Group 1 - Eurozone economy unexpectedly expanded by 0.1% in Q2, contrary to analysts' expectations of zero growth [1] - Germany's economy contracted by 0.1% during the same period, indicating ongoing economic challenges [1] - France's economy grew by 0.3% in Q2, surpassing market expectations of 0.1% [1] - Spain's economy grew by 0.7% in Q2, up from 0.6% in Q1, continuing its role as a growth engine in the region [1] Group 2 - European Central Bank (ECB) maintains interest rates at 2%, with inflation nearing the 2% medium-term target [1] - ECB President Lagarde noted that the eurozone's economic performance has been slightly better than the bank's expectations for the year [1] - Deka Bank's chief economist highlighted the ongoing weakness in Germany's economic momentum compared to other European countries [2]

Group 1 - The European Central Bank (ECB) decided to maintain key interest rates unchanged, marking the first pause in rate cuts since June of the previous year, amid moderate economic growth and inflation reaching the 2% target [1][2] - The ECB's deposit facility rate, main refinancing rate, and marginal lending rate remain at 2.00%, 2.15%, and 2.40% respectively, with inflation forecasts for 2025 and 2027 set at 2.0% and 2026 at 1.6% [1] - The uncertainty surrounding US-EU trade negotiations, particularly the potential for tariffs up to 30% on EU goods, is a significant external factor impacting the ECB's policy space [1][2] Group 2 - Analysts suggest that the ongoing trade negotiations are affecting corporate decision-making and may lead to a shift in production capacity towards the eurozone, potentially lowering product prices and increasing price instability [2] - The ECB's assessment indicates a 0.6% quarter-on-quarter growth in actual GDP for the eurozone in Q1, driven by preemptive shipping by businesses and stronger consumption and investment [2][3] - The July Purchasing Managers' Index (PMI) for the eurozone rose to 51 from 50.6 in June, indicating a notable expansion in the services sector, although manufacturing remains in contraction [2]

Core Viewpoint - The European Central Bank (ECB) has decided to maintain its key interest rates unchanged, emphasizing that current inflation has stabilized at the mid-term target of 2% and future policies will adopt a "data-dependent, gradual assessment" approach without pre-setting interest rate paths [1][5]. Group 1: Monetary Policy Decisions - The ECB's governing council unanimously decided to keep the three key interest rates unchanged during the July meeting [1]. - Future monetary policy will follow a "data-dependent" and "gradual meeting assessment" principle, considering inflation outlook, economic data, potential inflation dynamics, and the transmission effects of monetary policy [1][5]. - ECB President Lagarde stated that decisions will be based on the complete information available at each meeting, without pre-setting specific interest rate paths [1][5]. Group 2: Economic Indicators - Eurozone's economic growth in Q1 exceeded expectations, driven by preemptive export expansions, recovering private consumption, and increased investment activities [1]. - The unemployment rate in May was 6.3%, close to the lowest level since the euro's introduction, supporting consumer resilience alongside actual income growth and healthy private sector balance sheets [2]. - The June annual inflation rate for the Eurozone was 2.0%, with energy prices rising month-on-month but remaining low year-on-year, and food inflation slightly decreasing to 3.1% [3]. Group 3: Challenges and Risks - High actual and expected tariffs, a strong euro, and geopolitical uncertainties have led to a decline in corporate investment willingness, posing a significant obstacle to current economic growth [2]. - Global trade tensions, deteriorating financial market sentiment, and ongoing geopolitical conflicts may suppress exports and drag down investment and consumption [3]. - The fragmentation of global supply chains is pushing up import prices, while extreme weather and climate crises could lead to unexpected increases in food prices [4]. Group 4: Financial Market Conditions - Since the last meeting, market interest rates, particularly long-term rates, have risen, but the cumulative effects of previous rate cuts continue to show [5]. - The new loan rate for enterprises in May decreased to 3.7%, while bond issuance costs fell to 3.6%, indicating an increase in direct financing [5]. - The ECB is prepared to adjust all tools within its mandate to ensure inflation remains sustainably stable at the target level and to maintain the smooth operation of monetary policy transmission mechanisms [5].

智通财经7月24日电，欧洲央行行长拉加德表示，国防和基础设施投资应提振增长，必须紧急加强欧元 区及其经济。 ...

路透调查：欧元区经济预计在2025年和2026年将分别增长1.0%和1.2%（6月调查中预期分别为1.0%和 1.1%）。 ...

Group 1 - The European Central Bank's minutes indicate that most potential inflation indicators suggest mid-term inflation will stabilize around 2% [1] - Economic growth in the Eurozone for the second quarter is weak amid increasing uncertainty [1] - Higher tariffs and the recent appreciation of the euro are expected to put pressure on exports [1]

Group 1 - The European Central Bank (ECB) is very close to its inflation target [1] - The risk of inflation being below the target is low [1] - The ECB is in a good position to address future challenges [1] Group 2 - The economic situation in the Eurozone is not favorable [1] - The risks to the economic outlook in the Eurozone are skewed to the downside [1] - Growth in the second and third quarters is expected to be close to zero [1]

Core Viewpoint - The European Central Bank (ECB) anticipates a slowdown in economic growth due to escalating global trade tensions, deteriorating financial market sentiment, and ongoing geopolitical tensions [1] Economic Growth Projections - The ECB projects that the Eurozone economy will grow by 0.9% in 2023, 1.1% in 2026, and 1.3% in 2027 [1] Inflation Outlook - The inflation outlook for the Eurozone is more uncertain than in the past, with global trade frictions presenting both upside and downside risks [1] Risks Associated with Global Trade - Upside risks include the fragmentation of global supply chains, while downside risks involve a decline in demand for Eurozone export products [1]

Core Viewpoint - Recent developments may suppress economic growth in the Eurozone according to the European Central Bank's Vice President, Guindos [1] Economic Impact - The statement indicates potential negative implications for the Eurozone's economic performance due to recent events [1]

Core Viewpoint - The Eurozone economy is projected to grow by 0.9% in 2025 and 1.1% in 2026, reflecting slight adjustments from previous forecasts of 0.8% and 1.2% respectively in April [1] Economic Growth Projections - The growth forecast for 2025 has been revised up to 0.9% from 0.8% [1] - The growth forecast for 2026 has been adjusted down to 1.1% from 1.2% [1]