法兰克福DAX指数在7月第一个交易日进一步下跌，收于23673点，跌幅约1%，表现不如同行，受国防股拖累。此前有报道称，欧盟对美国可能达成的一项贸易协议持开放态度，该协议对许多出口产品征收10%的统一关税，但不包括制药、酒精、半导体和商用飞机等关键行业。与此同时，新的数据显示，6月份欧元区通胀率降至2%，欧洲央行行长克里斯蒂娜·拉加德在辛特拉举行的欧洲央行年度论坛上表示，通胀目标已经实现，这抑制了人们对今年进一步降息的预期。与此同时，美联储主席杰罗姆·鲍威尔在关税相关的不确定性中保持谨慎立场，表示央行将“观望”通胀如何发展。在单一股票中，蒂森克虏伯股价下跌6%，此前挪威主权财富基金宣布将把这家国防公司列入黑名单。Hensoldt和Renk紧随其后，损失了4%。

Frankfurt's DAX lost further ground to close about 1% lower at 23,673 on the first trading day of July, underperforming its peers, pulled down by defense stocks. The decline followed reports that the EU is open to a potential US trade deal featuring a uniform 10% tariff on many exports—excluding key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft. Meanwhile, fresh data showed Eurozone inflation eased to 2% in June, and ECB President Christine Lagarde reacted at the ECB’s annual forum in Sintra by stating that the inflation target had been reached—dampening expectations for further rate cuts this year. Meanwhile, Fed Chair Jerome Powell maintained a cautious stance amid tariff-related uncertainty, saying the central bank would "wait and see" how inflation unfolds. Among single stocks, Thyssenkrupp shares tumbled 6% after Norway’s sovereign wealth fund announced it would blacklist the defense company. Hensoldt and Renk followed with losses of 4%.

在法兰克福，DAX指数周二下跌236点，跌幅0.99%。西门子能源公司（-5.79%）、MTU航空发动机公司（-4.22%）和莱茵金属公司（-4.21%）造成了损失。涨幅最大的是Zalando（4.26%）、阿迪达斯（4.17%）和拜耳（3.62%）。

In Frankfurt, the DAX Index decreased 236 points or 0.99 percent on Tuesday. Losses were driven by Siemens Energy (-5.79%), MTU Aero Engines AG (-4.22%) and Rheinmetall (-4.21%). Biggest rises came from Zalando (4.26%), Adidas (4.17%) and Bayer (3.62%).

德国10年期国债收益率跌至2.57%，较第二季度下跌13个基点，因为市场将最近的数据和欧洲央行的评论解读为支持持续的宽松政策立场。在欧洲央行中央银行论坛上发表讲话时，克里斯蒂娜·拉加德总统对6月份的通胀数据表示欢迎，该数据与央行2%的目标一致，但她警告说，由于碎片化加剧和地缘政治紧张局势加剧，“双边风险”仍然存在。通胀疲软的同时，经济增长持续受阻，包括贸易紧张局势、中东不稳定以及欧元走强。值得注意的是，尽管德国推动增加债务发行以资助基础设施和国防投资，但第二季度德国国债收益率仍有所下降。

The yield on the German 10-year Bund fell to 2.57%, extending a 13 basis-point decline from the second quarter, as markets interpreted recent data and ECB commentary as supportive of a continued accommodative policy stance. Speaking at the ECB Forum on Central Banking, President Christine Lagarde welcomed the June inflation reading, which aligned with the central bank’s 2% target, but cautioned that “two-sided risks” remain due to increasing fragmentation and mounting geopolitical tensions. The subdued inflation print came alongside persistent headwinds to growth, including trade tensions, instability in the Middle East, and a strengthening euro. Notably, Bund yields declined in Q2 despite Germany’s push to ramp up debt issuance to fund infrastructure and defense investments.

法兰克福DAX指数周二小幅下跌，收于23800点左右，与同行持平，因为交易员在7月9日互惠关税最后期限之前关注与美国的谈判，以及经济数据。据报道，欧盟对美国的一项贸易协议持开放态度，该协议对许多出口产品征收10%的统一关税，前提是制药、酒精、半导体和商用飞机等关键行业免征关税。与此同时，欧洲央行的年度论坛今天在辛特拉开幕，吸引了投资者的注意力，因为央行行长们准备分享对政策和经济前景的见解。在数据方面，德国6月份经季节性调整的失业率保持在6.3%，低于预期的6.4%，但仍为2020年9月以来的最高水平。在单一股票中，海德堡材料、西门子能源和德意志银行的跌幅最大，各下跌2%以上。此外，国防类股和汽车制造商也面临压力。另一方面，阿迪达斯以2.5%的涨幅跑赢大盘。

Frankfurt's DAX edged lower to trade around 23,800 on Tuesday, in line with its peers, as traders eyed negotiations with the US ahead of July's 9 deadline for reciprocal tariffs, alongside economic data. The European Union is reportedly open to a US trade deal with a uniform 10% tariff on many exports, provided key sectors like pharmaceuticals, alcohol, semiconductors, and commercial aircraft are exempt. Meanwhile, the ECB’s annual forum kicks off today in Sintra, drawing investor attention as central bankers prepare to share insights on policy and the economic outlook. On the data front, Germany’s seasonally adjusted unemployment rate held at 6.3% in June, below the expected 6.4% but still the highest since September 2020. Among single stocks, Heidelberg Materials, Siemens Energy and Deutsche Bank were the biggest laggards, shedding over 2% each. Also, defense stocks and automakers saw pressure. On the flip side, Adidas outperformed with a 2.5% advance.