德国6个月期国债 (Germany6M) 加自选

在法兰克福，DAX指数周四下跌177点，跌幅0.74%。德国电信（-3.75%）、Vonovia（-3.05%）和Zalando（-3.04%）领跌。涨幅最大的是E.ON（1.67%）、RWE（1.59%）和德国商业银行（1.41%）。

In Frankfurt, the DAX Index fell 177 points or 0.74 percent on Thursday. Leading the losses are Deutsche Telekom (-3.75%), Vonovia (-3.05%) and Zalando (-3.04%). Top gainers were E.ON (1.67%), RWE (1.59%) and Commerzbank (1.41%).

2025年4月，德国经常账户盈余小幅收窄至235亿欧元，低于一年前修订后的246亿欧元。由于美国新关税导致出口下降5.2%，而进口增长0.8%，商品顺差从240亿欧元急剧下降至169亿欧元。与此同时，次级收入赤字从37亿欧元扩大到47亿欧元，服务赤字保持相对稳定，为66亿欧元，而此前为63亿欧元。相比之下，主要收入盈余从106亿欧元大幅增至179亿欧元。

Germany’s current account surplus narrowed slightly to EUR 23.5 billion in April 2025, down from a revised EUR 24.6 billion a year earlier. The goods surplus declined sharply to EUR 16.9 billion from EUR 24.0 billion, driven by a 5.2% drop in exports amid new US tariffs, while imports increased by 0.8%. Meanwhile, the secondary income deficit widened to EUR 4.7 billion from EUR 3.7 billion, and the services deficit remained relatively stable at EUR 6.6 billion, compared to EUR 6.3 billion previously. In contrast, the primary income surplus rose significantly to EUR 17.9 billion from EUR 10.6 billion.

德国10年期国债收益率小幅下跌至2.5%，接近5月7日以来的最低水平，因为投资者在中东紧张局势升级和贸易战担忧加剧之际寻求安全资产。美国总统唐纳德·特朗普表示，美国人员正在从该地区撤离，并警告称“这可能是一个危险的地方”。与此同时，他宣布计划在未来几周内致函主要贸易伙伴，概述新的单边关税税率。与此同时，在美国，低于预期的通胀数据和劳动力市场逐渐降温的迹象提振了人们对美联储最早可能在9月开始降息的预期。在欧洲，欧洲央行官员的言论加剧了人们的猜测，即央行可能很快就会暂停其宽松周期，采取观望态度来评估美国潜在关税的经济影响。

The yield on the German 10-year Bund edged down toward 2.5%, approaching its lowest level since May 7, as investors sought safe-haven assets amid escalating tensions in the Middle East and renewed trade war concerns. US President Donald Trump said American personnel were being relocated from the region, warning it "could be a dangerous place." At the same time, he announced plans to send letters to key trading partners in the coming weeks outlining new unilateral tariff rates. Meanwhile, in the US, softer-than-expected inflation data and signs of a gradually cooling labor market bolstered expectations that the Federal Reserve could begin cutting interest rates as early as September. In Europe, remarks from ECB officials have strengthened speculation that the central bank may soon pause its easing cycle, adopting a wait-and-see stance to assess the economic impact of potential US tariffs.

法兰克福DAX指数周四下跌逾1%，至23700点以下，标志着连续第五个交易日下跌，表现落后于地区同行。特朗普总统的新贸易言论和与北京脆弱的贸易休战掩盖了美国温和通胀报告带来的乐观情绪。美国总统唐纳德·特朗普周三表示，他愿意延长贸易谈判的最后期限，但认为这可能没有必要，因为美国计划在两周内向主要贸易伙伴发出要约函，概述单方面关税。与此同时，中东地缘政治紧张局势加剧，影响了全球市场的市场情绪。在企业方面，几乎所有行业都下跌，房地产、制药、汽车、金融、银行和零售商跌幅最大。

Frankfurt's DAX fell more than 1% to below 23,700 on Thursday, marking the fifth straight sessions of decreases and underperforming its regional peers. Fresh trade remarks from President Trump and a fragile trade truce with Beijing overshadowed the optimism brought by a benign US inflation report. President Donald Trump said Wednesday he was willing to extend the trade talks deadline but believed it likely wouldn’t be necessary, as the US plans to send offer letters to major trading partners within two weeks outlining unilateral tariffs. At the same time, heightened geopolitical tensions in the Middle East weighed on market sentiment across global markets. On the corporate front, nearly all sectors traded lower, with real estate, pharmaceuticals, autos, financials, banks, and retailers among the top decliners.