德国10年期国债 (Germany10Y) 加自选

德国DAX指数周二下跌0.5%，至24200点左右，从前一交易日的一周高点回落，地区同行交易喜忧参半。市场参与者评估了大量企业收益，并等待美中贸易谈判的进一步明确，以及美联储和欧洲央行即将公布的政策。在主要推动因素中，Symrise落后，在报告第三季度收入从一年前的12.6亿欧元降至12.2亿欧元并下调全年有机增长前景后，下滑超过4%。相比之下，MTU航空发动机公司因季度盈利乐观而上涨0.6%。

Germany’s DAX fell 0.5% to around 24,200 on Tuesday, retreating from the previous session’s one-week high, with regional peers trading mixed. Market participants assessed a raft of corporate earnings and awaited further clarity on the US–China trade negotiations and forthcoming policy announcements from the Federal Reserve and the European Central Bank. Among key movers, Symrise lagged, sliding over 4% after reporting a drop in Q3 revenue to €1.22 billion from €1.26 billion a year ago and cutting its full-year organic growth outlook. MTU Aero Engines, in contrast, rose 0.6% on upbeat quarterly earnings.

德国GfK消费者气候指标在2025年11月降至-24.1，低于前一时期略微修订的-22.5，也低于市场预期的-22.0。这是自4月以来的最低水平，受通胀担忧加剧、就业保障担忧加剧和地缘政治紧张局势持续影响，收入预期大幅下降（2.3，为八个月来最低，而10月为15.1）。 相比之下，经济预期四个月来首次上升（0.8对-1.4），而购买意愿略有改善（-9.3对-11.6）。与此同时，储蓄意愿有所下降（15.8比16.1）。

Germany’s GfK Consumer Climate Indicator fell to -24.1 heading into November 2025, down from a marginally revised -22.5 in the previous period and missing market expectations of -22.0. This was the lowest reading since April, weighed down by a sharp drop in income expectations (2.3, the lowest in eight months, compared with 15.1 in October) amid renewed inflation concerns, rising job security worries, and ongoing geopolitical tensions. In contrast, economic expectations rose for the first time in four months (0.8 vs -1.4), while the willingness to buy improved slightly (-9.3 vs -11.6). Meanwhile, the willingness to save edged down (15.8 vs 16.1).

周一，德国DAX指数上涨约0.3%，收于24309点，创近一周新高，交易员欢迎华盛顿和北京之间达成贸易妥协的迹象，尽管在特朗普和Xi下周四会晤之前仍保持谨慎。据报道，中国政府计划推迟对稀有矿物的出口限制，恢复购买美国大豆，并帮助遏制芬太尼危机，以换取华盛顿放弃对中国商品征收100%额外关税的计划。本周，所有人的目光都将集中在主要央行的决定上，包括美联储周三和欧洲央行周四的决定。与此同时，大西洋两岸的季度财报季仍在继续。在股票方面，英飞凌科技（+2.4%）、西门子（+1.3%）和SAP（+0.9%）等科技公司表现最佳。除主要指数外，保时捷公司股价飙升3%，此前该公司公布的调整后营业亏损小于预期，并确认了其全年业绩指引。

Germany's DAX rose about 0.3% to close at 24,309 on Monday, a near one-week high, as traders welcomed signs of a trade compromise between Washington and Beijing, though caution persists ahead of next Thursday’s meeting between Trump and Xi. The Chinese government reportedly plans to delay export restrictions on rare minerals, resume US soybean purchases, and help curbing the fentanyl crisis in exchange for Washington waiving the planned 100% additional tariffs on Chinese goods. This week, all eyes will also be on decisions by major central banks, including the Federal Reserve on Wednesday and the ECB on Thursday. Meanwhile, the quarterly earnings season continues on both sides of the Atlantic. On equities, tech companies such as Infineon Technologies (+2.4%), Siemens (+1.3%) and SAP (+0.9%) were among the top performers. Outside the main index, Porsche AG surged 3% after the company posted an adjusted operating loss smaller than feared and confirmed its full-year guidance.

德国10年期国债收益率徘徊在2.63%左右，为近两周来的最高水平，投资者正在为繁忙的一周全球贸易谈判、央行决策和关键经济数据发布做准备。市场情绪有所改善，对美中贸易谈判再次感到乐观，特朗普总统和Xi将于周四会面，最终确定周末讨论的初步协议框架。与此同时，人们普遍预计欧洲央行将在周四的会议上保持利率不变，而美联储预计将降低借贷成本，以应对劳动力市场放缓和通胀低于预期。在国内方面，德国将于本周晚些时候公布第三季度GDP、10月通胀和消费者信心数据。值得注意的是，10月份Ifo商业景气指数强于预期，表明欧洲最大经济体具有一定的弹性。

Germany’s 10-year Bund yield hovered around 2.63%, its highest level in nearly two weeks, as investors positioned for a busy week of global trade talks, central bank decisions, and key economic data releases. Market sentiment improved amid renewed optimism over US–China trade negotiations, with Presidents Trump and Xi Jinping set to meet on Thursday to finalize the framework of a preliminary deal discussed over the weekend. Meanwhile, the European Central Bank is widely expected to keep interest rates unchanged at its Thursday meeting, while the US Federal Reserve is anticipated to lower borrowing costs in response to a slowing labor market and lower-than-expected inflation. On the domestic front, Germany is set to release flash third-quarter GDP, October inflation, and consumer sentiment data later this week. Notably, the Ifo business climate index came in stronger than expected in October, suggesting some resilience in Europe’s largest economy.