在法兰克福，DAX指数周一下跌247点，跌幅1.02%。保时捷股份公司（-4.31%）、大众汽车（-3.86%）和莱茵金属（-3.56%）领跌。

In Frankfurt, the DAX Index decreased 247 points or 1.02 percent on Monday. Losses were driven by Porsche AG (-4.31%), Volkswagen (-3.86%) and Rheinmetall (-3.56%).

法兰克福DAX 40指数周一下跌逾1%，至23956点，扭转了早盘0.9%的涨幅，因对美欧贸易协议的兴奋情绪消退。该协议包括对欧盟对美国的大部分出口产品（如汽车、半导体和药品）征收15%的基本关税，而欧盟同意购买7500亿美元的美国能源和军事装备。尽管许多欧洲领导人欢迎该协议提供的明确性，但人们仍对其与特朗普总统的“美国优先”议程的一致性表示担忧，该协议的最终细节仍不清楚。行业表现喜忧参半。汽车股扭转了早些时候的涨势，出现下跌，保时捷下跌4.3%，其次是大众汽车（-3.7%）、宝马（-3.5%）和梅赛德斯-奔驰（-3.3%）。另一方面，制药和科技股表现更好。赛多利斯上涨0.9%，因关税担忧缓解，英飞凌上涨1.5%，受芯片行业乐观情绪和特斯拉向三星订购大量订单的消息提振。

Frankfurt’s DAX 40 fell more than 1% to 23,956 points on Monday, reversing a 0.9% rise earlier in the session, as excitement over the US-EU trade deal faded. The agreement includes a 15% base tariff on most EU exports to the US—such as cars, semiconductors, and pharmaceuticals—while the EU agreed to buy $750 billion in US energy and military equipment. While many European leaders welcomed the clarity provided by the agreement, concerns remain over its alignment with President Trump’s "America First" agenda, and final details of the deal are still unclear. Sector performance was mixed. Auto stocks reversed earlier gains to trade in the red, with Porsche falling 4.3%, followed by Volkswagen (-3.7%), BMW (-3.5%), and Mercedes-Benz (-3.3%). On the other hand, pharma and tech shares performed better. Sartorius gained 0.9% as tariff concerns eased, and Infineon rose 1.5%, lifted by optimism in the chip sector and news of a large Tesla order to Samsung.

德国10年期国债收益率攀升至2.7%以上，触及3月28日以来的最高水平，因为投资者在欧盟-美国贸易谈判取得进展的情况下降低了对欧洲央行进一步降息的预期，并撤出了避险资产。在与特朗普政府进行的贸易谈判中，欧洲央行在过去一年中八次降息后，在7月的会议上保持利率稳定，关键的最后期限将于8月1日临近。此外，克里斯蒂娜·拉加德总统表示，随着通货膨胀率恢复到目标水平，欧元区现在“处于一个良好的状态”。有报道称，欧盟和美国即将达成一项协议，对部分欧洲进口商品征收15%的关税，同时取消对其他国家的关税。在货币市场，投资者降低了对欧洲央行进一步降息的预期，现在9月份宽松的可能性约为四分之一。到12月降息的可能性也降至约70%，而欧洲央行做出决定之前为90%以上。

Germany’s 10-year Bund yield climbed above 2.7%, touching its highest level since March 28, as investors dialed back expectations for further ECB rate cuts and rotated out of safe-haven assets amid progress in EU–US trade talks. The ECB held interest rates steady during its July meeting after eight cuts over the past year amid ongoing trade negotiations with the Trump administration, with a key deadline approaching on August 1. Also, President Christine Lagarde said the eurozone was now “in a good place” as inflation returned to target. Reports suggest the EU and US are nearing a deal that would impose 15% tariffs on select European imports while removing duties on others. In money markets, investors have reduced their expectations for further ECB rate cuts, now giving about a one-in-four chance of easing in September. The likelihood of a rate cut by December has also dropped to roughly 70%, compared to more than 90% before the ECB decision.

德国Ifo升至88.6，但复苏仍然缓慢。7月份，德国Ifo商业景气指数从88.4微升至88.6，表明商业信心仅略有改善。当前评估指数也从86.2升至86.5，而预期指数稳定在90.7。

German Ifo rises to 88.6, but recovery still sluggish.Germany's Ifo Business Climate Index edged up from 88.4 to 88.6 in July, indicating only marginal improvement in business confidence. Current Assessment Index also ticked higher from 86.2 to 86.5, while Expectations Index held steady at 90.7.