法兰克福DAX 40指数周四下午收窄早盘涨幅，收于24270点，涨幅0.1%，此前欧洲央行一年来首次保持关键利率不变。这一决定反映了政策制定者在应对围绕欧盟-美国关税争端的持续不确定性时的观望态度。华盛顿和布鲁塞尔之间的贸易谈判仍在继续，有报道称，双方即将敲定一项协议，对部分欧洲进口商品征收15%的关税，同时取消对其他国家的关税。在企业新闻方面，德意志银行在公布第二季度利润强于预期后飙升8.5%，从一年前的亏损中反弹。MTU航空发动机公司股价下跌3.5%，尽管第二季度营业利润增长41%。在宏观经济方面，德国消费者信心在8月份意外下降。7月份的PMI数据显示，商业活动仅略有增长，势头较6月份有所放缓，低于预期。

Frankfurt’s DAX 40 pared earlier gains to trade 0.1% higher at 24,270 on Thursday afternoon, after the ECB left key interest rates unchanged for the first time in a year. The decision reflects a wait-and-see stance as policymakers navigate ongoing uncertainty surrounding the EU-US tariff dispute. Trade talks between Washington and Brussels continued, with reports indicating that the two sides are close to finalizing a deal that would impose 15% tariffs on select European imports while removing duties on others. In corporate news, Deutsche Bank surged 8.5% after reporting a stronger-than-expected Q2 profit, rebounding from a loss a year earlier. MTU Aero Engines slumped 3.5% despite reporting a 41% jump in Q2 operating profit. On the macroeconomic front, German consumer sentiment unexpectedly declined heading into August. Flash PMI data for July showed only modest growth in business activity, with momentum slowing from June and falling short of expectations.

德国10年期国债收益率微升至2.68%，此前欧洲央行在过去一年中八次降息后，于周四维持利率不变。在欧盟和特朗普政府正在进行的贸易谈判中，政策制定者采取了谨慎的观望态度，关键的最后期限将于8月1日到来。虽然短期贸易的不确定性影响了前景，但对增加公共投资的预期可能会提供中期支持。报告显示，欧盟和美国即将敲定一项协议，对部分欧洲进口商品征收15%的关税，同时取消对其他国家的关税。在货币市场，交易员们完全预计到12月将降息25个基点，最早在9月降息的可能性约为50%。在数据方面，德国消费者信心在8月份意外下降。与此同时，PMI数据显示，7月份商业活动仅略有增长，较6月份有所放缓，低于预期。

Germany’s 10-year Bund yield edged up to 2.68% after the ECB left interest rates unchanged on Thursday, following eight rate cuts over the past year. Policymakers adopted a cautious wait-and-see stance amid ongoing trade negotiations between the EU and the Trump administration, with a key deadline looming on August 1. While near-term trade uncertainty weighs on the outlook, expectations for increased public investment may provide medium-term support. Reports indicate the EU and US are close to finalizing a deal that would impose 15% tariffs on select European imports while eliminating duties on others. In money markets, traders are fully pricing in a 25-basis-point rate cut by December, with about a 50% probability of that move occurring as early as September. On the data front, German consumer sentiment unexpectedly declined heading into August. Meanwhile, flash PMI figures showed only marginal growth in business activity for July, slowing from June and falling short of expectations.

随着投资者对欧洲央行即将出台的政策决定充满期待，德国10年期国债收益率稳定在2.66%，对贸易发展的乐观情绪日益高涨。有报道称，欧盟和美国即将敲定一项协议，对部分欧洲进口商品征收15%的关税，同时取消对其他国家的关税。与此同时，人们普遍预计欧洲央行在连续八次降息后将保持利率不变，因为政策制定者正在权衡持续的贸易不确定性、欧元走强和通胀疲软。货币市场完全预计到12月将降息25个基点，最早在9月降息的可能性约为50%。在数据方面，德国消费者信心在8月份意外下降，而PMI数据显示，7月份商业活动仅略有增长，增速较6月份放缓，低于预期。

Germany’s 10-year Bund yield held steady at 2.66% amid growing optimism over trade developments, as investors looked ahead to the European Central Bank’s upcoming policy decision. Reports suggest the EU and the US are close to finalizing a deal that would impose 15% tariffs on select European imports while eliminating duties on others. Meanwhile, the ECB is widely expected to keep interest rates unchanged after eight consecutive cuts, as policymakers weigh persistent trade uncertainty, a strong euro, and subdued inflation. Money markets are fully pricing in a 25-basis-point cut by December, with around a 50% chance of that move happening as early as September. On the data front, German consumer sentiment unexpectedly declined heading into August, while flash PMI figures showed only marginal growth in business activity in July, with the pace slowing from June and falling short of expectations.

法兰克福DAX 40指数周四上涨1%，至24470点，因有报道称欧盟和美国即将达成协议，对部分欧洲进口商品征收15%的关税，同时取消对其他国家的关税，贸易发展前景日益乐观。投资者的注意力也转向了欧洲央行将于当天晚些时候作出的政策决定，在一系列降息之后，普遍预计利率将保持不变。在企业新闻方面，德国最大的银行德意志银行在公布好于预期的第二季度利润后上涨了6%，从去年同期的亏损中反弹。MTU航空发动机公司股价上涨0.8%，此前该公司公布第二季度营业利润增长41%，超过分析师预测。在经济方面，德国消费者信心在进入8月份时意外减弱，而PMI数据显示，7月份德国商业活动略有增长，但增速较6月份略有放缓，低于预期。

Frankfurt’s DAX 40 advanced 1% to 24,470 points on Thursday, lifted by growing optimism over trade developments amid reports that the EU and US are nearing a deal to implement 15% tariffs on select European imports while scrapping duties on others. Investor focus also turned to the ECB’s policy decision due later in the day, with interest rates widely expected to remain unchanged following a string of cuts. In corporate news, Deutsche Bank—Germany’s largest lender—jumped 6% after posting a better-than-expected Q2 profit, rebounding from a loss in the same period last year. MTU Aero Engines rose 0.8% after reporting a 41% increase in Q2 operating profit, exceeding analyst forecasts. On the economic front, German consumer sentiment weakened unexpectedly heading into August, while flash PMI data showed marginal growth in German business activity in July, though the pace slowed slightly from June and came in below expectations.