德国10年期国债收益率稳定在2.7%左右，投资者继续关注法国和美国的政治发展，同时消化德国令人失望的经济数据。预计埃马纽埃尔·马克龙总统将在塞巴斯蒂安·莱科尔努辞职后任命一位新总理，有迹象表明，提前选举可能会被避免。与此同时，美国政府关门可能会继续，使关键经济数据的发布和美联储的政策指导面临风险。在数据方面，德国出口意外下降，而进口下降幅度超过预期。这些发展是在本周早些时候公布的工业产出和工厂订单大幅下降之后出现的。

The yield on Germany’s 10-year Bund stabilized around 2.7% as investors continued to monitor political developments in France and the US, while digesting disappointing economic data from Germany. President Emmanuel Macron is expected to appoint a new prime minister following Sébastien Lecornu’s resignation, with signs emerging that snap elections are likely to be avoided. Meanwhile, the US government shutdown is likely to continue, putting the release of key economic data—and the Fed’s policy guidance—at risk. On the data front, German exports unexpectedly declined, while imports fell more sharply than anticipated. These developments followed steep drops in both industrial output and factory orders released earlier in the week.

德国DAX指数周四上涨0.3%，突破24600点，创下历史新高，受美国降息预期和缓解地缘政治紧张局势希望的支撑。美联储9月会议的最新纪要显示，尽管整体基调谨慎，但政策制定者倾向于今年进一步降息。在地缘政治方面，美国总统唐纳德·特朗普证实，包括释放人质在内的加沙和平计划将于今天晚些时候签署。与此同时，法国的政治不确定性仍在继续，必须找到一个联盟来组建新政府，总统埃马纽埃尔·马克龙誓言在周五之前任命新总理。在股市中，拜耳领涨，在公布其帕金森氏细胞疗法bemdaneprocel的36个月I期数据令人鼓舞后，涨幅超过2%。其他表现最好的公司包括巴斯夫和汉高，各自上涨超过1%，而西门子能源在加拿大皇家银行的积极评价下也上涨了1%以上。

Germany's DAX rose 0.3% to surpass 24,600 on Thursday, setting fresh record highs, supported by expectations of US rate cuts and hopes of easing geopolitical tensions. The latest minutes from the Federal Reserve’s September meeting suggest policymakers are leaning toward further rate cuts this year, despite a cautious overall tone. On the geopolitical front, US President Donald Trump confirmed that the Gaza peace plan, including the release of hostages, will be signed later today. Meanwhile, political uncertainty continued in France, where a coalition must be found to form a new government, with President Emmanuel Macron vowing to name a new prime minister by Friday. Among equities, Bayer led gains, climbing over 2% after reporting encouraging 36-month Phase I data for its Parkinson’s cell therapy bemdaneprocel. Other top performers included BASF and Henkel, each rising more than 1%, while Siemens Energy also gained over 1% following a positive assessment from RBC.

DE40指数升至24691.00点的历史高点。在过去的4周里，德国股市指数（DE40）上涨了4.39%，在过去的12个月里，它上涨了28.41%。

DE40 increased to an all-time high of 24691.00 Index Points. Over the past 4 weeks, Germany Stock Market Index (DE40) gained 4.39%, and in the last 12 months, it increased 28.41%.

继7月份下调0.2%后，德国出口意外环比下降0.5%，至2025年8月的七个月低点1297亿欧元，低于市场预测的0.3%增长。下降的主要原因是欧盟国家的需求减弱，下降了2.5%。与此同时，对非欧盟国家的出口增长了2.2%，尽管受美国关税的影响，对美国的出口下降了2.5%。对美国的出货量连续第五个月下降，达到109亿欧元，为2021年11月以来的最低值。相比之下，对中国的出口增长了5.4%，而对俄罗斯的出口激增了53.5%。

Germany’s exports unexpectedly dropped 0.5% month-over-month to a seven-month low of EUR 129.7 billion in August 2025, following a downwardly revised 0.2% decline in July, missing market forecasts of 0.3% growth. The decline was primarily driven by weaker demand from EU countries, which fell 2.5%. Meanwhile, exports to non-EU countries rose 2.2%, despite a 2.5% drop in shipments to the US, affected by U.S. tariffs. Shipments to the U.S. declined for the fifth consecutive month, reaching EUR 10.9 billion—the lowest value since November 2021. In contrast, exports to China increased 5.4%, while shipments to Russia surged 53.5%.