法兰克福DAX指数周三收于24597点，上涨约0.9%，创历史新高，与欧洲同行持平。欧盟新的贸易措施和遏制钢铁进口的计划提振了市场情绪，尽管德国疲软的数据和法国的政治不确定性限制了上行空间。德国8月份工业产出暴跌4.3%，为2022年3月以来的最大跌幅，远超预期的1%跌幅。与此同时，由于美国政府停摆导致缺乏官方数据，交易员们等待着稍后公布的美联储会议纪要，以获得政策指导。工业、零售商和银行领涨，而汽车和芯片制造商则落后。蒂森克虏伯（Thyssenkrupp）在欧盟钢铁计划中跃升超过5%，Zalando（+5.3%）、西门子能源（+3.3%）和阿迪达斯（+3.3.%）也取得了强劲进展。不利的一面是，宝马在发布盈利预警后下跌了8%以上，并担心更高的钢铁关税可能会提高汽车制造商的成本。梅赛德斯-奔驰集团、保时捷汽车、大众汽车和戴姆勒卡车紧随其后。

Frankfurt's DAX closed about 0.9% firmer at 24,597 on Wednesday, an all-time high, mirroring European peers. Market sentiment was lifted by the EU’s new trade measures and plans to curb steel imports, though weak German data and political uncertainty in France limited the upside. Germany’s industrial output slumped 4.3% in August, the steepest drop since March 2022, far exceeding the expected 1% decline. Meanwhile, traders awaited the Fed minutes due later for policy guidance amid a lack of official data caused by the US government shutdown. Industrials, retailers, and banks led gains, while autos and chipmakers lagged. Thyssenkrupp jumped over 5% on the EU’s steel plan, alongside strong advances in Zalando (+5.3%), Siemens Energy (+3.3%), and Adidas (+3.3%). On the downside, BMW slid more than 8% after a profit warning and concerns that higher steel tariffs could raise costs for automakers. Mercedes-Benz Group, Porsche Automobil, Volkswagen and Daimler Truck followed closely.

在法兰克福，DAX指数周三上涨211点，涨幅0.87%。涨幅最大的是Zalando（5.34%）、西门子能源（3.34%）和阿迪达斯（3.32%）。损失最大的是宝马（-8.25%）、梅赛德斯-奔驰（-2.70%）和大众（-2.15%）。

In Frankfurt, the DAX Index went up by 211 points or 0.87 percent on Wednesday. Top gainers were Zalando (5.34%), Siemens Energy (3.34%) and Adidas (3.32%). Biggest losses came from BMW (-8.25%), Mercedes-Benz AG (-2.70%) and Volkswagen (-2.15%).

德国10年期国债收益率跌至2.68%，为9月17日以来的最低水平，原因是投资者在关注法国和美国政治发展的同时，吸收了低于预期的德国工业数据。8月份，德国工业生产环比下跌4.3%，为2022年3月以来的最大跌幅，远低于1%的下降预期，这主要是由于汽车制造业的急剧收缩。在法国，总统埃马纽埃尔·马克龙面临着越来越大的压力，要求提前举行选举或下台，因为即将离任的总理塞巴斯蒂安·莱科尔努在意外辞职后开始了为期两天的谈判。周三，Lecornu表示议会不太可能解散，但谈判反映出人们普遍愿意在年底前批准预算。与此同时，美国政府停摆没有减弱的迹象，这引发了人们的担忧，即关键数据发布的延迟可能会使美联储的政策决策复杂化。

The yield on Germany’s 10-year Bund fell to 2.68%, its lowest level since September 17, as investors absorbed weaker-than-expected German industrial data while monitoring political developments in France and the US. German industrial production tumbled 4.3% month-over-month in August—the steepest decline since March 2022—well below expectations of a 1% drop, driven largely by a sharp contraction in car manufacturing. In France, President Emmanuel Macron faces mounting pressure to call early elections or step down as outgoing Prime Minister Sébastien Lecornu embarked on two-day negotiations following his unexpected resignation. On Wednesday, Lecornu indicated that a parliamentary dissolution was unlikely, but the talks reflected a general willingness to approve a budget by year-end. Meanwhile, the US government shutdown shows no signs of abating, raising concerns that delays in key data releases could complicate Federal Reserve policy decisions.

法兰克福DAX指数周三上涨0.3%，至24460点，在开局惨淡后达到7月9日以来的最高水平，主要受钢铁股提振，投资者欢迎欧盟周二公布的新贸易措施。欧盟委员会宣布计划将可进口到欧盟的钢铁数量减半，对任何超额部分征收50%的新关税。德国工业集团蒂森克虏伯（Thyssenkrupp）的股价在消息传出后飙升了5%以上。然而，法国政治危机和美国政府长期停摆的不确定性，再加上德国经济数据疲软，打压了投资者情绪。2025年8月，德国工业生产环比下降4.3%，远超1%的预期降幅，为2022年3月以来最大降幅。与此同时，宝马股价在2025财年发布盈利预警后下跌了5%以上，原因是中国经济增长令人失望，欧盟和美国的关税退款延迟。

Frankfurt’s DAX rose 0.3% to 24,460 on Wednesday, reaching its highest level since July 9 after a lackluster start, buoyed mainly by steel stocks as investors welcomed new trade measures unveiled by the European Union on Tuesday. The European Commission announced plans to halve the amount of steel that can be imported into the bloc, with new 50% tariffs applying to any excess. Shares of German industrial conglomerate Thyssenkrupp surged more than 5% on the news. However, uncertainty from France’s political crisis and the prolonged US government shutdown, combined with weak German economic data, weighed on investor sentiment. Industrial production in Germany slumped 4.3% month-over-month in August 2025, far exceeding expectations of a 1% decline and marking the steepest drop since March 2022. Meanwhile, BMW shares dropped over 5% following a profit warning for the 2025 financial year, driven by disappointing growth in China and delayed EU-US tariff refunds.