法兰克福DAX指数周一经历了一些波动，收于23734点，上涨约0.2%，投资者正在为包括美联储、英格兰银行、日本银行和加拿大银行在内的主要央行的政策决定做准备。人们普遍预计美国央行将降息至少25个基点。与此同时，惠誉下调了法国的信用评级，理由是政府债务增加和政治两极分化加剧，这引发了人们对法国即将出现的预算赤字规模的担忧。在单一股票中，再保险公司Hannover Ruck和Munchener Ruck涨幅最大，分别上涨3.6%和2%。其他领先企业包括E.ON（+1.5%）、莱茵金属（0.9%）和保时捷股份公司（+0.7%）。下跌方面，拜耳（-2.6%）和海德堡材料（-2.4%）跌幅最大。

The DAX in Frankfurt experienced some volatility on Monday, closing about 0.2% up at 23,734, as investors braced for policy decisions from major central banks, including the US Federal Reserve, the Bank of England, the Bank of Japan and the Bank of Canada. The US central bank is widely anticipated to cut rates by at least 25 bps. Meanwhile, attention remains on France as Fitch downgraded its credit rating, citing rising government debt and increasing political polarization, raising concerns over the size of its upcoming budget deficits. Among single stocks, reinsurance companies Hannover Ruck and Munchener Ruck posted the biggest gains, adding 3.6% and 2%, respectively. Other top advancers included E.ON (+1.5%), Rheinmetall (0.9%) and Porsche AG (+0.7%). On the downside, Bayer (-2.6%) and Heidelberg Materials (-2.4%) recorded the largest declines.

德国10年期政府债券收益率回落至2.7%以下，投资者为繁忙的一周央行会议做好了准备。由于对其独立性的担忧，美联储预计将在周三降息至少25个基点，因为政策制定者正在权衡劳动力市场降温与关税驱动的通货膨胀。市场还将分析最新的经济预测和主席杰罗姆·鲍威尔的新闻发布会，以指导年底前的政策前景。与此同时，预计英格兰银行和日本银行将保持政策稳定。在欧洲，欧洲央行上周表示，其降息周期可能已经结束，行长克里斯蒂娜·拉加德指出，增长风险现在“更加平衡”

Germany’s 10-year government bond yield fell back below 2.7% as investors positioned for a busy week of central bank meetings. The Federal Reserve is expected to cut rates by at least 25 basis points on Wednesday amid concerns over its independence, as policymakers weigh a cooling labor market against tariff-driven inflation. Markets will also parse updated economic projections and Chair Jerome Powell’s press conference for guidance on the policy outlook through year-end. Meanwhile, the Bank of England and the Bank of Japan are expected to hold policy steady. In Europe, the ECB signaled last week that its rate-cutting cycle may be over, with President Christine Lagarde noting that growth risks are now “more balanced.”

法兰克福DAX 40指数周一上涨0.4%，至23790点，接近9月1日以来的最高水平，因为投资者权衡了惠誉下调法国信用评级的影响，并期待着一周繁忙的央行会议。由于政策制定者在劳动力市场降温与关税驱动的通胀压力之间取得平衡，人们对美联储的独立性表示担忧，预计美联储周三将降息至少25个基点。相比之下，人们普遍预计英格兰银行和日本银行将保持政策不变。在企业方面，莱茵金属公司在与总部位于不来梅的造船商Lürssen达成协议收购其军事部门NVL后，股价上涨了2%以上。空中客车公司股价上涨超过1%，此前媒体报道称，该公司最早可能在2025年与莱昂纳多和泰雷兹就欧洲卫星联盟达成协议。为了支持反弹，加拿大皇家银行将空客的目标价格从200欧元上调至220欧元。

Frankfurt’s DAX 40 index rose 0.4% to 23,790 on Monday, moving closer to its highest level since September 1, as investors weighed Fitch’s downgrade of France’s credit rating and looked ahead to a busy week of central bank meetings. The US Federal Reserve is expected to cut rates by at least 25 basis points on Wednesday, amid concerns over its independence as policymakers balance a cooling labor market with tariff-driven inflation pressures. By contrast, the Bank of England and the Bank of Japan are widely expected to leave policy unchanged. On the corporate front, Rheinmetall gained more than 2% after striking a deal with Bremen-based shipbuilder Lürssen to acquire its military division, NVL. Airbus added over 1% after media reports suggested the company could reach an agreement as early as 2025 on a European satellite alliance with Leonardo and Thales. Supporting the rally, RBC raised its Airbus price target from €200 to €220.

2025年8月，德国批发价格同比上涨0.7%，高于上月0.5%的涨幅，标志着连续第九个月上涨。食品、饮料和烟草价格上涨4.2%，其中咖啡、茶、可可和香料（17.7%）、糖和烘焙产品（14.5%）、肉类和肉制品（9.4%）、活体动物（8.9%）以及牛奶、乳制品、鸡蛋和油（7.4%）大幅上涨。有色金属矿石和金属的价格也飙升了21.1%。相比之下，固体燃料和矿物油产品（-6.9%）、废物和废料（-10.4%）、计算机和相关设备（-4.9%）以及铁、钢和黑色半成品（-4.6%）的产量显著下降。按月计算，批发价格下跌0.6%，远高于7月份0.1%的跌幅，超出了0.2%的涨幅预期，并显示出一年来最强劲的跌幅。

Wholesale prices in Germany rose 0.7% year-on-year in August 2025, accelerating from a 0.5% gain in the previous month and marking the ninth consecutive monthly increase. Food, beverages, and tobacco prices climbed 4.2%, led by sharp rises in coffee, tea, cocoa, and spices (17.7%), sugar and bakery products (14.5%), meat and meat products (9.4%), live animals (8.9%), and milk, milk products, eggs, and oils (7.4%). Prices for non-ferrous ores and metals also surged 21.1%. In contrast, notable declines were seen in solid fuels and mineral oil products (-6.9%), waste and scrap (-10.4%), computers and related equipment (-4.9%), and iron, steel, and ferrous semi-finished products (-4.6%). On a monthly basis, wholesale prices shrank 0.6%, far steeper than a 0.1% fall in July, defying expectations for a 0.2% rise and pointing to the strongest decline in a year.