欧洲股市周四收高，斯托克50指数和斯托克600指数分别上涨0.4%和0.6%，延续了前一交易日的反弹，因为长期收益率小幅下降，缓解了对信贷成本上升的担忧。在对世界最大经济体劳动力市场发出一系列悲观信号后，美国悲观的劳动力市场数据进一步压低了收益率，巩固了美联储即将降息的押注。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12.5。这一消息对同行瑞安航空（-3.2%）、易捷航空（-3.7%）和途易航空（-1.2%）造成了压力。相比之下，科技股上涨，SAP上涨0.9%，ASML控股公司上涨3.5%。

European stocks closed firmly higher on Thursday, with the STOXX 50 and the STOXX 600 adding 0.4% and 0.6%, respectively, extending the rebound from the prior session as long-dated yields edged lower and eased concerns of higher credit costs. Yields were further pressured by pessimistic labor market data in the US following a batch of pessimistic signals about the labor market in the world's largest economy, consolidating bets of incoming rate cuts by the Federal Reserve. Travel stocks were among the weakest performers, with Jet2 plunging 12.5 after cutting its winter 2025–26 capacity outlook amid a “difficult market.” The announcement weighed on peers Ryanair (-3.2%), easyJet (-3.7%), and TUI (-1.2%). By contrast, technology shares gained ground, with SAP up 0.9% and ASML Holding 3.5% higher.

欧元稳定在1.16美元，债券市场企稳，投资者等待周五的美国非农就业报告，此前一系列疲软的劳动力市场数据提振了对美联储更加温和的预期。ADP最新调查显示，8月份私营企业仅增加了54000个工作岗位，与7月份向上修订的106000个工作岗位相比大幅放缓，远低于预测的65000个工作岗位。最近的其他数据也表明劳动力需求疲软，7月份的职位空缺降至2024年9月以来的最低水平，申请失业救济人数超过预期。在欧洲，随着国防开支的增加和德国基础设施投资的增加，财政风险再次成为人们关注的焦点。政治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。

The euro stabilized at $1.16 as bond markets steadied and investors awaited Friday’s US nonfarm payrolls report, following a run of weak labor market data that boosted expectations for a more dovish Federal Reserve. The latest ADP survey showed private businesses added just 54,000 jobs in August, a sharp slowdown from July’s upwardly revised 106,000 and well below forecasts of 65,000. Other recent figures also signaled softening labor demand, with job openings falling in July to their lowest since September 2024 and jobless claims exceeding expectations. In Europe, fiscal risks are back in focus amid the prospect of higher defense spending and increased German infrastructure investment. Political attention is also turning to French Prime Minister François Bayrou’s September 8 confidence vote.

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.