德国6个月期国债 (Germany6M) 加自选

德国10年期国债收益率仍低于2.5%，为5月7日以来的最低水平，因为投资者在中东紧张局势急剧升级的情况下寻求避险资产，引发了对更广泛地区冲突的担忧。以色列一夜之间对伊朗发动了袭击，目标是核设施和高级官员，称其行动是应对生存威胁所必需的。伊朗以数百架无人机作为回应，并警告称将进行进一步报复。美国总统唐纳德·特朗普宣布计划在未来几周内致函主要贸易伙伴，概述新的单边关税提案，这加剧了市场的不安，再次引发了人们对贸易战的担忧。在政策方面，欧洲央行官员最近的言论增强了人们的预期，即欧洲央行可能会暂停当前的宽松周期，采取观望态度来评估美国潜在新关税的经济影响。

The yield on the German 10-year Bund remained below 2.5%, its lowest level since May 7, as investors sought safe-haven assets amid a sharp escalation in Middle East tensions, raising fears of a broader regional conflict. Israel launched strikes on Iran overnight, targeting nuclear sites and senior officials, calling its actions necessary to counter an existential threat. Iran responded with hundreds of drones and warned of further retaliation. Adding to market unease, renewed trade war concerns surfaced after US President Donald Trump announced plans to send letters to key trading partners in the coming weeks outlining new unilateral tariff proposals. On the policy front, recent remarks from European Central Bank officials have reinforced expectations that the ECB may pause its current easing cycle, adopting a wait-and-see stance to assess the economic impact of potential new US tariffs.

周五，法兰克福DAX指数暴跌1.4%，至23450点左右，触及三周低点，创下3月下旬以来最大单周跌幅，中东紧张局势升级扰乱了全球市场。抛售是由以色列对伊朗的空袭浪潮推动的，这些空袭针对的是核基础设施和军事资产，据报道，两名伊朗高级指挥官丧生。作为报复，伊朗发动了无人机袭击，据报道，伊朗现在退出了与美国计划中的核谈判，加剧了人们对持续升级和更广泛地区冲突的担忧。随着特朗普总统重申单方面征收关税的威胁，迫使外国政府达成新的贸易协议，对美国贸易政策的担忧再次出现，这增加了压力。投资者也在等待尚未敲定的美中贸易协议的进展。在企业方面，亏损范围广泛，阿迪达斯（-2.4%）、德意志银行（-2.6%）和保时捷公司（-2.5%）跌幅最大。

Frankfurt's DAX plunged 1.4% to around 23,450 on Friday, hitting a three-week low and heading for its biggest weekly decline since late March, as escalating Middle East tensions rattled global markets. The sell-off was driven by Israel’s wave of airstrikes on Iran, targeting nuclear infrastructure and military assets, reportedly killing two top Iranian commanders. In retaliation, Iran launched drone attacks and now reportedly pulled out of planned nuclear talks with the US, fueling fears of continued escalation and a broader regional conflict. Adding pressure, concerns over US trade policy resurfaced as President Trump reiterated threats of unilateral tariffs to push foreign governments into new trade deals. Investors also await progress on the US-China trade deal that is yet to be finalized. On the corporate side, losses were broad-based, with Adidas (-2.4%), Deutsche Bank (-2.6%), and Porsche AG (-2.5%) among the biggest decliners.

法兰克福DAX指数下跌311点。阿迪达斯（-2.53%）、德意志银行（-2.52%）和保时捷公司（-2.50%）领跌。

In Frankfurt, the DAX Index is losing 311 points. Losses were led by Adidas (-2.53%), Deutsche Bank (-2.52%) and Porsche AG (-2.50%).

2025年5月，德国消费者价格通胀率为2.1%，与初步估计一致，与上月持平，仍处于2024年10月以来的最低水平。商品通胀加速（4月份为0.9%对0.5%），食品价格保持高位（2.8%），主要原因是水果（7.4%）、糖和糖果（6.6%）、食用脂肪和油（4.7%）以及乳制品和鸡蛋（4.6%）的强劲上涨。能源价格继续下跌，但速度较慢（-4.6%对-5.4%），其中燃料（-6.8%）、电力（-2.4%）和取暖油（-9.5%）下跌最为明显。相比之下，由于国际航班（-8.7%）和电信（-1.3%）成本下降，服务通胀有所缓解（3.4%对3.9%）。不包括食品和能源的核心通胀率从2.9%小幅降至2.8%。每月，消费者价格指数上涨0.1%，较4月份的0.4%大幅下降。欧盟协调通胀率同比降至2.1%（对2.2%），环比降至0.1%（对0.5%）。

Germany’s consumer price inflation stood at 2.1% in May 2025, in line with flash estimates and unchanged from the previous month, remaining at its lowest level since October 2024. Inflation in goods accelerated (0.9% vs 0.5% in April), with food prices staying elevated (at 2.8%), driven by strong rises in fruit (7.4%), sugar and confectionery (6.6%), edible fats and oils (4.7%), and dairy products and eggs (4.6%). Energy prices continued to fall, though at a slower pace (-4.6% vs -5.4%), led by drops in fuel (-6.8%), electricity (-2.4%), and heating oil (-9.5%). In contrast, service inflation eased (3.4% vs 3.9%), weighed by lower costs for international flights (-8.7%) and telecommunications (-1.3%). Core inflation, which excludes food and energy, edged down to 2.8% from 2.9%. Monthly, consumer prices rose 0.1%, sharply down from April’s 0.4%. The EU-harmonised inflation rate eased to 2.1% yoy (vs 2.2%) and 0.1% mom (vs 0.5%).