在法兰克福，DAX指数周四上涨169点，涨幅0.72%。涨幅最大的是莱茵金属（5.38%）、拜耳（3.13%）和西门子能源（2.92%）。最大的亏损来自默克（-6.30%）、宝马（-5.74%）和德国商业银行（-2.21%）。

In Frankfurt, the DAX Index went up by 169 points or 0.72 percent on Thursday. Top gainers were Rheinmetall (5.38%), Bayer (3.13%) and Siemens Energy (2.92%). Biggest losses came from Merck (-6.30%), BMW (-5.74%) and Commerzbank (-2.21%).

随着全球投资者消化了新的美国经济数据并重新评估了美联储政策的前景，德国10年期国债收益率从最近五周的高点2.699%降至2.64%。美国4月零售销售增长大幅放缓，而生产者价格意外下降，主要是由于贸易利润率下降，这进一步表明特朗普总统的关税开始对经济产生影响。与此同时，美联储主席杰罗姆·鲍威尔警告称，由于供应冲击日益频繁，长期利率可能会保持高位，通胀可能会变得更加不稳定。在欧洲，货币市场在年底前将欧洲央行的存款便利利率定价为1.79%，并认为6月份降息的可能性为95%，因为政策制定者的目标是在贸易壁垒上升的情况下支持经济增长。欧洲央行政策制定者Villeroy de Galhau表示，到夏季还有再次降息的空间，而他的同事Nagel指出，通胀将“很有可能”趋同于欧洲央行2%的目标。

Germany’s 10-year Bund yield slipped to 2.64%, down from a recent five-week high of 2.699%, as global investors digested fresh US economic data and reassessed the outlook for Federal Reserve policy. US retail sales growth slowed sharply in April, while producer prices unexpectedly fell largely due to a drop in trade margins, adding to signs that tariffs under President Trump are beginning to have an economic impact. Meanwhile, Fed Chair Jerome Powell cautioned that long-term interest rates may remain elevated and inflation could become more volatile due to increasingly frequent supply shocks. In Europe, money markets priced the ECB’s deposit facility rate at 1.79% by year-end and assigned a 95% probability to a rate cut in June, as policymakers aim to support growth amid rising trade barriers. ECB policymaker Villeroy de Galhau said there is room for another cut by summer, while his colleague Nagel noted a “good probability” that inflation will converge toward the ECB’s 2% target.

法兰克福DAX指数周四收跌0.7%，收于23680点，早盘跌幅收窄。随着结束俄罗斯在乌克兰战争的和平谈判前景似乎逐渐消退，国防公司股价上涨。Hensoldt、Rheinmetall和Renk的股价上涨了4%至8%。与此同时，美中贸易关系再次出现的不确定性和一系列令人失望的企业盈利打压了市场情绪。德国工业巨头蒂森克虏伯股价暴跌超过12%，此前该公司公布第二季度销售额同比下降5%，未达到盈利预期，并公布了比预期更糟糕的负自由现金流。默克公司在削减全年指导后下跌了近6%。与此同时，西门子在第二季度盈利令人失望后下跌1.3%，尽管重申了其对2025财年的积极前景。

Frankfurt's DAX pared some early losses to close 0.7% higher at 23,680 on Thursday, as shares of defense companies advanced as the prospect of peace talks to end Russia's war in Ukraine appeared to fade. Hensoldt, Rheinmetall and Renk rose between 4% and 8%. Meanwhile, renewed uncertainty over US-China trade relations and a series of underwhelming corporate earnings weighed on sentiment. German industrial giant Thyssenkrupp plummeted over 12% after the company reported a 5% year-on-year drop in Q2 sales, missed earnings expectations, and posted worse-than-expected negative free cash flow. Merck dropped nearly 6% after cutting its full-year guidance. Meanwhile, Siemens fell 1.3% following disappointing Q2 earnings and despite reaffirming its positive outlook for fiscal 2025.

法兰克福DAX指数周四下跌0.5%，至23415点左右，标志着第二个交易日下跌，与欧洲同行持平。对全球贸易紧张局势的再次担忧和一系列令人失望的企业盈利打压了市场情绪。德国工业巨头蒂森克虏伯的股价暴跌8%，此前该公司公布第二季度销售额同比下降5%，未达到盈利预期，并公布了比预期更糟糕的负自由现金流。西门子股价在第二季度盈利令人失望后下跌3.6%，该公司指出经济不确定性上升，但选择不修改其全年展望。与此同时，默克公司在削减全年指导后下跌了4%以上。从更积极的方面来看，德国电信在超过收入预期并提高全年指导后微涨0.2%。

Frankfurt's DAX fell 0.5% to around 23,415 on Thursday, marking the second session of decreases and mirroring its European peers. Renewed concerns over global trade tensions and a series of underwhelming corporate earnings weighed on sentiment. Shares of German industrial giant Thyssenkrupp plunged 8% after the company reported a 5% year-on-year drop in Q2 sales, missed earnings expectations, and posted worse-than-expected negative free cash flow. Siemens shares fell 3.6% following disappointing Q2 earnings, with the company pointing to rising economic uncertainty but choosing not to revise its full-year outlook. Meanwhile, Merck dropped over 4% after cutting its full-year guidance. On a more positive note, Deutsche Telekom edged up 0.2% after beating revenue estimates and raising its full-year guidance.