周二，法兰克福DAX 40指数在24400点附近几乎没有变化，略低于7月份创下的24639点的历史高点，因为投资者正在等待大西洋两岸的关键政治发展。在法国，Sebastien Lecornu总理意外辞职后，政治紧张局势持续存在。法国总统埃马纽埃尔·马克龙已要求勒科尔努继续谈判，努力在周三晚上打破目前的僵局。与此同时，在美国，持续的政府停摆仍然是焦点，特朗普总统表示愿意就民主党人要求的医疗补贴资金达成妥协。在经济方面，德国8月份工厂订单下降0.8%，超出了1.4%的增长预期，标志着连续第四个月下降，这进一步表明欧洲最大的工业经济体疲软。

Frankfurt’s DAX 40 was little changed around the 24,400 mark on Tuesday, holding just below July’s record high of 24,639, as investors awaited key political developments on both sides of the Atlantic. In France, political tensions persisted following the unexpected resignation of Prime Minister Sebastien Lecornu. President Emmanuel Macron has asked Lecornu to continue negotiations in an effort to break the current impasse by Wednesday evening. Meanwhile, in the US, the ongoing government shutdown remained in focus, with President Trump signaling a willingness to reach a compromise on healthcare subsidy funding demanded by Democrats. On the economic front, German factory orders fell 0.8% in August, defying expectations of a 1.4% increase and marking the fourth consecutive monthly decline — a further sign of weakness in Europe’s largest industrial economy.

2025年8月，德国工厂订单环比下降0.8%，低于市场对1.4%增长的预期，此前一个月下调了2.7%。这是连续第四个月下降，主要是由于汽车行业的衰退（-6.4%）。数据处理、电子和光学产品（-11.5%）和药品（-13.5%）的需求也有所减弱。相比之下，金属制品（15.4%）、其他运输设备（17.1%）和电气设备（7.2%）的订单有所增长。按类别划分，资本品（-1.5%）和消费品（-10.3%）的需求有所收缩，但中间产品（3.0%）有所增长。外国订单下降4.1%，非欧元区（-5.0%）和欧元区（-2.9%）市场均有所下降，而国内需求增长4.7%。不包括大型合同，整体订单下降3.3%。6月至8月，工厂订单平均下降2.3%，突显出工业活动持续疲软。

Germany’s factory orders fell 0.8% month-on-month in August 2025, missing market expectations for a 1.4% rise and following a downwardly revised 2.7% drop in the previous month. It marked the fourth straight monthly decline, largely driven by a slump in the automotive sector (-6.4%). Demand also weakened for data processing, electronic and optical products (-11.5%) and pharmaceuticals (-13.5%). In contrast, orders rose for metal products (15.4%), other transport equipment (17.1%), and electrical equipment (7.2%). By category, demand contracted for capital goods (-1.5%) and consumer goods (-10.3%) but increased for intermediate goods (3.0%). Foreign orders dropped 4.1%, with decreases from both non-euro area (-5.0%) and euro area (-2.9%) markets, while domestic demand grew 4.7%. Excluding large-scale contracts, overall orders fell 3.3%. On a three-month average basis, factory orders were down 2.3% between June and August, highlighting persistent weakness in industrial activity.

法兰克福DAX 40指数周一下午反弹至24460点，在盘中早些时候小幅上涨和下跌之间徘徊后，徘徊在历史高点附近。投资者在很大程度上对法国总理塞巴斯蒂安·莱科尔努意外辞职后的政治动荡不屑一顾，转而关注乐观的企业发展。科技股领涨，此前有报道称，ChatGPT运营商OpenAI为其人工智能数据中心从芯片制造商AMD购买了价值数十亿美元的设备。在其他新闻中，Redcare Pharmacy在公布了强劲的季度销售额并重申了全年目标后，股价上涨了10%以上。汉诺威再保险公司（Hannover Re）股价上涨2.6%，此前该公司宣布计划提高其定期股息支付率，理由是“非常强大的资本基础”，而北欧交易所（Nordex）股价上涨2.2%，原因是乌克兰有更多风力涡轮机订单的消息。

Frankfurt’s DAX 40 rebounded to 24,460 points on Monday afternoon, hovering near its all-time high, after swinging between small gains and losses earlier in the session. Investors largely shrugged off political turmoil in France following the unexpected resignation of Prime Minister Sébastien Lecornu and instead focused on upbeat corporate developments. Technology stocks led the advance after reports that ChatGPT operator OpenAI purchased several billion dollars’ worth of equipment from chipmaker AMD for its AI data centers. In other news, Redcare Pharmacy jumped more than 10% after posting strong quarterly sales and reaffirming its full-year targets. Hannover Re gained 2.6% after announcing plans to raise its regular dividend payout ratio, citing a “very strong capital base,” while Nordex climbed 2.2% on news of additional wind turbine orders from Ukraine.

德国10年期国债收益率保持在2.7%，市场对法国总理塞巴斯蒂安·莱科尔努的意外辞职做出了反应。在总统埃马纽埃尔·马克龙任命了一个基本不变的内阁后，他离职了，这引起了人们对他几乎没有提供政治变革的批评。投资者还评估了日本扩张性经济政策的潜在影响，此前财政鸽派高市出人意料地赢得了该国执政党的领导权。与此同时，人们的注意力转向了欧洲和美国不同的货币政策路径：人们普遍预计欧洲央行将在未来几个月内保持利率稳定，而美联储预计将在今年最后两次会议上连续降息25个基点。

The yield on Germany’s 10-year Bund held at 2.7% as markets reacted to the surprise resignation of French Prime Minister Sébastien Lecornu. His exit followed President Emmanuel Macron’s appointment of a largely unchanged cabinet, drawing criticism for offering little political change. Investors also assessed the potential impact of expansionary economic policies in Japan after fiscal dove Sanae Takaichi unexpectedly won the leadership of the country’s ruling party. Meanwhile, attention turned to diverging monetary policy paths in Europe and the US: the European Central Bank is widely expected to hold interest rates steady in the coming months, while the Federal Reserve is anticipated to deliver consecutive 25-basis-point cuts in its final two meetings of the year.