周三，法兰克福DAX指数在24120附近几乎持平，暂停了两天的下跌，但保持在两周低点附近，与欧洲市场的谨慎情绪一致。在9月8日的信任投票之前，投资者继续关注法国政治不确定性的加剧，同时也在等待英伟达即将公布的收益，以寻找人工智能交易的线索。在国内，德国GfK消费者气候指标从8月份略微修订的-21.7降至2025年9月的-23.6，低于-22.0的预测，是自4月以来的最低水平。这一下降反映了家庭对潜在失业和持续通胀的担忧加剧。在企业方面，德国商业银行（-2.5%）、德意志银行（-2.3%）和西门子能源（-1.6%）均出现大幅亏损。相比之下，汽车股上涨，保时捷（+2.4%）、梅赛德斯-奔驰（+1%）和宝马（+0.9%）领涨。

The DAX in Frankfurt was nearly flat around 24,120 on Wednesday, pausing a two-day decline but holding near a two-week low, in line with the cautious mood across European markets. Investors continued to monitor heightened political uncertainty in France ahead of a September 8 confidence vote, while also awaiting Nvidia’s upcoming earnings for clues on the AI trade. Domestically, Germany’s GfK Consumer Climate Indicator dropped to -23.6 for September 2025 from a marginally revised -21.7 in August, missing forecasts of -22.0 and marking the weakest reading since April. The decline reflected rising household concerns over potential job losses and persistent inflation. On the corporate front, sharp losses were seen in Commerzbank (-2.5%), Deutsche Bank (-2.3%), and Siemens Energy (-1.6%). In contrast, auto stocks traded higher, led by Porsche (+2.4%), Mercedes-Benz (+1%), and BMW (+0.9%).

德国Gfk消费者信心因就业担忧降至-23.6。德国9月GfK消费者信心指数从-21.7降至-23.6，低于-21.2的预期。这是连续第三个月下降，NIM的Rolf Bürkl将市场情绪描述为“肯定处于夏季衰退之中”。

German Gfk consumer confidence falls to -23.6 on job fears.Germany's GfK Consumer Sentiment index for September dropped to -23.6 from -21.7, falling short of expectations at -21.2. It was the third consecutive monthly decline, with NIM's Rolf Bürkl describing sentiment as “definitely in the summer slump.

德国GfK消费者气候指标从8月小幅修订的-21.7降至2025年9月的-23.6，低于市场预测的-22.0，达到4月以来的最低水平。这一下降是由于收入预期大幅下降（4.1比15.2），这是自3月以来的最低点，因为对就业保障、通胀预期上升和美国关税政策影响的担忧加剧。经济预期也大幅下降（2.7比10.1），连续第二个月降至六个月低点，因为今年复苏的希望逐渐消退。与此同时，购买意愿连续第三个月恶化（-10.1对-9.2），创下2月以来的最低水平。储蓄倾向略有下降（15.8比16.4），几乎没有支持。NIM消费者气候主管Rolf Bürkl表示：“随着连续第三次下降，消费者信心现在肯定处于夏季低迷状态。”。他补充说，通胀、能源成本和地缘政治风险的不确定性继续给家庭带来压力。

Germany’s GfK Consumer Climate Indicator fell to -23.6 heading into September 2025 from a marginally revised -21.7 in August, missing market forecasts of -22.0 and hitting its lowest since April. The decline was driven by a sharp drop in income expectations (4.1 vs 15.2), the weakest since March, as concerns grew over job security, rising inflation expectations, and the impact of U.S. tariff policies. Economic expectations also slumped (2.7 vs 10.1), down for a second month to a six-month low as hopes for a recovery this year faded. Meanwhile, the willingness to buy deteriorated for the third month (-10.1 vs -9.2), notching its lowest since February. The propensity to save eased slightly (15.8 vs 16.4), offering little support. “With the third consecutive decline, consumer sentiment is now definitely in the summer slump,” said Rolf Bürkl, Head of Consumer Climate at NIM. He added that uncertainty over inflation, energy costs, and geopolitical risks continues to weigh on households.

德国9月GfK消费者信心指数为-23.6，预期为-22.0。德国消费者信心在9月份进一步下降，主要是由于对失业的担忧。即使经济在第三季度表现出更好的弹性，尤其是工业部门，这也不太令人鼓舞。

Germany September GfK consumer sentiment -23.6 vs -22.0 expected.German consumer sentiment dips further going into September, largely on job loss concerns. That's not all too encouraging even if the economy is showing better resilience in Q3, especially the industrial sector.