2025年4月，德国批发价格同比上涨0.8%，较上月1.3%的涨幅有所回落，为去年12月以来的最低涨幅。尽管如此，由于咖啡、茶、可可和香料（32.2%）、有色金属（21.3%）、糖和烘焙食品（16.6%）、乳制品和食用油（9.1%）以及食品、饮料和烟草（4.6%）的价格上涨，这是连续第五个月实现年度增长。相比之下，固体燃料和矿物油产品（-8.4%）、计算机和外围设备（-5.8%）、钢铁产品（-4.4%）和活体动物（-3.2%）的价格下跌。按月计算，批发价格下跌0.1%，此前3月份下跌0.2%，未达到市场预期的0.2%涨幅。

Germany’s wholesale prices rose 0.8% year-on-year in April 2025, easing from a 1.3% increase in the previous month and marking the slowest pace since December. Still, it was the fifth straight month of annual gains, driven by higher prices for coffee, tea, cocoa, and spices (32.2%), non-ferrous metals (21.3%), sugar and bakery goods (16.6%), dairy products and edible oils (9.1%), and food, beverages, and tobacco (4.6%). In contrast, prices fell for solid fuels and mineral oil products (-8.4%), computers and peripherals (-5.8%), iron and steel products (-4.4%), and live animals (-3.2%). On a monthly basis, wholesale prices slipped 0.1%, following a 0.2% decline in March and missing market expectations of a 0.2% increase.

法兰克福DAX指数在周三震荡后收于23503点，跌幅约0.5%，与大多数欧洲同行持平。在中美贸易休战和美国通胀意外放缓后，交易员们在持续四天的反弹中喘息，创下历史新高。与此同时，投资者关注了一批新的企业盈利报告。在该指数的底部，拜耳股价暴跌超过10%，因为美国总统特朗普将通过限制药品价格的政策。Brenntag股价下跌约2%，此前公布的本季度核心收益低于预期。从好的方面来看，戴姆勒卡车和E.On在公布季度业绩后表现最佳。

Frankfurt's DAX closed about 0.5% down at 23,503 after a choppy session on Wednesday, in line with most European peers. Traders took a breather following a sustained four-day rally to all-time highs in the wake of the trade truce between the US and China, and the surprise slowdown in US inflation. Meanwhile, investors eyed a fresh batch of corporate earnings reports. At the bottom of the index, Bayer slumped over 10% as US President Trump was due to pass policy to cap drug prices. Brenntag fell about 2%, after posting weaker-than-expected core earnings for the quarter. On the upside, Daimler Truck and E.ON were the top performers, after reporting their quarterly results.

德国10年期国债收益率稳定在2.67%以上，为4月2日以来的最高水平，因为投资者对美中贸易谈判变得更加谨慎，并等待周四公布的美国关键数据，以了解美联储下一步政策举措的线索。尽管华盛顿和北京已同意为期90天的关税休战，以达成更广泛的协议，但关税仍然很高，美国对中国商品的平均关税仍徘徊在40%左右，高于此前的20%。在欧元区，货币市场现在将欧洲央行的存款便利利率定价为年底前1.79%，高于上周五的1.67%。投资者认为，随着政策制定者在美国关税上升的情况下寻求支持经济增长，6月份降息的可能性为95%，7月份再次降息的可能性约为10%。欧洲央行政策制定者Villeroy de Galhau表示，到夏季，有再次降息的空间，这支持了鸽派的前景。他的同事纳格尔补充说，通胀“很有可能”会向央行2%的目标趋同。

Germany’s 10-year Bund yield held steady just above 2.67%, its highest level since April 2, as investors grew more cautious about US-China trade negotiations and awaited key US data releases due Thursday for clues on the Fed’s next policy moves. Although Washington and Beijing have agreed to a 90-day tariff truce to pursue a broader deal, tariffs remain elevated, with the average US tariff on Chinese goods still hovering around 40%, up from 20% previously. In the eurozone, money markets now price the ECB’s deposit facility rate at 1.79% by year-end, up from 1.67% last Friday. Investors see a 95% chance of a rate cut in June as policymakers seek to support growth in the face of rising US tariffs, with a roughly 10% chance of a second cut in July. Supporting the dovish outlook, ECB policymaker Villeroy de Galhau said there is room for another rate cut by summer. His colleague Nagel added that there is a “good probability” inflation will converge toward the central bank’s 2% target.

德国经济部：不能排除经济再次疲软的可能性。这只是德国的一些象征性言论。尽管前景有所改善，但对于欧洲最大的经济体来说，这一背景仍然具有挑战性。

German economy ministry: A renewed weakening of the economy cannot be ruled out.Just some token remarks there from Germany. Despite some improvement to the outlook, the backdrop remains challenging for Europe's largest economy.