法兰克福DAX指数周二收跌，收于21294点，涨幅约0.4%，与大多数欧洲同行持平。与此同时，由于围绕贸易谈判的不确定性持续存在，投资者仍然紧张不安，唐纳德·特朗普总统加大了对美联储主席杰罗姆·鲍威尔的批评力度。制药公司、零售商、汽车股和银行表现最佳。随着投资者等待定于今天晚些时候公布的SAP季度收益，科技股面临压力。SAP下跌3.3%。

Frankfurt's DAX pared some early losses to close about 0.4% up at 21,294 on Tuesday, in line with most European peers. Meanwhile, investors remain jittery.as uncertainty surrounding trade negotiations persists, and President Donald Trump intensifies his criticism of Federal Reserve Chair Jerome Powell. Pharma companies, retailers, auto stocks and banks were among the top performers. Tech stocks came under pressure as investors awaited SAP’s quarterly earnings, set to be released later today. SAP dropped 3.3%.

德国10年期国债收益率跌至8周低点2.5%以下，因投资者对美国货币政策独立性的担忧转向欧洲债务。此举是在特朗普总统再次向美联储施压要求降息之后做出的，他警告称，如果不立即采取行动，经济增长可能会停滞不前。他对美联储主席杰罗姆·鲍威尔的批评引发了美国国债的抛售，将美国和德国10年期债券的收益率差距扩大到195个基点，本月上涨了48个基点，是自2003年6月以来的最大涨幅。特朗普的关税威胁和政策的不可预测性促使投资者将资金从美国转移出去，从而提振了对欧洲资产的需求。欧洲更稳定的政策立场和欧洲央行最近将利率降至2.25%，增强了其避险吸引力。交易员们现在正在为欧洲央行的进一步宽松定价，市场预计到年底，主要利率将降至1.6%左右，因为关税对增长前景构成压力。

German 10-year Bund yield fell below 2.5%, an eight-week low, as investors turned to European debt amid concerns about US monetary policy independence. The move followed President Trump’s renewed pressure on the Federal Reserve to cut rates, warning that growth could stall without immediate action. His criticism of Fed Chair Jerome Powell sparked a sell-off in US Treasuries, widening the yield gap between US and German 10-year bonds to 195 bps — up 48 bps this month, the biggest jump since June 2003. Trump's tariff threats and policy unpredictability have prompted investors to shift money out of the US, boosting demand for European assets. Europe’s steadier policy stance and the ECB’s recent rate cut to 2.25% have strengthened its safe-haven appeal. Traders are now pricing in further ECB easing, with markets expecting the main rate to fall to around 1.6% by year-end, as tariffs weigh on growth prospects.

法兰克福DAX指数小幅下跌，周二在复活节假期后的第一个交易日跌破21100点，与欧洲市场更广泛的下跌一致。投资者在对美国贸易政策的持续担忧中保持谨慎。特朗普总统和美联储主席杰罗姆·鲍威尔之间日益加剧的僵局也影响了市场情绪，这场冲突再次引发了人们对美国货币政策可能受到政治干预的担忧。随着投资者等待定于今天晚些时候公布的SAP季度收益，科技股面临压力。SAP早盘下跌3.2%，英飞凌科技下跌2%。与此同时，在特朗普总统暂停汽车关税的持续希望下，汽车股上涨。大众汽车上涨1.4%，宝马、梅赛德斯-奔驰集团和保时捷也上涨。

Frankfurt’s DAX edged lower, slipping below 21,100 on Tuesday in its first session after the Easter break, in line with broader losses across European markets. Investors remained cautious amid continuing concerns over U.S. trade policy. Also weighing on sentiment is the intensifying standoff between President Trump and Fed Chair Jerome Powell, a clash that’s renewing fears over potential political interference in U.S. monetary policy. Tech stocks came under pressure as investors awaited SAP’s quarterly earnings, set to be released later today. SAP dropped 3.2% in early trading, while Infineon Technologies shed 2%. Meanwhile, auto stocks gained amid ongoing hopes of President Trump pausing auto tariffs. Volkswagen rallied 1.4%, with BMW, Mercedes-Benz Group, and Porsche also posting gains.

德国10年期国债收益率微升至2.5%，受对美联储独立性日益担忧的避险需求支撑。此举是在国家经济委员会主任哈塞特和特朗普总统暗示可能罢免美联储主席杰罗姆·鲍威尔之后做出的。这些言论引发了人们对美国货币政策日益受到政治干预的担忧，这可能会损害美联储的信誉。与此同时，正如预期的那样，欧洲央行将存款利率下调25个基点至2.25%，为2023年初以来的最低水平。值得注意的是，央行在其政策声明中删除了“限制性”一词，并警告称，在贸易紧张局势加剧的情况下，经济前景已经恶化。市场目前预计，欧洲央行将在年底前再降息25个基点。

The yield on the German 10-year Bund edged up to 2.5%, supported by safe-haven demand amid growing concerns over the Federal Reserve’s independence. The move came after comments from National Economic Council Director Hassett and President Trump hinted at the potential removal of Fed Chair Jerome Powell. These remarks have raised fears of increasing political interference in U.S. monetary policy, potentially undermining the Fed’s credibility. Meanwhile, the ECB cut its deposit rate by 25 basis points to 2.25%, as expected — its lowest level since early 2023. Notably, the central bank dropped the word “restrictive” from its policy statement and warned that the economic outlook has deteriorated amid rising trade tensions. Markets are now pricing in three additional 25bps cuts from the ECB by year-end.