周二下午，法兰克福DAX指数下跌近2%，收于23140点左右，交易员们关注着德国议会的第二轮投票。保守党基民盟主席、最有可能成为总理的弗里德里希·梅尔茨在第一轮投票中仅获得310票，未达到联邦议院多数席位所需的316票，第二轮投票正在进行中。与此同时，在美联储周三做出决定之前，市场关注的焦点仍然是正在进行的财报季。在企业方面，科技股、银行、零售商和汽车股是跌幅最大的股票之一。其他公司在业绩乐观后也出现了上涨。Hugo Boss的营收大幅增长近7%。费森尤斯医疗在公布强劲的第一季度业绩后上涨了4%以上，大陆集团在创下四年来的销售新高后上涨了2.4%。Zalando还公布了好于预期的第一季度销售额，并重申了全年的指导方针。

Frankfurt's DAX pared some losses of nearly 2% to trade around 23,140 on Tuesday afternoon, as traders eyed the second round of voting in the German Parliament. A second vote is underway after Friedrich Merz, head of the conservative CDU and the favourite to become chancellor, fell short of the 316 votes needed for a majority in the Bundestag, receiving only 310 in the first round. Meanwhile, the market focus remained on the ongoing earnings season, before the Fed's decision on Wednesday. On the corporate front, tech, banks retailers, auto stocks were among the top losers. Other companies saw gains following upbeat results. Hugo Boss surged nearly 7% on a revenue beat. Fresenius Medical Care rose over 4% after reporting strong Q1 results, and Continental gained 2.4% following a four-year sales high. Zalando also posted better-than-expected Q1 sales and reaffirmed its full-year guidance.

尽管德国政局动荡，欧元却异常平静——丰业银行。丰业银行首席外汇策略师Shaun Osborne指出，考虑到更广泛的不确定性以及德国总理Merz未能在德国议会获得多数票，欧元（EUR）保持平静，交易区间非常狭窄。

EUR remarkably quiet despite political turmoil in Germany – Scotiabank.The Euro (EUR) is quiet and trading within a remarkably tight range, given the broader context of uncertainty and German Chancellor Merz' failure to secure a majority for his confirmation vote in the German parliament, Scotiabank's Chief FX Strategist Shaun Osborne notes.

德国新选择党支持周三对总理进行新的投票。默克尔今天未能赢得多数席位，德国新选择党支持周三对总理进行新的投票。AfD是联邦议院下院的第二大政党。

Germany's AfD backs new vote for chancellor on Wednesday.Germany's AfD backs new vote for chancellor on Wednesday after Merz failed to win the majority today. AfD is the second biggest party in the Bundestag lower house.

德国10年期国债收益率收窄了早盘涨幅，但仍略高于2.5%，因为柏林的政治不确定性打压了投资者情绪。候任总理弗里德里希·默茨遭遇了意想不到的挫折，在联邦议院的初步投票中，他只获得了316票中的310票，未能获得多数票。尽管计划领导他的基民盟/基社盟集团和社会民主党之间的联盟，但梅尔茨面临着公众支持薄弱和经济停滞、乌克兰持续冲突和美国关税上升的挑战性背景。投资者也将注意力转向美联储和英格兰银行的关键政策决策。在4月份强劲的就业报告发布后，预计美联储将保持利率稳定，而英格兰银行可能会在对美国贸易政策影响的担忧加剧的情况下降息。与此同时，欧元区货币市场继续预计欧洲央行到年底将降息60个基点。

The yield on Germany’s 10-year Bund trimmed early gains but remained just above 2.5%, as political uncertainty in Berlin weighed on investor sentiment. Chancellor-in-waiting Friedrich Merz suffered an unexpected setback, falling short of a majority in an initial Bundestag vote by securing only 310 of the 316 votes required. Despite plans to lead a coalition between his CDU/CSU bloc and the Social Democrats, Merz faces weak public support and a challenging backdrop of economic stagnation, ongoing conflict in Ukraine, and rising U.S. tariffs. Investors are also turning their attention to key policy decisions from the U.S. Federal Reserve and the Bank of England. The Fed is expected to hold interest rates steady after a strong April jobs report, while the Bank of England may move to cut rates amid rising concerns over the impact of U.S. trade policies. Meanwhile, Eurozone money markets continue to price in 60 bps of rate cuts from the European Central Bank by the end of the year.