欧洲股市收盘震荡，涨跌互现，投资者分析了一批经济数据，以了解主要央行的政策前景。斯托克50指数下跌0.1%，收于4977点，斯托克600指数上涨0.2%，收于518点。欧元区的总体通胀率和核心通胀率都超过了预期，这引发了人们对欧洲反通胀趋势可能不会如预期那样持续的担忧。欧洲央行下周开会时仍将降低关键利率，但欧洲央行理事会中鸽派和鹰派之间的明显分歧增加了央行在第三季度后可能实施多少降息的不确定性。相反，美国PCE价格增长放缓，进一步押注美联储今年将放松政策，为全球股市增添了一些喘息之机。权重科技股推动斯托克50指数表现不佳，ASML、Prosus和SAP股价下跌1.1%至2.3%。斯托克50指数5月上涨1.1%，斯托克600指数上涨2.6%。

European stocks closed a choppy session with mixed performances as investors parsed a batch of economic data for insights on the policy outlook for major central banks. The Stoxx 50 dropped 0.1% to close at 4,977, while the Stoxx 600 increased by 0.2% to close at 518. Both the headline and core inflation rates rose more than expected in the Eurozone, raising concerns that the European disinflation trend may not continue as expected. The ECB is still set to lower key interest rates when it meets next week, but stark differences between doves and hawks in the ECB Governing Council raised uncertainty over how many cuts the central bank may deliver after Q3. Conversely, softer PCE price growth in the US furthered bets that the Fed will loosen policy this year, adding to some respite for global equities. Heavyweight tech shares drove the Stoxx 50 to underperform, with ASML, Prosus, and SAP dropping between 1.1% and 2.3%. The Stoxx 50 added 1.1% in May while the Stoxx 600 gained 2.6%.

欧元进一步上涨，触及1.088美元大关，为两周来的最高点，因为欧洲央行和美联储货币政策路径之间的分歧扩大。一方面，欧元区高于预期的通胀数据可能迫使欧洲央行今年减少降息。5月份，总体通胀率和核心通胀率分别升至2.6%和2.9%，高于预期。另一方面，一批数据表明，经济背景可能有利于美联储减少限制性的货币政策。美联储首选的基本通胀指标核心PCE价格上涨了0.2%，这是今年迄今为止的最慢速度，这让人们对通胀可能朝着目标趋同抱有希望。此外，个人支出和收入增长速度较慢，软化了之前对美国经济过于弹性的看法。

The euro rose further to touch the $1.088 mark, its highest in two weeks, as the divergence between the European Central Bank and the US Federal Reserve's monetary policy paths widened. On one hand, higher-than-expected inflation readings in the Eurozone may force the ECB to deliver fewer rate cuts this year. Headline and core inflation rates rose to 2.6% and 2.9% respectively in May, more than expectations. On the other hand, a batch of data pointed to an economic backdrop that could favor less restrictive monetary policy by the Fed. Core PCE prices, the Fed’s preferred gauge of underlying inflation, rose by 0.2%, the slowest pace so far this year to raise hopes that inflation may be converging toward its target. Additionally, personal spending and income grew at a slower pace, softening the previous perception of an overly resilient US economy.

欧洲股市周五成功复苏，STOXX 50指数上涨0.2%，STOXX 600指数上涨0.3%，此前PCE通胀为投资者提供了一些缓解，美联储今年仍有降息空间。另一方面，欧元区高于预期的通胀数据引发了人们对欧洲央行在6月之后进一步降息的怀疑。欧元区的整体利率和核心利率分别加速至2.6%和2.9%，高于2.5%和2.8%的预测。预计欧洲央行下周开会时仍将降低关键利率，但今年只考虑再降息两次。在企业方面，ASML控股（1.4%）、慕尼黑再保险公司（1.4%）和德国电信（1.1%）涨幅最大，而空中客车（-2.2%）、德意志银行（-1.5%）和Inditex（-0.8%）表现最差。考虑到5月份，STOXX 50指数上涨1.1%，STOXX 600指数上涨2.3%。

European stocks managed to recover on Friday, with the STOXX 50 adding 0.2% and the STOXX 600 rising 0.3%, after PCE inflation offered investors some relief the Fed still has room to cut interest rates this year. On the other hand, a hotter-than-expected inflation print for the Eurozone raised doubts about further interest rate cuts by the ECB beyond June. Both the headline and the core rate for the Euro Area accelerated to 2.6% and 2.9% respectively, above forecasts of 2.5% and 2.8%. The ECB is still expected to lower key interest rates when it meets next week, but only two more rate reductions are now priced in for the year. On the corporate front, ASML Holding (1.4%), Munich Reinsurance Company (1.4%) and Deutsche Telekom (1.1%) gained the most while Airbus (-2.2%), Deutsche Bank (-1.5%) and Inditex (-0.8%) were among the worst performers. Considering the May month, the STOXX 50 is up 1.1% and the STOXX 600 gained 2.3%.

周五，STOXX 50和STOXX 600均保持在平线附近，在欧元区高于预期的通胀数据引发人们对欧洲央行在6月后进一步降息的怀疑后，交易员保持谨慎态度。整体利率和核心利率分别加速至2.6%和2.9%，高于2.5%和2.8%的预测。预计欧洲央行下周开会时仍将降低关键利率，但今年只考虑再降息两次。美国PCE通胀数据将在当天晚些时候受到密切关注。在企业方面，德意志银行（-1.8%）、空中客车（-1.1%）、Iberdrola（-1%）、飞利浦（-0.8%）、赛诺菲（-0.7%）和SAP（-0.6%）跌幅最大，而德国电信（1%）、雷普索尔（0.8%）和埃尼集团（0.7%）表现出色。考虑到5月份，STOXX 50指数上涨1.1%，STOXX 600指数上涨2.3%。

Both the STOXX 50 and the STOXX 600 remained around the flatline on Friday, with traders maintaining a cautious approach after a hotter-than-expected inflation print for the Eurozone raised doubts about further interest rate cuts by the ECB beyond June. Both the headline and the core rate accelerated to 2.6% and 2.9% respectively, above forecasts of 2.5% and 2.8%. The ECB is still expected to lower key interest rates when it meets next week, but only two more rate reductions are now priced in for the year. US PCE inflation figures later in the day will be closely watched. On the corporate front, Deutsche Bank (-1.8%), Airbus (-1.1%), Iberdrola (-1%), Philips (-0.8%) Sanofi (-0.7%) and SAP (-0.6%) were among the biggest losers while Deutsche Telekom (1%), Repsol (0.8%) and Eni (0.7%) outperformed. Considering the May month, the STOXX 50 is up 1.1% and the STOXX 600 gained 2.3%.