德国10年期国债收益率跌至2.5%，为3月初以来的最低水平，因为投资者在全球贸易紧张局势升级的情况下寻求欧洲基准避险资产德国债券的庇护。与此同时，对美国国债的需求减弱，反映出对美国资产的信心减弱。美国和德国10年期债券的收益率差约为1.8个百分点，为2月份以来的最高水平，当时对欧洲财政支出增加的预期和德国大选结果提高了德国国债收益率。与此同时，人们普遍预计欧洲央行将在周四降息25个基点。市场参与者将密切关注政策制定者如何评估贸易冲突对欧元区经济的影响以及利率的可能路径。

The yield on Germany’s 10-year Bund fell to 2.5%, the lowest level since early March, as investors sought refuge in German debt, Europe’s benchmark safe-haven asset, amid escalating global trade tensions. At the same time, demand for US Treasuries weakened, reflecting waning confidence in American assets. The yield spread between US and German 10-year bonds is around 1.8 percentage points, the highest since February, when expectations of increased fiscal spending in Europe and Germany’s election results had lifted Bund yields. Meanwhile, the European Central Bank is widely expected to deliver a 25 basis point rate cut on Thursday. Market participants will be closely watching for guidance on how policymakers assess the trade conflict’s impact on the Eurozone economy and the likely path for interest rates.

德国30年期债券拍卖：2.83%，此前为3.11%。德国30年期债券拍卖：2.83%，此前为3.11%

Germany 30-y Bond Auction: 2.83% vs previous 3.11%.Germany 30-y Bond Auction: 2.83% vs previous 3.11%

法兰克福DAX指数周三下跌近1%，在连续两天上涨后跌破21100点大关，贸易紧张局势升级和利润担忧给欧洲市场带来压力。唐纳德·特朗普总统周二下令对关键矿产进口的潜在关税进行调查，以及美国对英伟达人工智能芯片对华出口的新限制，加剧了负面情绪。英伟达还披露了一笔高达55亿美元的拨备，原因是其停止向中国出口人工智能芯片。与此同时，荷兰芯片制造商ASML Holding NV令人失望的收益进一步削弱了人们的信心。德国主要科技股，包括西门子、西门子能源、英飞凌科技和SAP，下跌1%至3.3%。其他行业，如基础资源、化工、汽车和制药，也出现了下滑。

The DAX in Frankfurt fell nearly 1% on Wednesday, dropping below the 21,100 mark after two days of gains, as escalating trade tensions and profit concerns weighed on European markets. President Donald Trump’s order on Tuesday for an investigation into potential tariffs on critical mineral imports, along with new U.S. export restrictions on Nvidia’s AI chips to China, contributed to the negative sentiment. Nvidia also disclosed a provision of up to $5.5 billion due to the halt in its AI chip exports to China. Meanwhile, disappointing earnings from Dutch chipmaker ASML Holding NV further undermined confidence. Major German tech stocks, including Siemens, Siemens Energy, Infineon Technologies, and SAP, falling between 1% and 3.3%. Other sectors, such as basic resources, chemicals, autos, and pharmaceuticals, also experienced declines.

法兰克福DAX指数下跌146点。Brenntag（-3.99%）、西门子能源（-2.95%）和戴姆勒卡车控股公司（-2.27%）领跌。涨幅最大的是赛多利斯（1.71%）、E.ON（1.04%）和RWE（0.42%）。

In Frankfurt, the DAX Index is falling 146 points. Losses were driven by Brenntag (-3.99%), Siemens Energy (-2.95%) and Daimler Truck Holding AG (-2.27%). Biggest rises came from Sartorius (1.71%), E.ON (1.04%) and RWE (0.42%).