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DAX指数早盘下跌，周五收于18704点，跌幅0.2%，延续了前一交易日的跌幅，与欧洲股市的疲软交易日一致。交易员继续评估货币政策前景，美联储官员的评论表明，利率将在一段时间内保持高位，而在欧洲，欧洲央行成员施纳贝尔表示，央行应对6月之后的降息持谨慎态度。与此同时，来自中国的喜忧参半的数据也影响了投资者的情绪。在企业方面，西门子股价下跌1.4%，至172欧元的4周低点，Zalando股价下跌3.2%，延续了其糟糕的势头。然而，金融部门表现不佳，德意志交易所（1.6%）和德国商业银行（2%）录得收益。本周，DAX指数小幅下跌0.5%，尽管周三创下历史新高。

The DAX held early losses and closed 0.2% lower at 18,704 on Friday, extending the previous session loss, and in line with a muted session for European equities. Traders continued to assess the monetary policy outlook, with comments from Fed officials suggesting interest rates will remain elevated for some time while in Europe, ECB member Schnabel said the central bank should be cautious about rate cuts beyond June. At the same time, mixed data coming out of China also weighed on investors' mood. On the corporate front, Siemens lost 1.4% to a 4-week low of €172 and Zalando slipped 3.2% to stretch its poor momentum. The financial sector, however, was in the green, with Deutsche Boerse (1.6%) and Commerzbank (2%) booking gains. On the week, the DAX edged 0.5% lower despite hitting a record-high on Wednesday.

周五，CAC 40指数下跌0.3%，收于8167点，延续了前一交易日的低迷，投资者对货币政策前景进行了评估。美联储官员暗示长期高利率的言论，以及欧洲央行成员施纳贝尔对6月后降息的谨慎立场，助长了普遍的谨慎态度。施耐德电气（Schneider Electric）在宣布与可持续金融技术公司Crux合作，旨在从太阳能组件开发商Silfab solar获得生产税收抵免后，股价明显下跌1.6%。跌幅较大的包括Teleperformance，下跌2.7%；尽管历峰表现强劲，但受中国零售销售增长不佳的压力，开云集团下跌2.7%；Legrand，下跌2.3%。CAC 40指数本周收盘下跌近0.7%。

The CAC 40 eased by 0.3% to close at 8,167 on Friday, continuing its previous session’s downturn as investors assessed the monetary policy landscape. Comments from Fed officials suggesting prolonged high interest rates, along with ECB member Schnabel’s cautious stance on rate cuts post-June, contributed to the prevailing caution. Schneider Electric notably dropped by 1.6% following its partnership announcement with Crux, a sustainable-finance technology firm, aimed at obtaining production-tax credits from solar module developer Silfab Solar. Significant decliners included Teleperformance, down 2.7%, Kering, pressured by poor retail sales growth in China despite Richemont’s strong performance, with a loss of 2.7%, and Legrand, down 2.3%. The CAC 40 concluded the week with a nearly 0.7% decline.

欧洲股市周五收盘小幅走低，在周三创下数十年新高后的第二个交易日有所回落，因为市场继续评估企业的最新发展和欧洲央行即将降息的幅度。斯托克50指数下跌0.2%，收于5063点，斯托克600指数下跌0.1%，收于523点。理事会成员施纳贝尔表示，央行应该对6月以后的降息持谨慎态度，这与拉脱维亚同行哈萨克人昨天的言论相呼应，并抑制了股票投资者对较低利率的乐观情绪。瑞士历峰集团公布强劲销售额并跃升5.3%，提振泛欧指数后，奢侈品行业成为焦点。尽管如此，来自中国的糟糕零售销售限制了对欧元区基准斯托克50指数的影响，爱马仕上涨0.5%，路威酩轩和开云均录得亏损。与此同时，工业巨头西门子和施耐德均下跌1.5%，Prosus和Adyen下跌3%，给科技股带来压力。

European stocks closed slightly lower on Friday, easing for the second session after Wednesday’s multi-decade highs as markets continued to assess the latest corporate developments and the magnitude of incoming rate cuts by the ECB. The Stoxx 50 dropped 0.2% to close at 5,063 and the Stoxx 600 was trimmed by 0.1% to close at 523. Governing Council member Schnabel said the central bank should be cautious about rate cuts beyond June, echoing her Latvian counterpart Kazaks’s remarks yesterday and dampening equity investor’s optimism over lower interest rates. The luxury sector was in the spotlight after Swiss Richemont reported strong sales and jumped by 5.3%, lifting the pan-European index. Still, poor retail sales from China limited the impact on the Eurozone’s benchmark Stoxx 50, with Hermes adding 0.5% while LVMH and Kering both booked losses. In the meantime, industrial giants Siemens and Schneider both retreated 1.5%, while 3% slides for Prosus and Adyen pressured tech shares.

法国10年期OAT收益率在5月15日触及2.9%的4周低点后反弹至3%。此前，欧洲央行董事会成员Isabel Schnabel发表讲话，警告不要在6月后进一步降息。在一次采访中，Schnabel表示，根据数据和新的欧元体系员工预测，6月份的降息可能是合理的。然而，她强调了6月以后的不确定性，强调了实现稳定通胀的困难。相反，本周公布的美国数据显示，4月份通胀和经济增长放缓，增加了对美联储降息的预期。市场目前预计，2024年欧洲央行将降息68个基点，低于周四的72个基点，美联储将降息46个基点，高于前一交易日的50个基点。

The French 10-year OAT yield rebounded to 3%, after hitting a 4-week low of 2.9% on May 15th. This increase followed remarks by ECB board member Isabel Schnabel, who cautioned against further rate cuts after June. In an interview, Schnabel suggested that a rate cut in June might be justified based on data and new Eurosystem staff projections. However, she highlighted the uncertainty beyond June, emphasizing the difficulty of achieving stable inflation. Conversely, US data released this week indicated a slowdown in inflation and economic growth in April, increasing expectations for Federal Reserve rate cuts. Markets are now pricing in 68 basis points of ECB rate cuts in 2024, down from 72 basis points on Thursday, and 46 basis points for the Fed, down from 50 basis points in the previous session.