德国10年期国债收益率攀升至2.75%，为9月2日以来的最高水平，此前一周因更大规模的债务发行计划和主要央行决策而波动。周四，德国金融机构宣布，第四季度的发行量将比其12月的预测增加150亿欧元，理由是基础设施和国防的支出需求增加。该机构负责人Tammo Diemer指出，投资者对德国国债的需求强劲，部分原因是法国持续的预算危机。与此同时，法国各地反对政府削减开支的抗议活动仍在继续，而意大利预计将在周五晚些时候获得惠誉的评级上调。在货币政策方面，日本央行保持利率不变，但表示将逐步退出其持有的ETF和REIT，这表明可能会比预期更早地转向减少货币刺激。本周早些时候，美联储自去年12月以来首次削减借贷成本，而英国央行则保持利率不变。

German 10-year Bund yields climbed toward 2.75%, their highest level since September 2, after a volatile week shaped by larger debt issuance plans and major central bank decisions. On Thursday, the German finance agency announced that Q4 issuance will increase by €15 billion compared with its December forecast, citing higher spending needs for infrastructure and defense. Agency head Tammo Diemer noted strong investor demand for Bunds, partly supported by France’s ongoing budget crisis. Meanwhile, protests continued across France in opposition to government spending cuts, while Italy is expected to receive a ratings upgrade from Fitch later on Friday. In monetary policy, the BoJ kept interest rates unchanged but signaled a gradual unwinding of its ETF and REIT holdings, suggesting a possible shift toward reducing monetary stimulus sooner than expected. Earlier this week, the Fed cut borrowing costs for the first time since December, while the BoE left rates unchanged.

法兰克福DAX 40指数周五微涨0.2%，至23720点，此前周四上涨1.4%，为8月4日以来的最大单日涨幅，投资者在央行决策主导的一周后稍作休息。正如预期的那样，日本央行保持利率不变，但宣布计划逐步解除其持有的ETF和REITs，这表明可能会比预期更早地逐步取消货币刺激。本周早些时候，美联储自去年12月以来首次削减借贷成本，而英格兰银行则选择保持利率稳定。由于期货合约到期，市场可能会在当天晚些时候出现进一步波动。在数据方面，德国8月份生产者价格指数的跌幅比预期的要大。在企业新闻方面，广告集团Ströer降低了全年收入并调整了息税折旧摊销前利润目标，而汽车零部件供应商Stabilus宣布了一项旨在维护长期竞争力的削减成本计划。

Frankfurt’s DAX 40 edged up 0.2% to 23,720 on Friday, following a 1.4% gain on Thursday—its strongest daily advance since August 4—as investors took a breather after a week dominated by central bank decisions. The Bank of Japan kept interest rates unchanged, as expected, but announced plans to gradually unwind its holdings of ETFs and REITs, signaling a potential shift toward phasing out monetary stimulus sooner than anticipated. Earlier in the week, the Federal Reserve cut borrowing costs for the first time since December, while the Bank of England opted to hold rates steady. Markets may see further volatility later in the day due to futures contract expirations. On the data front, German producer prices declined more sharply than expected in August. In corporate news, advertising group Ströer lowered its full-year revenue and adjusted EBITDA targets, while auto parts supplier Stabilus announced a cost-cutting program aimed at safeguarding long-term competitiveness.

继6月份下降1.5%之后，德国生产者价格指数在2025年8月同比下降2.2%，超过了1.7%的市场预期。这标志着生产者价格连续第六个月出现年度下跌，也是自2024年5月以来的最大跌幅，当时价格也以同样的速度下跌。总体下降主要是由于能源成本下降，下降了8.5%。能源部门的主要贡献者包括天然气（-11.0%）、电力（-10.8%）、取暖油（-7.5%）、矿物油产品（-7.3%）和汽车燃料（-2.5%）。中间产品价格也下降了1.0%。相比之下，非耐用品（3.3%）、耐用品（1.7%）和资本品（1.8%）的价格上涨。除能源外，生产者价格指数在7月份上涨1.0%后上涨0.8%。8月份，生产者价格指数在7月份下跌0.1%后，每月下跌0.5%，跌幅大于预期的0.1%，是四个月来最大的月度跌幅。

Producer prices in Germany fell by 2.2% yoy in August 2025, following a 1.5% decline in June and exceeding market expectations of a 1.7% drop. This marked the sixth consecutive month of annual producer price declines and the sharpest since May 2024, when prices also fell at the same rate. The overall decrease was primarily driven by lower energy costs, which dropped 8.5%. Key contributors within the energy sector included natural gas (-11.0%), electricity (-10.8%), heating oil (-7.5%), mineral oil products (-7.3%), and motor fuel (-2.5%). Prices for intermediate goods also declined by 1.0%. In contrast, price increases were recorded in non-durable consumer goods (3.3%), durable consumer goods (1.7%), and capital goods (1.8%). Excluding energy, producer prices rose 0.8%, following a 1.0% increase in July. Monthly, the producer price index fell 0.5% in August, after a 0.1% decline in July and steeper than the expected 0.1% drop, marking the sharpest monthly decline in four months.

德国议会周四批准了自今年早些时候通过放松财政规则的全面改革以来的首个年度预算，确保了创纪录的投资以振兴经济，同时承诺增加国防开支。2025年的预算允许总投资近1160亿欧元（约合1369.4亿美元），这得益于5000亿欧元的基础设施基金和3月份批准的国防支出债务豁免规则。据路透社报道，财政部长Lars Klingbeil在德国议会下院联邦议院投票前告诉议员们：“这是德国财政政策的一个巨大范式转变。”。德国2025年的预算将国防开支提高到GDP的2.4%，仍低于新目标。去年11月，前执政党政治崩溃，没有时间通过2025年的支出计划后，欧洲最大的经济体今年一直在临时预算下运作。

Germany’s parliament approved on Thursday the nation’s first annual budget since sweeping reforms to loosen fiscal rules were passed earlier this year, securing record investments to revive the economy while committing to increased defence spending. The 2025 budget allows for total investment of nearly €116 billion (approximately $136.94 billion), made possible by a €500 billion infrastructure fund and an exemption from debt rules for defence spending approved in March. “It is a huge paradigm shift in German fiscal policy,” Finance Minister Lars Klingbeil told lawmakers ahead of the vote in the Bundestag, Germany’s lower house of parliament, according to Reuters. Germany’s 2025 budget raises defence spending to 2.4% of GDP, still shy of the new target. Europe’s largest economy has been operating on a provisional budget this year, after the former ruling oalition collapsed last November, leaving no time to pass the 2025 spending plans.