德国10年期国债收益率升至2.4%，从5周低点回升，因对贸易和经济增长的担忧打压了市场情绪。欧盟誓言要对美国对欧洲钢铁和铝征收的关税进行报复，欧盟委员会主席乌尔苏拉·冯德莱恩称这些关税“不合理”，并承诺采取坚决的反制措施。美国总统唐纳德·特朗普周一下令对进口钢铁和铝征收25%的关税。此外，德国总理奥拉夫·朔尔茨警告称，如果征收关税，欧洲将“在一小时内”作出回应。与此同时，欧洲央行最近降息，并暗示3月份将进一步放松，市场目前预计存款利率到年底将降至1.87%。相比之下，强劲的美国就业数据强化了美联储目前保持利率稳定的立场。

Germany’s 10-year Bund yield rose to 2.4%, recovering from a 5-week low, as concerns over trade and economic growth weighed on sentiment. The EU vowed to retaliate against US tariffs on European steel and aluminum, with European Commission President Ursula von der Leyen calling them "unjustified" and promising firm countermeasures. US President Donald Trump on Monday ordered a 25% tariff on steel and aluminum imports. Also, German Chancellor Olaf Scholz warned that Europe would respond "within an hour" if tariffs were imposed. Meanwhile, the ECB recently cut rates and hinted at further easing in March, with markets now expecting the deposit rate to fall to 1.87% by year-end. In contrast, strong U.S. jobs data reinforced the Federal Reserve’s stance of keeping rates steady for now.

周二，DAX指数微涨至21950点左右，创下历史新高，但在唐纳德·特朗普总统概述了对美国进口钢铁和铝征收关税的承诺后，投资者的谨慎态度依然存在。与此同时，市场参与者正在密切关注正在进行的财报季，并特别关注美联储主席杰罗姆·鲍威尔在参议院和众议院的演讲，届时可能会出现更多关于货币政策的细节。医疗保健类股涨幅最大，费森尤斯和拜尔斯多夫分别上涨1.6%和1%。莱茵金属、西门子医疗和德之馨也稳步前进。另一方面，保时捷、宝马、大众和梅赛德斯等汽车制造商在压力下苦苦挣扎。钢铁制造商也出现下跌，蒂森克虏伯和萨尔茨吉特的股价各下跌约1%。

The DAX was slightly higher to around 21,950 on Tuesday, setting new record highs, but investor caution lingered after President Donald Trump outlined the promised tariffs on U.S. imports of steel and aluminum. At the same time, market participants are closely watching the ongoing earnings season and are particularly focused on Fed Chairman Jerome Powell's speeches to the Senate and House of Representatives, where more details on monetary policy could emerge. Healthcare stocks were among the top gainers, with Fresenius and Beiersdorf rising 1.6% and 1%, respectively. Rheinmetall, Siemens Healthineers and Symrise also advanced firmly. On the other side, automakers struggled with pressure, namely Porsche, BMW, Volkswagen and Mercedes. Steelmakers also saw declines, with shares of Thyssenkrupp and Salzgitter dropping by around 1% each.

在法兰克福，DAX指数周一上涨125点，涨幅0.57%。涨幅最大的是彪马（2.79%）、西门子（2.21%）和西门子医疗（2.15%）。跌幅最大的是默克公司（-3.28%）、Qiagen NV（-1.99%）和英飞凌（-0.64%）。

In Frankfurt, the DAX Index rose 125 points or 0.57 percent on Monday. Leading the gains are Puma (2.79%), Siemens (2.21%) and Siemens Healthineers (2.15%). Top losers were Merck (-3.28%), Qiagen NV (-1.99%) and Infineon (-0.64%).

周一，DAX指数上涨约0.7%，收于21933点，创下历史新高，反映了其他欧洲同行的积极走势。投资者权衡了特朗普最新的关税威胁，同时也在等待关键的通胀数据和美联储主席杰罗姆·鲍威尔向国会的证词。唐纳德·特朗普总统宣布计划很快对所有进入美国的钢铁和铝征收25%的进口税，并表示他将在本周寻求对美国贸易伙伴征收互惠关税。中国对部分美国出口产品征收的报复性关税将于今天实施，恰逢这一宣布。在股票中，涨幅最大的包括西门子医疗、MTU航空发动机和Zalando，涨幅在1.5%至1.8%之间。Qiagen领跌，下跌3.5%，此前William Blair分析师在该公司第四季度业绩公布后下调了2025年第一季度每股收益预期。

The DAX finished about 0.7% firmer at 21,933 on Monday, setting a new record high, mirroring the positive movement of other European peers. Investors weighed the latest Trump's tariffs threat, while also awaiting key inflation data and Federal Reserve Chair Jerome Powell’s testimony to Congress. President Donald Trump announced plans to impose a 25% import tax on all steel and aluminum entering the U.S. soon and stated he would seek reciprocal tariffs against U.S. trading partners during the week. China’s retaliatory tariffs on select U.S. exports are set to be implemented today, coinciding with this announcement. Among equities, top gainers included Siemens Healthineers, MTU Aero Engines and Zalando, with gains ranging from 1.5% to 1.8%. Qiagen led the losses, dropping 3.5% after William Blair analysts cut their Q1 2025 EPS estimates following the company's Q4 results.