Core Viewpoint - The European Central Bank (ECB) cannot commit to a specific interest rate path due to high uncertainty stemming from U.S. trade policies and Middle Eastern developments [1] Summary by Relevant Sections - **Monetary Policy Uncertainty** - The ECB's future monetary policy process is significantly influenced by unpredictable U.S. trade policies, which are seen as a major source of uncertainty [1] - The impact of President Trump's tariff measures on inflation remains unclear, with potential outcomes that could either increase or suppress inflation [1] - **Flexibility and Data Dependence** - The ECB management committee members emphasize the importance of maintaining flexibility and being data-dependent in their decision-making process [1]

西班牙 IBEX35 13797.5 -47.60 意大利富时 -0.34% MIB指数 4 38874 -357.35 0.91% 金十图示：2025年06月23日（周一）全球股市指数-欧洲市场（盘初） @ JIN10.COM 金十数据 | 一个交易工具 ...

Group 1 - The core viewpoint of the article indicates that European credit risk indicators have risen following a U.S. attack on Iran [1] Group 2 - The increase in credit risk suggests heightened market volatility and potential concerns regarding geopolitical stability in Europe [1]

尽管年初至今涨幅不错，欧洲股市正面临投资者日益增长的怀疑情绪。 据追风交易台消息，高盛在6月20日的报告中表示，尽管年初至今欧股STOXX 600指数上涨5%，但这一涨幅完全来自于价值重估和股息收益，而 非盈利增长。 从板块表现来看，银行和公用事业板块年初至今表现最佳，而汽车和生物技术板块表现最差。银行板块受益于利率环境和估值修复，年初至今涨 幅显著。相比之下，汽车板块面临需求疲软和结构性挑战，表现持续低迷。从风格角度看，价值股明显跑赢成长股，小盘股表现略好于大盘股。 投资者对欧洲市场的担忧主要集中在两个关键问题：缺乏近期催化剂和增长动力不足。 高盛预计STOXX Europe 2025年每股收益增长率为0%，2026年仅为4%。 欧洲股市过去12个月的表现完全依赖于价值重估和股息贡献，而其他地区的回报则来自盈利和估值的混合推动。欧洲股票的市盈率已达到14.2 倍，接近历史区间的第70百分位，不再便宜。强势货币、疲弱的经济增长以及低油价都对欧洲每股收益构成拖累。 欧洲股市年初至今虽然获得了强劲的资金净流入，特别是来自国内投资者的回流，但这一趋势正在减弱。 高盛统计显示，本土投资者在过去几年持续抛售欧洲股票后， ...

欧洲美元是在美国境外流通的美元存款，以银行账本上的数字形式存在，而非实物货币。这种账本货币 体系通过全球银行网络实现了高效的资金流动，成为现代全球化经济的核心支柱。 长期以来，美元被普遍认为是全球储备货币，但这一观点存在重大误解。自20世纪50年代中期以来，真 正的储备货币并非美元，而是欧洲美元（Eurodollar）。欧洲美元是在美国境外流通的美元存款，以银 行账本上的数字形式存在，而非实物货币。这种账本货币体系通过全球银行网络实现了高效的资金流 动，成为现代全球化经济的核心支柱。重要的是，欧洲美元的创造和流动完全不在美国监管范围之内， 这使其独立于美国货币当局的控制。 一个独特的全球货币 欧洲美元体系起源于20世纪50年代，当时国际贸易和金融活动的全球化需求推动了超越国家边界的通用 货币的出现。冷战时期，美元在国际交易中的广泛使用促使欧洲等地的银行机构不断累积并持有美元存 款，这些存款被称为欧洲美元。其中，欧洲银行所持有来自苏联的美元存款最为醒目。 储备货币的核心功能是作为中介货币，连接不同经济体系，促进国际贸易和资本流动。传统观念认为美 元是全球储备货币，但这种看法忽略了欧洲美元的实际主导地位。欧洲美元 ...

欧洲央行管委森特诺：欧元区经济需要欧洲央行的额外刺激。 ...

伊朗高级官员：伊朗不会就其防御能力，包括导弹计划进行谈判。欧洲方面在日内瓦的讨论和提议是不 现实的。 跟踪中东局势动态 +订阅 ...

Core Viewpoint - Iran's senior officials assert that maintaining their current positions will not bring Iran and Europe closer to reaching an agreement [1] Group 1 - Iran's stance indicates a firm commitment to its existing policies, which may hinder diplomatic negotiations with European nations [1] - The statement reflects a broader geopolitical context where Iran is navigating complex relationships with Western countries [1]

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones up 0.08% at 42,206.82 points, the S&P 500 down 0.22% at 5,967.84 points, and the Nasdaq down 0.51% at 19,447.41 points [1] - Major tech stocks mostly declined, with Google down nearly 4%, Meta, Intel, Amazon, and Nvidia down over 1%, while Microsoft saw a slight decrease; Apple rose over 2%, and Netflix and Tesla experienced slight gains [1] - Popular Chinese concept stocks showed mixed results, with Futu Holdings down over 6%, Kingsoft Cloud down over 4%, JD.com down over 3%, and Bilibili down over 2%; however, Fangdd rose over 3% and Douyu increased over 2% [1] European Market - European stock indices closed mixed, with Germany's DAX index up 1.27% at 23,350.55 points, France's CAC40 index up 0.48% at 7,589.66 points, and the UK's FTSE 100 index down 0.2% at 8,774.65 points [1] Commodity Prices - International oil prices showed divergence, with U.S. oil main contract up 0.22% at $74.04 per barrel, while Brent crude main contract fell 1.94% to $77.32 per barrel [1] - International precious metal futures generally declined, with COMEX gold futures down 0.09% at $3,384.40 per ounce and COMEX silver futures down 1.13% at $35.95 per ounce [1] - London base metals all rose, with LME tin up 2.13% at $32,690.00 per ton, LME aluminum up 1.59% at $2,561.50 per ton, LME copper up 0.47% at $9,660.50 per ton, LME zinc up 0.32% at $2,649.00 per ton, LME lead up 0.15% at $1,995.00 per ton, and LME nickel up 0.03% at $15,060.00 per ton [1] Bond Market - U.S. Treasury yields collectively declined, with the 2-year yield down 3.60 basis points at 3.899%, the 3-year yield down 3.36 basis points at 3.858%, the 5-year yield down 3.69 basis points at 3.956%, the 10-year yield down 1.59 basis points at 4.373%, and the 30-year yield down 0.41 basis points at 4.887% [1] - European bond yields mostly decreased, with the UK 10-year yield up 0.7 basis points at 4.536%, while France's 10-year yield fell 2.8 basis points to 3.242%, Germany's 10-year yield down 0.4 basis points to 2.515%, Italy's 10-year yield down 2.6 basis points to 3.493%, and Spain's 10-year yield down 2.3 basis points to 3.213% [1]

美国总统特朗普：他们（欧洲和伊朗）在谈判中表现得非常得体，似乎致力于做正确的事情。 ...