投资增加的预期，财政担忧正在加剧，同时人们的注意力也转向了法国总理弗朗索瓦·贝鲁9月8日的信任投票。与此同时，8月份欧元区通胀加速至2.1%，略高于预测和欧洲央行2%的目标，这增强了人们对央行将在下周会议上保持利率不变的预期。

The euro consolidated gains above $1.16, hovering near its strongest level in over a month, as the US dollar weakened on softer jobs data. The JOLTS report showed US job openings fell by 176,000 to 7.18 million in July, the lowest since September 2024 and below expectations of 7.4 million, reinforcing bets on Federal Reserve rate cuts in September. In Europe, fiscal concerns are rising amid expectations of higher defense spending and increased German infrastructure investment, while attention also turns to French Prime Minister François Bayrou’s September 8 confidence vote. Meanwhile, eurozone inflation accelerated to 2.1% in August, slightly above forecasts and the ECB’s 2% target, bolstering expectations the central bank will leave interest rates unchanged at next week’s meeting.

2025年7月，欧元区工业生产者价格同比上涨0.2%，超过市场预期的0.1%，6月份上涨0.6%。非耐用消费品（1.9%对6月份的1.9%）、资本品（1.8%对1.7%）和耐用消费品的价格大幅上涨被能源（-1.2%对0.0%）和中间产品（-0.3%对-0.1%）的下跌部分抵消。按月计算，7月份生产者价格指数上涨0.4%，高于预测的0.2%，6月份上涨0.8%。

Eurozone industrial producer prices rose 0.2% year-over-year in July 2025, surpassing market expectations of 0.1% and following a 0.6% increase in June. Sharp price gains in non-durable consumer goods (1.9% vs 1.9% in June), capital goods (1.8% vs 1.7%), and durable consumer goods (1.7% vs 1.5%) were partially offset by declines in energy (-1.2% vs 0.0%) and intermediate goods (-0.3% vs -0.1%). On a monthly basis, producer prices increased 0.4% in July, above the forecasted 0.2% and following June’s 0.8% rise.

2025年7月，欧元区工业生产者价格环比上涨0.4%，超过市场预测的0.2%，6月上涨0.8%。这种通货膨胀的主要驱动因素是能源成本飙升1.5%，而上个月则上涨了3.3%。额外的上行压力来自耐用消费品，上涨0.2%（对0.1%），资本品也上涨0.1%（与6月持平）。相反，非耐用消费品价格持平（6月份为0.1%），中间产品价格连续第三个月下降，下降0.2%。与去年同期相比，7月份生产者价格通胀率从6月份的0.6%降至0.2%，但仍略高于普遍估计的0.1%。

Eurozone industrial producer prices increased by 0.4% month-over-month in July 2025, exceeding market forecasts of 0.2% and following a 0.8% rise in June. The primary driver of this inflation was a 1.5% surge in energy costs, which followed a 3.3% increase the previous month. Additional upward pressure came from durable consumer goods, which rose by 0.2% (vs. 0.1%), and capital goods, which also increased by 0.1% (unchanged from June). Conversely, the prices of non-durable consumer goods were flat (vs. 0.1% in June), and intermediate goods prices declined for the third straight month, falling by 0.2%. On a year-over-year basis, producer price inflation eased to 0.2% in July from 0.6% in June, though it was still slightly above the consensus estimate of 0.1%.