周四，法兰克福DAX指数上涨超过1%，超过23600点大关，表现优于欧洲同行，交易员对美联储的最新决定表示欢迎。正如预期的那样，美国央行将利率下调了25个基点，这是9个月来的首次降息，并表示到年底将再降息两次。今天，人们的注意力转向了英格兰银行，预计英格兰银行将保持利率不变，而投资者也将关注欧洲央行行长拉加德和执行委员会成员金多斯和施纳贝尔的言论。从行业来看，科技股和银行股涨幅最大。在个股中，西门子能源领涨，涨幅近4%，英飞凌科技（+2.5%）和SAP（+2.1%）也强劲上涨。德意志银行和德国商业银行分别上涨2%和1.3%。其他表现突出的公司包括Sartorius（+3%）、Rheinmetall（+1.9%）和Zalando（+1.8%）。

The DAX in Frankfurt climbed more than 1% on Thursday, surpassing the 23,600 mark and outperforming its European peers, as traders cheered the latest Federal Reserve decision. The US central bank cut interest rates by 25 basis points, as expected, marking its first reduction in nine months, and signaled two more cuts by the end of the year. Today, attention turns to the Bank of England, which is expected to leave interest rates unchanged, while investors will also focus on remarks from ECB President Lagarde and Executive Board members Guindos and Schnabel. Sector-wise, technology and banking stocks posted the strongest gains. Among individual stocks, Siemens Energy led the gains with a nearly 4% surge, while Infineon Technologies (+2.5%) and SAP (+2.1%) also posted strong increases. Deutsche Bank and Commerzbank advanced 2% and 1.3%, respectively. Other notable performers included Sartorius (+3%), Rheinmetall (+1.9%) and Zalando (+1.8%).

在法兰克福，DAX指数周四上涨237点，涨幅1.02%。涨幅最大的是西门子能源（4.26%）、英飞凌（2.74%）和SAP（2.48%）。

In Frankfurt, the DAX Index is gaining 237 points or 1.02 percent on Thursday. Leading the gains are Siemens Energy (4.26%), Infineon (2.74%) and SAP (2.48%).

周四，随着市场消化了央行的最新政策信号，德国10年期国债收益率跌至2.66%，为一周来的最低水平。美联储在劳动力市场降温的迹象下首次降息，但对未来的道路持谨慎态度。美联储主席杰罗姆·鲍威尔将此举描述为风险管理削减，推翻了对激进宽松政策的预期，并强调央行不需要在利率方面迅速采取行动。在欧元区，政策制定者也强调了谨慎。欧洲央行官员继续指出关税、粘性服务通胀、食品价格上涨和财政政策不确定性带来的风险。欧洲央行上周连续第二次保持利率稳定，强化了其降息周期可能即将结束的观点。

German 10-year Bund yields fell toward 2.66% on Thursday, the lowest level in a week, as markets digested the latest policy signals from central banks. The US Federal Reserve delivered its first rate cut of the year amid evidence of a cooling labor market, but struck a cautious tone on the path ahead. Fed Chair Jerome Powell framed the move as a risk-management cut, pushing back on expectations for aggressive easing and stressing that the central bank does not need to move quickly on rates. In the euro area, policymakers have also emphasized caution. ECB officials continue to flag risks from tariffs, sticky services inflation, elevated food prices, and fiscal policy uncertainty. The ECB held rates steady for a second straight meeting last week, reinforcing the view that its rate-cutting cycle may be nearing an end.

德国DAX指数经历了一个波动的交易日，周三微涨至23359点，因为投资者在当天晚些时候备受期待的美联储政策决定之前变得更加谨慎。尽管人们普遍预计美联储将在2025年的首次降息中至少降息25个基点，但重点将放在美联储鲍威尔关于进一步宽松政策的言论上。在数据方面，欧元区2025年8月的消费者价格通胀率从初步的2.1%下调至2.0%，与欧洲央行的目标保持一致。在企业方面，SAP领涨，上涨3.2%，杰富瑞维持买入评级和290欧元的目标价，预示着云计算的强劲增长和自由现金流前景。其他表现最好的公司包括大陆集团（+1.9%）、阿迪达斯（+1.7%）、费森尤斯医疗（+1.1%）、拜耳（+1.6%）和英飞凌科技（+1.3%）。相比之下，德国商业银行和西门子能源公司的亏损最大，分别下降2.8%和2.2%。

The DAX in Germany experienced a volatile session to close marginally up at 23,359 on Wednesday, as investors turned more cautious ahead of the highly anticipated Fed's policy decision later in the day. While the US central bank is widely expected to lower interest rates by at least 25 basis points in its first cut of 2025, the focus will be on Fed Powell's remarks for signals on further easing. On the data front, Eurozone consumer price inflation for August 2025 was revised down to 2.0% from a preliminary 2.1%, aligning with the ECB’s target. On the corporate front, SAP led the gains, rising 3.2%, as Jefferies maintained a Buy rating and EUR 290 price target, pointing to resilient cloud growth and free cash flow outlook. Other top performers included Continental (+1.9%), Adidas (+1.7%), Fresenius Medical Care (+1.7%), Bayer (+1.6%) and Infineon Technologies (+1.3%). By contrast, Commerzbank and Siemens Energy posted the biggest losses, down 2.8% and 2.2%, respectively.