法兰克福DAX指数在周三震荡后收于23503点，跌幅约0.5%，与大多数欧洲同行持平。在中美贸易休战和美国通胀意外放缓后，交易员们在持续四天的反弹中喘息，创下历史新高。与此同时，投资者关注了一批新的企业盈利报告。在该指数的底部，拜耳股价暴跌超过10%，因为美国总统特朗普将通过限制药品价格的政策。Brenntag股价下跌约2%，此前公布的本季度核心收益低于预期。从好的方面来看，戴姆勒卡车和E.On在公布季度业绩后表现最佳。

Frankfurt's DAX closed about 0.5% down at 23,503 after a choppy session on Wednesday, in line with most European peers. Traders took a breather following a sustained four-day rally to all-time highs in the wake of the trade truce between the US and China, and the surprise slowdown in US inflation. Meanwhile, investors eyed a fresh batch of corporate earnings reports. At the bottom of the index, Bayer slumped over 10% as US President Trump was due to pass policy to cap drug prices. Brenntag fell about 2%, after posting weaker-than-expected core earnings for the quarter. On the upside, Daimler Truck and E.ON were the top performers, after reporting their quarterly results.

德国10年期国债收益率稳定在2.67%以上，为4月2日以来的最高水平，因为投资者对美中贸易谈判变得更加谨慎，并等待周四公布的美国关键数据，以了解美联储下一步政策举措的线索。尽管华盛顿和北京已同意为期90天的关税休战，以达成更广泛的协议，但关税仍然很高，美国对中国商品的平均关税仍徘徊在40%左右，高于此前的20%。在欧元区，货币市场现在将欧洲央行的存款便利利率定价为年底前1.79%，高于上周五的1.67%。投资者认为，随着政策制定者在美国关税上升的情况下寻求支持经济增长，6月份降息的可能性为95%，7月份再次降息的可能性约为10%。欧洲央行政策制定者Villeroy de Galhau表示，到夏季，有再次降息的空间，这支持了鸽派的前景。他的同事纳格尔补充说，通胀“很有可能”会向央行2%的目标趋同。

Germany’s 10-year Bund yield held steady just above 2.67%, its highest level since April 2, as investors grew more cautious about US-China trade negotiations and awaited key US data releases due Thursday for clues on the Fed’s next policy moves. Although Washington and Beijing have agreed to a 90-day tariff truce to pursue a broader deal, tariffs remain elevated, with the average US tariff on Chinese goods still hovering around 40%, up from 20% previously. In the eurozone, money markets now price the ECB’s deposit facility rate at 1.79% by year-end, up from 1.67% last Friday. Investors see a 95% chance of a rate cut in June as policymakers seek to support growth in the face of rising US tariffs, with a roughly 10% chance of a second cut in July. Supporting the dovish outlook, ECB policymaker Villeroy de Galhau said there is room for another rate cut by summer. His colleague Nagel added that there is a “good probability” inflation will converge toward the central bank’s 2% target.

德国经济部：不能排除经济再次疲软的可能性。这只是德国的一些象征性言论。尽管前景有所改善，但对于欧洲最大的经济体来说，这一背景仍然具有挑战性。

German economy ministry: A renewed weakening of the economy cannot be ruled out.Just some token remarks there from Germany. Despite some improvement to the outlook, the backdrop remains challenging for Europe's largest economy.

法兰克福DAX指数在小幅上涨和下跌之间波动，市场参与者在持续四天的反弹后巩固了头寸，创下历史新高。以暂时的关税休战为标志的美中紧张局势的缓解，以及美国通胀数据的放缓，平息了人们对通胀压力和全球增长放缓的担忧。与此同时，投资者仍然关注即将发布的公司盈利报告。E.ON股价上涨近2%，在重申全年指引后领涨。相反，Brenntag在公布本季度低于预期的核心收益后，下跌了4.5%以上，超过了跌幅。戴姆勒卡车控股公司也下跌了1%，因为它下调了全年展望。

Frankfurt's DAX oscillated between minor gains and losses, as market participants consolidated positions following a sustained four-day rally to new all-time highs. Easing tensions between the U.S. and China, marked by a temporary tariff truce, along with slower U.S. inflation data, calmed fears of inflationary pressure and slowing global growth. Meanwhile, investors remained focused on incoming corporate earnings reports. E.ON rose nearly 2% to lead the gains after reaffirming its full-year guidance. Conversely, Brenntag dropped more than 4.5%, topping the decliners, after posting weaker-than-expected core earnings for the quarter. Daimler Truck Holding also fell 1% as it cut its full-year outlook.