在法兰克福，DAX指数周五下跌173点，跌幅0.72%。安联（-2.06%）、慕尼黑再保险（-2.01%）和汉诺威吕克（-1.98%）领跌。抵消下跌的影响，涨幅最大的是Qiagen NV（1.10%）、Merck（1.07%）和Commerzbank（0.96%）。

In Frankfurt, the DAX Index dropped 173 points or 0.72 percent on Friday. Losses were led by Allianz (-2.06%), Munich RE (-2.01%) and Hannover Rueck (-1.98%). Offsetting the fall, top gainers were Qiagen NV (1.10%), Merck (1.07%) and Commerzbank (0.96%).

德国DAX指数周五仍处于负值区间，收于23954点的两周低点，跌幅约0.7%，反映出普遍的谨慎情绪。交易员评估了欧洲公司新一批好坏参半的公司报告，同时也权衡了央行最近在贸易方面的决定和发展。在数据方面，初步数据显示，2025年10月欧元区通胀率从9月的2.2%降至2.1%，接近欧洲央行2%的目标。与此同时，德国9月份零售额环比增长0.2%，这是自6月份以来的首次增长，与分析师的预测一致。在股票中，跌幅最大的包括德之馨（-2.3%）、安联（-2.2%）、阿迪达斯（-2.2%”）和德国电信（-2%”）。上涨方面，西门子能源领涨，上涨1.1%。DAX指数本周下跌约1.2%，而10月份上涨0.3%。

Germany's DAX stayed in negative territory on Friday, closing about 0.7% down at two-week lows of 23,954, mirroring a general cautious sentiment. Traders assessed a fresh batch of mixed corporate reports from European companies while also weighing recent central bank decisions and developments on trade. On the data front, preliminary figures showed Eurozone inflation eased to 2.1% in October 2025, down from 2.2% in September and moving closer to the ECB’s 2% target. Meanwhile, Germany's retail sales rose 0.2% month-over-month in September, marking the first increase since June, in line with analysts' estimates. Among stocks, top losers included Symrise (-2.3%), Allianz (-2.2%), Adidas (-2.2%) and Deutsche Telekom (-2%). On the upside, Siemens Energy led the gains, rising 1.1%. The DAX declined roughly 1.2% for the week, while posting a 0.3% gain for October.

周四下午，德国DAX指数仍面临压力，交易价格低于24100点，此前欧洲央行预计将决定维持利率不变。与此同时，交易员权衡了新的企业盈利和欧洲关键数据，同时也评估了美中贸易协议。在国内方面，初步数据显示，德国通胀率从上个月的2.4%降至2025年10月的2.3%，但仍高于市场预期的2.2%。另外，在第二季度上调0.2%的收缩后，经济在2025年第三季度停滞不前，这并不奇怪。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。大众汽车股价下跌近2%，此前该公司公布了五年来的首次季度亏损。从好的方面来看，空中客车公司股价飙升近3%，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 stayed under pressure on Thursday afternoon, trading below 24,100, following the ECB's expected decision to leave interest rates unchanged. Meanwhile, traders weighed fresh corporate earnings and key European data, while also assessing the U.S-China trade deal. On the domestic front, preliminary figures showed German inflation edged down to 2.3% in October of 2025 from 2.4% in the previous month, but remained above market expectations of 2.2%. Separately, the economy unsurprisingly stagnated in Q3 2025, following an upwardly revised 0.2% contraction in Q2. 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 shed nearly 2% after reporting its first quarterly loss in five years. On the upside, Airbus surged nearly 3% as it posted a strong Q3 performance and maintained 2025 guidance.

德国10年期国债收益率攀升至2.65%以上，为10月9日以来的最高水平，因为投资者对欧洲央行和美联储的鹰派信号做出了反应，同时德国通胀数据强于预期。欧洲央行在10月连续第三次会议上保持利率不变，保持了依赖数据的逐次会议方法，同时指出通胀前景基本保持不变。与此同时，美联储周三将利率下调了25个基点，但主席杰罗姆·鲍威尔警告称，12月的进一步宽松“不是板上钉钉的事”。在数据方面，德国10月的通胀率低于预期，降至2.3%，而经济因出口下降而停滞不前。

Germany’s 10-year Bund yield climbed above 2.65%, its highest level since October 9, as investors reacted to hawkish signals from both the ECB and the Federal Reserve, alongside a stronger-than-expected German inflation reading. The European Central Bank kept rates unchanged for a third consecutive meeting in October, maintaining a data-dependent, meeting-by-meeting approach while noting that the inflation outlook remains broadly unchanged. Meanwhile, the Federal Reserve cut rates by 25 basis points on Wednesday, but Chair Jerome Powell cautioned that further easing in December is “not a foregone conclusion.” On the data front, German inflation eased less than expected to 2.3% in October, while the economy stagnated, weighed down by a decline in exports.