德国DAX指数经历了一个波动的交易日，周三微涨至23359点，因为投资者在当天晚些时候备受期待的美联储政策决定之前变得更加谨慎。尽管人们普遍预计美联储将在2025年的首次降息中至少降息25个基点，但重点将放在美联储鲍威尔关于进一步宽松政策的言论上。在数据方面，欧元区2025年8月的消费者价格通胀率从初步的2.1%下调至2.0%，与欧洲央行的目标保持一致。在企业方面，SAP领涨，上涨3.2%，杰富瑞维持买入评级和290欧元的目标价，预示着云计算的强劲增长和自由现金流前景。其他表现最好的公司包括大陆集团（+1.9%）、阿迪达斯（+1.7%）、费森尤斯医疗（+1.1%）、拜耳（+1.6%）和英飞凌科技（+1.3%）。相比之下，德国商业银行和西门子能源公司的亏损最大，分别下降2.8%和2.2%。

The DAX in Germany experienced a volatile session to close marginally up at 23,359 on Wednesday, as investors turned more cautious ahead of the highly anticipated Fed's policy decision later in the day. While the US central bank is widely expected to lower interest rates by at least 25 basis points in its first cut of 2025, the focus will be on Fed Powell's remarks for signals on further easing. On the data front, Eurozone consumer price inflation for August 2025 was revised down to 2.0% from a preliminary 2.1%, aligning with the ECB’s target. On the corporate front, SAP led the gains, rising 3.2%, as Jefferies maintained a Buy rating and EUR 290 price target, pointing to resilient cloud growth and free cash flow outlook. Other top performers included Continental (+1.9%), Adidas (+1.7%), Fresenius Medical Care (+1.7%), Bayer (+1.6%) and Infineon Technologies (+1.3%). By contrast, Commerzbank and Siemens Energy posted the biggest losses, down 2.8% and 2.2%, respectively.

法兰克福DAX指数周三上涨0.5%，突破23400点大关，从周二的下跌中反弹，表现优于欧洲同行，因为投资者关注即将到来的美联储利率决定。人们普遍预计，美联储将在2025年首次降息25个基点，市场密切关注杰罗姆·鲍威尔的言论，以寻找进一步宽松的信号。在欧元区，所有人的目光都集中在8月份最终通胀数据的公布上。在企业方面，SAP领涨，上涨近4%，其次是莱茵金属（+2.6%）、保时捷股份公司（+1.4%）和默克（+1.1%）。

The DAX in Frankfurt rose 0.5% to surpass the 23,400 mark on Wednesday, rebounding from Tuesday’s decline and outperforming European peers, as investors focused on the upcoming Federal Reserve interest rate decision. The US central bank is widely expected to lower interest rates by 25 basis points in its first cut of 2025, with markets closely watching Jerome Powell’s remarks for signals on further easing. In the Eurozone, all eyes were on the release of August’s final inflation figures. On the corporate front, SAP led the gains, rising nearly 4%, followed by Rheinmetall (+2.6%), Porsche AG (+1.4%) and Merck (+1.1%).

在法兰克福，DAX指数周三上涨119点，涨幅0.51%。SAP（3.08%）、莱茵金属（1.99%）和MTU航空发动机公司（1.26%）领涨。最大的输家是Symrise（-1.04%）、Zalando（-0.68%）和费森尤斯（-0.66%）。

In Frankfurt, the DAX Index is picking up 119 points or 0.51 percent on Wednesday. Gains are led by SAP (3.08%), Rheinmetall (1.99%) and MTU Aero Engines AG (1.26%). Biggest losers are Symrise (-1.04%), Zalando (-0.68%) and Fresenius (-0.66%).

德国10年期国债收益率降至2.68%，为近一周来的最低水平，投资者正在为央行的一系列政策公告做准备。人们普遍预计，美联储将在周三降息至少25个基点，并在年底前发出进一步宽松的信号，以平衡劳动力市场降温和关税驱动的通胀压力。在其他地方，英格兰银行和日本银行预计将保持借贷成本不变。在欧元区，欧洲央行官员强调谨慎，警告关税、服务通胀、食品价格和财政政策的风险。欧洲央行上周连续第二次保持利率稳定，这表明其降息周期可能已经结束。

German 10-year Bund yields eased to 2.68%, the lowest in nearly a week, as investors braced for a wave of central bank policy announcements. The US Federal Reserve is widely expected to cut rates by at least 25 basis points on Wednesday and signal further easing through year-end, balancing a cooling labor market against tariff-driven inflationary pressures. Elsewhere, the Bank of England and the Bank of Japan are expected to leave borrowing costs unchanged. In the euro area, ECB officials have stressed caution, warning of risks from tariffs, services inflation, food prices, and fiscal policy. The ECB last week kept rates steady for a second consecutive meeting, suggesting its rate-cutting cycle may have reached its end.