周四，德国DAX指数收窄了一些早盘涨幅，在24060左右小幅下跌，交易员在等待欧洲央行即将作出的决定的同时，权衡了新的企业盈利和经济数据。与此同时，投资者对美中达成的贸易协议反应谨慎，因为之前的谈判出现了挫折，芯片等关键问题被遗漏了。在数据方面，根据初步估计，继第二季度上调0.2%的收缩后，德国经济在2025年第三季度停滞不前，这并不奇怪。10月通胀数据将于当天晚些时候公布，分析师预计将略有放缓。在股市中，德国电信领跌，Verizon首席执行官宣布计划重返美国市场后，人们对其子公司T-Mobile US表示担忧。大众汽车在报告五年来首次季度亏损后下跌1.5%。从好的方面来看，空中客车公司上涨了1.8%，因为它公布了强劲的第三季度业绩，并保持了2025年的预期。

Germany's DAX pared some early gains to trade slightly negative around 24,060 on Thursday, as traders weighed fresh corporate earnings and economic data, while awaiting the upcoming ECB's decision. Meanwhile, investors reacted cautiously to the trade agreement reached between the United States and China, as previous talks have seen setbacks and key issues such as chips were left out. On the data front, the German economy unsurprisingly stagnated in Q3 2025, following an upwardly revised 0.2% contraction in Q2, according to preliminary estimates. October Inflation figures are due later in the day, with analysts anticipating a slight slowdown. Among equities, Deutsche Telekom led losses, amid concerns over its subsidiary T-Mobile US after Verizon CEO announced plans to re-enter the US market. Volkswagen retreated, down 1.5%, after reporting its first quarterly loss in five years. On the upside, Airbus rose 1.8% as it posted a strong Q3 performance and maintained 2025 guidance.

德国10年期国债收益率升至2.65%，为10月9日以来的最高水平，因为美联储主席杰罗姆·鲍威尔在欧洲央行今天晚些时候的政策决定之前发表了鹰派言论，缓和了对12月降息的预期。投资者还权衡了显示德国经济停滞的经济数据，这是由出口下降推动的，此外还有表明通胀压力缓解的地区CPI数据，以及备受期待的美中贸易协定。周三，美联储今年第二次降息25个基点，但鲍威尔指出，官员们对未来的政策路径存在分歧，并警告称，12月的进一步宽松“并非板上钉钉”

Germany’s 10-year Bund yield rose to 2.65%, its highest level since October 9, as hawkish remarks from Federal Reserve Chair Jerome Powell tempered expectations of a December rate cut, ahead of the European Central Bank’s policy decision later today. Investors also weighed economic data showing stagnation in Germany, driven by a decline in exports, alongside regional CPI figures indicating easing inflationary pressures, and the highly anticipated US-China trade agreement. On Wednesday, the Federal Reserve cut interest rates by 25 basis points for the second time this year, but Powell noted that officials were divided on the future policy path, cautioning that further easing in December is “not a foregone conclusion.”

根据初步估计，德国经济在2025年第三季度停滞不前，此前第二季度向上修正了0.2%的收缩。这一数字与市场预测一致。机械设备固定资本形成总额的增长提供了一些支持，但这被出口下降所抵消。按年计算，GDP增长0.3%，与第二季度向上修正的0.3%增长率持平，也符合预期。2025年10月初，德国政府上调了其GDP增长预测，目前预计2025年经济将增长0.2%，而此前4月份的预测为零。2026年，GDP预计将增长1.3%，2027年将增长1.4%。官员们指出，未来几年的大部分扩张将由更高的公共支出推动，特别是通过基础设施投资专项基金和增加的国防支出。

The German economy stagnated in Q3 2025, following an upwardly revised 0.2% contraction in Q2, according to preliminary estimates. The figure was in line with market forecasts. Growth in gross fixed capital formation in machinery and equipment provided some support, but this was offset by a decline in exports. On an annual basis, GDP expanded 0.3%, unchanged from the upwardly revised 0.3% growth recorded in the second quarter and also matching expectations. At the start of October 2025, the German government revised its GDP growth forecast upwards, now expecting the economy to expand by 0.2% in 2025, compared with a previous projection of zero growth made in April. For 2026, GDP is expected to rise by 1.3%, followed by 1.4% growth in 2027. Officials noted that a substantial part of the expansion in the coming years will be driven by higher public spending, particularly through special funds for infrastructure investment and increased defense expenditure.

德国经季节性调整的失业率在2025年10月保持不变，为2020年底以来的最高水平，反映了劳动力市场的持续疲软。该国面临两年的经济萎缩，而美国的关税对出口和工业部门造成了压力。失业人数小幅下降1000人，至297万人，而市场预期增加8000人。在未经调整的基础上，失业率连续第二个月下降至291万，8月份失业率十年来首次超过300万。

Germany’s seasonally adjusted unemployment rate remained unchanged at 6.3% in October 2025, its highest level since late 2020, reflecting ongoing weakness in the labor market. The country has faced two years of economic contraction, while US tariffs have weighed on exports and the industrial sector. The number of unemployed fell slightly by 1,000 to 2.97 million, compared with market expectations of an 8,000 increase. On a non-adjusted basis, unemployment declined for the second consecutive month to 2.91 million, after surpassing 3 million in August for the first time in a decade.