周五，法兰克福DAX指数小幅下跌至24200左右，结束了连续三天的上涨，国内数据疲软，对全球贸易发展的担忧挥之不去。在经济方面，德国的出口和工业生产均低于预期。与此同时，美国总统特朗普报告称，他与中国习近平主席进行了长时间的通话，尽管美国代表计划很快会见中国贸易谈判代表，但由于缺乏具体细节，市场仍持谨慎态度。在欧洲，欧洲央行周四将关键存款利率下调25个基点至2%，但拉加德总统表示，降息周期可能即将结束。在主要推动者中，德国商业银行、莱茵金属、赛多利斯和英飞凌科技是最大的落后者，损失在1.1%至1.7%之间。在Lululemon Athletica下调年度利润预期后，阿迪达斯（-0.9%）和彪马（-1.8%）的股价下跌。上涨方面，Vonovia（+1.3%）、拜耳和RWE（+0.9%）涨幅最大。

Frankfurt’s DAX edged down to around 24,200 on Friday, snapping a three-day winning streak, amid weak domestic data and lingering concerns over global trade developments. On the economic front, both German exports and industrial production came in below expectations. Meanwhile, US President Trump reported a lengthy call with China’s President Xi Jinping, and while US representatives are scheduled to meet Chinese trade negotiators soon, markets remained cautious due to a lack of concrete details. In Europe, the ECB trimmed its key deposit rate by 25 basis points to 2% on Thursday, yet President Lagarde signaled that the rate-cutting cycle may be nearing its conclusion. Among key movers, Commerzbank, Rheinmetall, Sartorius and Infineon Technologies were the biggest laggards, with losses between 1.1% and 1.7%. Shares of Adidas (-0.9%) and Puma (-1.8%) fell after Lululemon Athletica lowered its annual profit forecast. On the upside, Vonovia (+1.3%), Bayer and RWE (+0.9%) advanced the most.

2025年4月，德国进口额环比增长3.9%，达到1165亿欧元的23个月高点，从前一个月1.4%的下降中反弹。这一增长主要是由于来自欧盟和非欧盟（第三方）国家的游客人数增加。来自欧盟的采购增长了4.5%，其中来自欧元区的进口增长了5.0%，来自非欧元欧盟国家的出口增长了3.5%。与此同时，来自第三国的进口增长了3.4%，其中来自美国的采购增长了3.9%。然而，来自中国和英国的进口分别下降了4.1%和8.1%，而来自俄罗斯的进口下降了22.6%。2025年前四个月，德国的进口总额同比增长4.8%，达到4554亿欧元。

Imports to Germany rose by 3.9% month-on-month to a 23-month high of EUR 116.5 billion in April 2025, rebounding from a 1.4% decline in the previous month. The increase was mainly driven by higher arrivals from both EU and non-EU (third) countries. Purchases from the EU grew by 4.5%, with imports from the Euro area rising by 5.0% and those from non-Euro EU countries up 3.5%. Meanwhile, imports from third countries increased by 3.4%, led by a 3.9% rise in purchases from the United States. However, imports from China and the United Kingdom fell by 4.1% and 8.1%, respectively, while imports from Russia plunged by 22.6%. For the first four months of 2025, Germany’s total imports increased by 4.8% year-on-year to EUR 455.4 billion.

2025年4月，德国出口环比下降1.7%，至1311亿欧元的三个月低点，扭转了上个月向上修正的1.2%的增长，降幅低于市场预测的0.5%。下降的主要原因是对美国、中国和英国的销售额下降。对这些主要市场以外的非欧盟国家的出口收缩了4.8%，主要原因是特朗普政府征收的关税抑制了对美国的出口下降了10.5%。对中国和英国的出货量也分别下降了5.9%和2.1%。相比之下，对欧盟的出口增长了0.9%，对欧元区的出口增长0.5%，对非欧元区欧盟国家的出口增长1.8%。

Exports from Germany fell by 1.7% month-over-month to a three-month low of EUR 131.1 billion in April 2025, reversing an upwardly revised 1.2% gain in the previous month and coming in worse than market forecasts of a 0.5% decline. The drop was mainly due to lower sales to the US, China, and the UK. Exports to non-EU countries outside these major markets contracted by 4.8%, driven primarily by a 10.5% plunge in shipments to the U.S., dampened by tariffs imposed under the Trump administration. Shipments to China and the UK also declined, by 5.9% and 2.1%, respectively. By contrast, exports to the European Union rose by 0.9%, with shipments to the Euro area up 0.5% and those to non-Euro area EU countries increasing by 1.8%.

2025年4月，德国工业生产环比下降1.4%，超过了1%的下降预期，扭转了3月份向下修正的2.3%的增长。这标志着自12月以来工业活动的最大跌幅，主要是由于大多数经济部门的负面贡献。制药行业（-17.7%）和机械设备（-2.4%）的产出显著下降。相比之下，建筑业（+1.4%）和食品业（+5.7%）的产量有所增长。能源密集型产业的产出也下降了2.1%。波动较小的三个月平均值显示，2月至4月的工业生产比前三个月增长了0.5%。在3月份下降0.7%之后，产量同比下降1.8%。

Germany’s industrial production fell by 1.4% month-over-month in April 2025, exceeding expectations of a 1% decline and reversing a downwardly revised 2.3% increase in March. This marked the steepest drop in industrial activity since December, driven by negative contributions across most economic sectors. Output declined notably in the pharmaceuticals industry (-17.7%) and in machinery and equipment (-2.4%). In contrast, production increased in the construction sector (+1.4%) and the food industry (+5.7%). Output in energy-intensive industries also dropped by 2.1%. The less volatile three-month average showed that industrial production was 0.5% higher from February to April compared to the previous three-month period. On a yearly basis, output declined by 1.8%, following a 0.7% decrease in March.