德国议会周四批准了自今年早些时候通过放松财政规则的全面改革以来的首个年度预算，确保了创纪录的投资以振兴经济，同时承诺增加国防开支。2025年的预算允许总投资近1160亿欧元（约合1369.4亿美元），这得益于5000亿欧元的基础设施基金和3月份批准的国防支出债务豁免规则。据路透社报道，财政部长Lars Klingbeil在德国议会下院联邦议院投票前告诉议员们：“这是德国财政政策的一个巨大范式转变。”。德国2025年的预算将国防开支提高到GDP的2.4%，仍低于新目标。去年11月，前执政党政治崩溃，没有时间通过2025年的支出计划后，欧洲最大的经济体今年一直在临时预算下运作。

Germany’s parliament approved on Thursday the nation’s first annual budget since sweeping reforms to loosen fiscal rules were passed earlier this year, securing record investments to revive the economy while committing to increased defence spending. The 2025 budget allows for total investment of nearly €116 billion (approximately $136.94 billion), made possible by a €500 billion infrastructure fund and an exemption from debt rules for defence spending approved in March. “It is a huge paradigm shift in German fiscal policy,” Finance Minister Lars Klingbeil told lawmakers ahead of the vote in the Bundestag, Germany’s lower house of parliament, according to Reuters. Germany’s 2025 budget raises defence spending to 2.4% of GDP, still shy of the new target. Europe’s largest economy has been operating on a provisional budget this year, after the former ruling oalition collapsed last November, leaving no time to pass the 2025 spending plans.

周四，法兰克福DAX指数上涨约1.35%，收于23674.5点，创下8月4日以来的最大单日涨幅，表现优于地区同行。交易员们对美联储将利率下调25个基点的决定以及年底前可能再降息两次的暗示表示欢迎。今天，正如预期的那样，英格兰银行保持利率不变。在企业方面，科技股、零售商和制药公司涨幅最大。SAP表现突出，上涨5.4%，英飞凌科技上涨3.2%。Zalando股价飙升5.3%，此前该公司宣布其主要股东兼监事会成员Anders Holch Povlsen已购买价值超过600万欧元的股票。另一方面，大陆集团股价暴跌近22%，其汽车零部件分拆公司Aumovio今天开始在法兰克福证券交易所以每股35欧元的价格交易。根据DAX规则，这家新公司与前母公司一起加入该指数一天。

The DAX in Frankfurt rose about 1.35% up at 23,674.5 on Thursday, notching its biggest daily gain since August 4 and outperforming its regional peers. Traders cheered the Federal Reserve's decision to lower interest rates by 25 basis points, and the hint that two more cuts are likely by the end of the year. Today, the Bank of England left interest rates unchanged, as anticipated. On the corporate front, tech stocks, retailers and pharma companies were the top gainers. SAP was the standout performer, adding 5.4%, while Infineon Technologies rose 3.2%. Zalando surged 5.3% after announcing that major shareholder and supervisory board member Anders Holch Povlsen had purchased shares worth over €6 million. On the opposite side, Continental shares tanked nearly 22%, as its auto-parts spin-off, Aumovio, began trading on the Frankfurt Stock Exchange at €35 per share today. In line with DAX rules, the new company joined the index for a single day alongside its former parent.

在法兰克福，DAX指数周四上涨315点，涨幅1.35%。SAP（5.43%）、Zalando（5.30%）和德国商业银行（4.15%）领涨。

In Frankfurt, the DAX Index gained 315 points or 1.35 percent on Thursday. Gains were led by SAP (5.43%), Zalando (5.30%) and Commerzbank (4.15%).

周四，法兰克福DAX指数上涨超过1%，超过23600点大关，表现优于欧洲同行，交易员对美联储的最新决定表示欢迎。正如预期的那样，美国央行将利率下调了25个基点，这是9个月来的首次降息，并表示到年底将再降息两次。今天，人们的注意力转向了英格兰银行，预计英格兰银行将保持利率不变，而投资者也将关注欧洲央行行长拉加德和执行委员会成员金多斯和施纳贝尔的言论。从行业来看，科技股和银行股涨幅最大。在个股中，西门子能源领涨，涨幅近4%，英飞凌科技（+2.5%）和SAP（+2.1%）也强劲上涨。德意志银行和德国商业银行分别上涨2%和1.3%。其他表现突出的公司包括Sartorius（+3%）、Rheinmetall（+1.9%）和Zalando（+1.8%）。

The DAX in Frankfurt climbed more than 1% on Thursday, surpassing the 23,600 mark and outperforming its European peers, as traders cheered the latest Federal Reserve decision. The US central bank cut interest rates by 25 basis points, as expected, marking its first reduction in nine months, and signaled two more cuts by the end of the year. Today, attention turns to the Bank of England, which is expected to leave interest rates unchanged, while investors will also focus on remarks from ECB President Lagarde and Executive Board members Guindos and Schnabel. Sector-wise, technology and banking stocks posted the strongest gains. Among individual stocks, Siemens Energy led the gains with a nearly 4% surge, while Infineon Technologies (+2.5%) and SAP (+2.1%) also posted strong increases. Deutsche Bank and Commerzbank advanced 2% and 1.3%, respectively. Other notable performers included Sartorius (+3%), Rheinmetall (+1.9%) and Zalando (+1.8%).