德国DAX指数周五继续下跌，收于24267点，跌幅约1.5%，为一周多来的最低水平，与其他欧洲指数一致，从最近的峰值回落。加沙和平计划后，美中贸易紧张局势再次升级，国防库存疲软，拖累了市场。美国总统唐纳德·特朗普今天表示，在中国周四扩大对稀土金属的出口管制后，没有理由在两周后在韩国会见中国的Xi，同时也表示计划提高对中国进口产品的关税。法国的政治局势也仍然是一个主要关切。在企业方面，国防公司Hensoldt和Renk是跌幅最大的公司之一，分别下跌4.6%和3.7%，Rheinmetall下跌1.1%。由于对前景疲软的担忧，瑞银下调评级至“卖出”，并将目标价从56欧元降至45欧元，Brenntag股价下跌（-5%）。Vonovia是少数上涨的股票之一，上涨了约1%。

Germany's DAX continued to decline to close about 1.5% lower at 24,267 on Friday, its lowest in over a week and retreating from recent peaks, in line with other European indices. The market was weighed down by renewed US-China trade tensions and weakness in defense stocks following Gaza’s peace plan. US President Donald Trump said today there was no reason to meet with China’s Xi Jinping in two weeks in South Korea, while also signaling plans to raise tariffs on Chinese imports, after China expanded export controls on rare earth metals Thursday. The political situation in France also remained a major concern. On the corporate front, defense names Hensoldt and Renk were among the biggest decliners, dropping 4.6% and 3.7%, respectively, with Rheinmetall down 1.1%. Shares of Brenntag (-5%) dropped following UBS’s downgrade to ‘Sell’ and a reduction in its price target to €45 from €56, amid concerns over a weakening outlook. Vonovia was one of the few gainers, rising about 1%.

在法兰克福，DAX指数周五下跌370点，跌幅1.50%。Brenntag（-4.97%）、英飞凌（-3.47%）和西门子能源（-3.42%）领跌。

In Frankfurt, the DAX Index dropped 370 points or 1.50 percent on Friday. Losses were led by Brenntag (-4.97%), Infineon (-3.47%) and Siemens Energy (-3.42%).

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The yield on Germany’s 10-year Bund tumbled to 2.63%, its lowest level since August 7, as escalating tensions between the US and China stoked fears of a global trade war. US President Trump said on Friday there was no reason to meet with China’s Xi Jinping in two weeks in South Korea as planned, while preparing to raise tariffs on Chinese imports. Investors also monitored political developments in France and the US, alongside disappointing German economic data. President Emmanuel Macron is expected to appoint a new prime minister following Sébastien Lecornu’s resignation, with signs that snap elections are likely to be avoided. The US government shutdown is expected to continue, threatening the release of key economic indicators and potentially affecting the Federal Reserve’s policy guidance. In Germany, exports unexpectedly declined, while imports fell more sharply than anticipated, following earlier steep drops in industrial output and factory orders.

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The yield on Germany’s 10-year Bund tumbled to 2.63%, its lowest level since August 7, as escalating tensions between the US and China stoked fears of a global trade war. US President Trump said on Friday there was no reason to meet with China’s Xi Jinping in two weeks in South Korea as planned, while preparing to raise tariffs on Chinese imports. Investors also monitored political developments in France and the US, alongside disappointing German economic data. President Emmanuel Macron is expected to appoint a new prime minister following Sébastien Lecornu’s resignation, with signs that snap elections are likely to be avoided. The US government shutdown is expected to continue, threatening the release of key economic indicators and potentially affecting the Federal Reserve’s policy guidance. In Germany, exports unexpectedly declined, while imports fell more sharply than anticipated, following earlier steep drops in industrial output and factory orders.