在法兰克福，DAX指数周三上涨199点，涨幅0.83%。涨幅最大的是戴姆勒卡车控股公司（7.32%）、保时捷公司（6.63%）和大众汽车公司（6.40%）。最大的亏损来自SAP（-4.37%）、英飞凌（-3.61%）和E.ON（-2.72%）。

In Frankfurt, the DAX Index went up by 199 points or 0.83 percent on Wednesday. Top gainers were Daimler Truck Holding AG (7.32%), Porsche AG (6.63%) and Volkswagen (6.40%). Biggest losses came from SAP (-4.37%), Infineon (-3.61%) and E.ON (-2.72%).

德国10年期国债收益率周三上涨至2.62%，此前在周一和周二下跌了10个基点以上，因为最近宣布的美日贸易协定缓解了对全球关税升级的担忧，并重新点燃了与欧盟达成类似协议的希望。尽管有所缓解，但市场仍持谨慎态度。据报道，欧盟特使正在讨论应急措施，以防与美国总统唐纳德·特朗普的贸易谈判破裂，特朗普在8月1日的最后期限之前采取了更激进的关税立场。与此同时，投资者的注意力转移到周四的欧洲央行政策决定和欧洲最大经济体发布的快速PMI上。欧洲央行预计将在连续八次降息后保持利率稳定，因为官员们权衡了持续的贸易不确定性、欧元坚挺和通胀放缓。货币市场完全预计到12月将降息25个基点，9月份降息的可能性约为50%。

Germany’s 10-year Bund yield ticked up to 2.62% on Wednesday, after falling more than 10 basis points over Monday and Tuesday, as the recently announced US-Japan trade agreement eased concerns over escalating global tariffs and rekindled hopes for a similar deal with the EU. Despite the relief, markets remain cautious. EU envoys are reportedly discussing contingency measures in case of a breakdown in trade talks with US President Donald Trump, who has adopted a more aggressive tariff stance ahead of the August 1 deadline. Meanwhile, investor focus shifts to Thursday’s ECB policy decision and the release of flash PMIs from Europe’s largest economies. The ECB is expected to hold rates steady following eight consecutive cuts, as officials weigh persistent trade uncertainty, a firm euro, and muted inflation. Money markets are fully pricing in a 25 basis point rate cut by December, with roughly a 50% probability of that move occurring in September.

在法兰克福，DAX指数周三上涨181点，涨幅0.75%。保时捷股份公司（7.01%）、梅赛德斯-奔驰股份公司（5.31%）和大众汽车（5.25%）领涨。最大的输家是SAP（-3.85%）、英飞凌（-1.62%）和E.ON（-1.44%）。

In Frankfurt, the DAX Index is picking up 181 points or 0.75 percent on Wednesday. Gains are led by Porsche AG (7.01%), Mercedes-Benz AG (5.31%) and Volkswagen (5.25%). Biggest losers are SAP (-3.85%), Infineon (-1.62%) and E.ON (-1.44%).

法兰克福DAX 40指数周三上涨1%，至24280点，因对美国和欧盟在新宣布的美日协议后达成贸易协议的可能性越来越乐观，唐纳德·特朗普总统称该协议“规模巨大”。该协议包括对日本进口商品征收15%的关税，低于此前威胁的25%，涉及5500亿美元的美国投资承诺。汽车股领涨，保时捷飙升7%，其次是梅赛德斯-奔驰和大众汽车（均上涨5%），宝马上涨4.6%。与此同时，财报季仍在继续。尽管第二季度报告稳健，但SAP的股价下跌了3%以上，因为该公司保持了全年展望，令希望升级的投资者失望。相比之下，加拿大皇家银行的一位分析师指出，风险回报平衡已转为有利，Sartorius上涨超过2.5%。这一评论是在周二股价回落之后发表的，这是由一份基本符合预期的中期报告引发的。

Frankfurt's DAX 40 rose 1% to 24,280 points on Wednesday, as optimism grew over the possibility of a trade agreement between the US and the EU following a newly announced US-Japan deal, described by President Donald Trump as “massive.” The deal includes 15% tariffs on Japanese imports—lower than the previously threatened 25%—and involves $550 billion in investment commitments in the US. Auto stocks led the rally, with Porsche surging 7%, followed by Mercedes-Benz and Volkswagen (both up 5%), and BMW gaining 4.6%. Meanwhile, earnings season continues to unfold. Shares of SAP dropped more than 3% despite a solid second-quarter report, as the company maintained its full-year outlook, disappointing investors hoping for an upgrade. In contrast, Sartorius gained over 2.5% after an analyst at Canadian bank RBC noted that the risk-reward balance has turned favorable. The comment followed Tuesday's pullback in the stock, triggered by an interim report that was largely in line with expectations.