<p>1 月 29 日（路透社）- 最新预测显示，欧洲企业的健康前景略有改善，贸易紧张局势退居次要地位，投资者关注美元的疲软和财报季。</p>
<p>根据 LSEG I/B/E/S 的数据，预计欧洲公司在 2025 年第四季度的收益平均将下降 3.9%，略好于一周前分析师预期的 4.2% 的降幅。</p>
<p>收入也预计将下降，分析师预测下降 3.5%，与上周的估计持平，LSEG 报告显示。</p>
<h3>重要性</h3>
<p>自美国总统特朗普上任以来，STOXX 600 (.STOXX) 公司业绩的预测在经历了一年的贸易动荡后稳步恶化。</p>
<p>预计欧洲蓝筹股在 2 月份的第四季度收益同比增长高达 11.1%，就在特朗普宣布一系列关税计划之前。</p>
<p>现在预计将交出过去七个季度中最糟糕的同比变化。</p>
<h3>背景</h3>
<p>这个财报季可能会显示欧洲企业如何应对严峻的贸易干扰，领导者和政策制定者担心欧元的升值使国内出口商的竞争力下降。</p>
<p>STOXX 600 公司的前景与美国上市公司的前景形成鲜明对比，S&amp;P 500 (.SPX) 公司预计收益将增长 9.2%，根据周五发布的另一份 LSEG 报告。</p>
<p>2025 年第四季度 STOXX 600 收益的预期</p>
<p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4qNgb3Q?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1220" height="926" original-src="https://imageproxy.pbkrs.com/https://reut.rs/4qNgb3Q"/></p>

欧洲斯托克 50 指数 ETF - SPDR

标普 500 ETF - SPDR

标普 500 ETF - iShares

欧元 做多 - CurrencyShares

标普 500 指数

标普 500 ETF - Vanguard

<p>预计到 2025 年第四季度，欧洲企业利润将下降 3.9%，略好于之前预期的 4.2% 的降幅。收入也预计将下降 3.5%。这个财报季对于评估欧洲企业如何应对贸易干扰至关重要，特别是在欧元走强的情况下，这影响了出口商的竞争力。相比之下，标普 500 公司的盈利预计将增长 9.2%，突显了欧洲和美国企业之间前景的明显差异</p>

<p>Jan 29 (Reuters) - The outlook for European corporate health has slightly improved, the latest forecasts showed on Thursday, as trade tensions take a backseat and investors focus on the dollar’s weakness and the earnings season.</p>
<div class="lb-trans"><p>1 月 29 日（路透社）- 最新预测显示，欧洲企业的健康前景略有改善，贸易紧张局势退居次要地位，投资者关注美元的疲软和财报季。</p>
</div><p>European firms are expected to report a 3.9% drop in 2025 fourth-quarter earnings, on average, according to LSEG I/B/E/S data, slightly better than ‌the 4.2% decrease analysts expected a week ago.</p>
<div class="lb-trans"><p>根据 LSEG I/B/E/S 的数据，预计欧洲公司在 2025 年第四季度的收益平均将下降 3.9%，略好于一周前分析师预期的 4.2% 的降幅。</p>
</div><p>Revenues are also forecast to fall, with analysts anticipating a 3.5% decrease, unchanged from last week’s estimate, the LSEG report showed.</p>
<div class="lb-trans"><p>收入也预计将下降，分析师预测下降 3.5%，与上周的估计持平，LSEG 报告显示。</p>
</div><h3>WHY IT MATTERS</h3>
<div class="lb-trans"><h3>重要性</h3>
</div><p>Projections for STOXX 600 (.STOXX) company results have steadily deteriorated after a year of trade upheaval since U.S. President Donald Trump took office.</p>
<div class="lb-trans"><p>自美国总统特朗普上任以来，STOXX 600 (.STOXX) 公司业绩的预测在经历了一年的贸易动荡后稳步恶化。</p>
</div><p>Fourth-quarter earnings of European blue-chips were forecast to grow as much as 11.1% year-on-year in February, right before Trump announced plans for a wide array of tariffs.</p>
<div class="lb-trans"><p>预计欧洲蓝筹股在 2 月份的第四季度收益同比增长高达 11.1%，就在特朗普宣布一系列关税计划之前。</p>
</div><p>They are now expected to deliver the worst year-on-year change in the past seven quarters.</p>
<div class="lb-trans"><p>现在预计将交出过去七个季度中最糟糕的同比变化。</p>
</div><h3>CONTEXT</h3>
<div class="lb-trans"><h3>背景</h3>
</div><p>This earnings season could show how European businesses are navigating the tough trade disruption, with leaders and policymakers worried that the strengthening of the euro is making domestic exporters less competitive.</p>
<div class="lb-trans"><p>这个财报季可能会显示欧洲企业如何应对严峻的贸易干扰，领导者和政策制定者担心欧元的升值使国内出口商的竞争力下降。</p>
</div><p>The outlook for STOXX 600 companies is in stark contrast to that of U.S. listed companies, with earnings of S&amp;P 500 (.SPX) firms forecast to grow 9.2%, according to a separate LSEG report published on Friday.</p>
<div class="lb-trans"><p>STOXX 600 公司的前景与美国上市公司的前景形成鲜明对比，S&amp;P 500 (.SPX) 公司预计收益将增长 9.2%，根据周五发布的另一份 LSEG 报告。</p>
</div><p>Expectations of Q4 2025 STOXX 600 earnings</p>
<div class="lb-trans"><p>2025 年第四季度 STOXX 600 收益的预期</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4qNgb3Q" alt="" original-src="https://reut.rs/4qNgb3Q"/></p>

European fourth-quarter corporate profits expected to fall 3.9%

- 欧洲企业健康前景略有改善，贸易紧张局势减退，投资者聚焦美元疲软。  
- 2025 年第四季度，欧洲企业预计收益下降 3.9%，略优于预期的 4.2% 减少。  
- STOXX 600 公司预期收益情况与美国 S&P 500 公司形成鲜明对比。

预计欧洲企业第四季度的利润将下降 3.9%