在美联储大幅降息50个基点后，得益于美元普遍疲软，欧元升值至接近1.12美元，为三周来的最高水平。美联储还表示，今年将再降息50个基点，明年将再降息100个基点。英格兰银行和日本银行本周也将举行会议，预计将维持目前的利率。上周，欧洲央行将利率下调25个基点，并暗示由于欧元区通胀放缓和经济增长疲软，未来将进一步降息。市场已经预计到年底欧洲央行将降息37个基点，这表明可能降息25个基点，再次降息的可能性为50%。

The Euro appreciated to approach $1.12, its strongest level in three weeks, benefiting from a general dollar weakness, after the Federal Reserve lowered interest rates by a jumbo 50bps. The Fed also signaled an additional 50bps of reductions for this year and 100bps next year. The Bank of England and the Bank of Japan will also meet this week, both expected to maintain current rates. Last week, the European Central Bank cut interest rates by 25 bps and hinted at further reductions ahead due to slowing inflation and weak economic growth in the eurozone. Markets have priced in 37 bps of ECB rate cuts by year-end, indicating a likely 25 bps reduction and a 50% chance of a second cut.

周三，欧洲股市收盘大幅下跌，因为投资者在收盘铃响后美联储货币政策决定之前没有采取风险头寸。欧元区斯托克50指数下跌0.5%，收于4838点，泛欧斯托克600指数下跌0.5%至515点。预计美联储将自2020年以来首次降低借贷成本，但削减幅度的不确定性以及联邦公开市场委员会对未来政策的言论引发了人们的担忧，即市场可能高估了政策制定者对通胀被击败的确定性。科技股领跌，ASML和SAP分别下跌1.5%和0.6%。重量级奢侈品股也大幅下跌，LVMH下跌2%，而法拉利、爱马仕和开云集团各下跌1%。

European stocks closed firmly lower on Wednesday as investors refrained from taking risky positions ahead of the Federal Reserve’s monetary policy decision after the closing bell. The Eurozone’s Stoxx 50 dropped 0.5% to close at 4,838, and the pan-European Stoxx 600 fell 0.5% to 515. The Fed is expected to lower borrowing costs for the first time since 2020 but uncertainty over the magnitude of the cut and the FOMC’s rhetoric on future policy stoked concerns that the market may have overestimated policymakers’ certainty that inflation is beat. Tech shares led the losses, with ASML and SAP dropping 1.5% and 0.6%. Heavyweight luxury stocks also closed firmly lower, with LVMH sinking 2% while Ferrari, Hermes, and Kering declined by 1% each.

2024年8月，欧元区的年通货膨胀率从上个月的2.6%降至2.2%，为2021年7月以来的最低水平，与初步估计相符。最大的上涨贡献来自服务价格（4.1%对4%）和食品、酒精和烟草价格（2.3%对2.3%）。此外，非能源工业品的通胀放缓（0.4%对0.7%），能源价格下跌（-3%对+1.2%）。与此同时，核心通胀率从7月份的2.9%略微放缓至2.8%，也与初步估计相符。在欧元区最大的经济体中，德国（2%对2.6%）、法国（2.2%对2.7%）、意大利（1.2%对1.6%）和西班牙（2.4%）的通货膨胀有所缓解。只有拉脱维亚（0.9%对0.8%）、马耳他（2.4%对2.3%）、斯洛伐克（3.2%对3%）和芬兰（1.1%对0.5%）的通货膨胀率上升。欧洲央行预计2024年的平均通胀率为2.5%，2025年为2.2%，2026年为1.9%。今年的核心通胀率预计为2.9%，2025年为2.3%，2026年为2.0%。

Annual inflation rate in the Eurozone eased to 2.2% in August 2024, the lowest since July 2021, from 2.6% in the previous month, and matching the preliminary estimate. The biggest upward contribution came from prices of services (4.1% vs 4%) and food, alcohol & tobacco (2.3% vs 2.3%). In addition, inflation slowed for non-energy industrial goods (0.4% vs 0.7%) and prices fell for energy (-3% vs +1.2%). Meanwhile, core inflation rate slowed slightly to 2.8% from 2.9% in July, also matching the initial estimate. Among the largest economies in the Euro Area, inflation eased in Germany (2% vs 2.6%), France (2.2% vs 2.7%), Italy (1.2% vs 1.6%) and Spain (2.4%). Only Latvia (0.9% vs 0.8%), Malta (2.4% vs 2.3%), Slovakia (3.2% vs 3%), and Finland (1.1% vs 0.5%) saw inflation rates increase. The ECB sees inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026. Core inflation rate is seen at 2.9% this year, 2.3% in 2025 and 2.0% in 2026.

2024年7月，欧元区建筑业产出同比下降2.2%，此前一个月修正后下降1.3%，标志着连续第六个月下降。建筑活动（7月份为-3.5%对-1.9%）和专业建筑活动（-2.8%对-1.3%）的产出大幅下降，而土木工程的产出则大幅放缓（0.2%对1.3%）。在欧元区最大的经济体中，法国（-5.1%）和德国（-4.5%）的建筑活动明显下降，但西班牙（+2.5%）有所增加。欧盟的建筑业产出下降了2.4%。经季节性调整的月度数据显示，欧元区建筑业产量保持稳定，欧盟建筑业产量增长0.2%。

Construction output in the Euro Area slumped by 2.2% year-on-year in July 2024, following a revised 1.3% fall in the prior month, marking the sixth consecutive month of declines. Output shrank significantly for building activity (-3.5% vs -1.9% in July) and specialized construction activities (-2.8% vs -1.3%), while it slowed sharply for civil engineering works (0.2% vs 1.3%). Among the largest economies in the Euro Area, construction activity declined markedly in France (-5.1%) and Germany (-4.5%), but increased in Spain (+2.5%). Construction output fell by 2.4% in the European Union. On a seasonally adjusted monthly basis, production in construction remained stable in the euro area and increased by 0.2% in the EU.