周四，DAX指数下跌0.1%，收于18980点左右，有望连续第五个交易日下跌，并追随欧洲同行。随着交易员们消化英伟达的季度业绩，谨慎的情绪又回来了，该公司报告的收益超过了季度预期，但当期的销售预测与一些更乐观的预测不符。此外，俄罗斯与乌克兰冲突的升级以及欧洲的经济和货币前景继续影响投资者的情绪。汽车行业面临压力，包括保时捷（-1.9%）、宝马（-1.3%）、梅赛德斯-奔驰（-0.8%）和大众（-0.6%）。与此同时，大众管理层和工会之间的谈判正在进行中，他们正在努力就工资达成协议。费森尤斯（1.8%）是表现最好的公司之一。

The DAX was down 0.1% to trade around the 18980 level on Thursday, on track to book a fifth straight session of losses, and tracking its European peers. Cautious sentiment returned as traders digest quarterly results from Nvidia, with the company reporting earnings that surpassed quarterly estimates but sales forecast for the current period didn’t match some of the more optimistic forecasts. In addition, escalations in the Russia-Ukraine conflict and the economic and monetary outlook in Europe continue to weigh on investors' mood. The auto sector was under pressure, namely Porsche (-1.9%), BMW (-1.3%), Mercedes-Benz (-0.8%) and VW (-0.6%). Meanwhile, negotiations between VW management and labor unions are ongoing as they work to reach an agreement on wages. Fresenius (1.8%) was among the top performers.

周三，DAX指数抹去早盘涨幅，徘徊在19000点的平坦线以下，追随俄罗斯和乌克兰战争进一步升级导致的其他欧洲股市的回落。投资者出售风险资产，此前有报道称，乌克兰自2022年战争开始以来首次向俄罗斯领土发射了英国制造的风暴阴影导弹。就在同一天早上，俄罗斯发射了美国制造的ATACMS导弹，扩大了使用原子武器的可能性，引发了人们对北约可能参与的更广泛冲突的担忧。重量级汽车制造业领跌，梅赛德斯-奔驰、大众和保时捷下跌3.3%至1.4%。医疗保健也面临压力，拜耳和费森尤斯各下跌2%。反过来，科技股的表现远远领先于英伟达一夜之间的盈利，SAP、英飞凌和Zalando处于领先地位。

The DAX erased early gains to hover below the flatline at 19,000 on Wednesday, tracking the pullback for other European equities amid further escalation of the war between Russia and Ukraine. Investors sold risk assets following reports that Ukraine fired UK-built Storm Shadow missiles into Russian territory for the first time since the start of the war in 2022. This was after firing US-manufactured ATACMS missiles in the same morning that Russia expanded the scenario that warranted the use of Atomic Weapons, raising concerns of a wider conflict with the potential participation of NATO. The heavyweight auto-manufacturing sector led the losses, with Mercedes-Benz, Volkswagen, and Porsche dropping between 3.3% and 1.4%. Healthcare was also under pressure, with Bayer and Fresenius dropping 2% each. In turn, tech performed well ahead of Nvidia earnings overnight, with SAP, Infineon, and Zalando in the green.

周三，德国10年期国债收益率升至2.35%以上，因为欧元区工资增长的激增引发了人们对2025年大幅降息的怀疑。2024年第三季度，该地区的谈判工资跃升至5.42%，为1993年第一季度以来的最高增幅，高于第二季度的3.54%，其中德国推动了大部分增长。尽管由于经济活动疲软，预计欧洲央行将继续降息，但一些官员仍持谨慎态度，担心服务业持续的工资压力。在德国，第三季度工资上涨8.8%，进一步限制了降息的空间。与此同时，随着俄罗斯对乌克兰的战争升级，地缘政治紧张局势仍然很高，尽管克里姆林宫对与美国当选总统唐纳德·特朗普的停火谈判表现出了一些开放态度，同时排除了重大的领土让步。

The German 10-year Bund yield rose above 2.35% on Wednesday, as a surge in Euro Area wage growth raised doubts about aggressive rate cuts in 2025. Negotiated wages in the region jumped to 5.42% in Q3 2024, the highest increase since Q1 1993, up from 3.54% in Q2, with Germany driving much of the rise. While the ECB is expected to continue cutting rates due to weak economic activity, some officials are cautious, concerned about persistent wage pressures in the services sector. In Germany, wages rose 8.8% in Q3, further limiting the room for rate cuts. Meanwhile, geopolitical tensions remain high as Russia’s war on Ukraine escalates, although the Kremlin has shown some openness to ceasefire talks with U.S. President-elect Donald Trump, while ruling out major territorial concessions.

德国10年期国债收益率周三升至2.35%，随着对乌克兰冲突升级的最初担忧缓解而反弹。周二，乌克兰在俄罗斯领土上使用美国ATACMS导弹，以及弗拉基米尔·普京总统更新的核理论，促使投资者转向避险债券。人们的注意力现在转向了即将公布的欧洲央行谈判工资数据。与此同时，欧洲央行官员Luis de Guindos和Joachim Nagel强调了美国贸易关税对经济增长的风险，较少强调通胀问题。自6月以来，随着通货膨胀率接近2%的目标，欧洲央行已三次降息，但增长预测已两次下调。市场预计下个月将降息25个基点，有20%的可能性进一步降息50个基点。

The German 10-year Bund yield rose to 2.35% on Wednesday, rebounding as initial fears over escalating conflict in Ukraine eased. Ukraine’s use of U.S. ATACMS missiles on Russian territory and President Vladimir Putin’s updated nuclear doctrine had pushed investors toward safe-haven bonds on Tuesday. Attention has now shifted to upcoming ECB data on negotiated wages. Meanwhile, ECB officials Luis de Guindos and Joachim Nagel highlighted risks to growth from US trade tariffs, placing less emphasis on inflation concerns. The ECB has cut rates three times since June as inflation nears the 2% target, but growth projections have been downgraded twice. Markets expect a 25-basis-point rate cut next month, with a 20% chance of a larger 50-basis-point move.