德国贸易疲软导致欧元走软——丰业银行。德国贸易疲软导致欧元走软——丰业银行

EUR softens on weaker German trade – Scotiabank.EUR softens on weaker German trade – Scotiabank

德国DAX指数周四上涨0.5%，突破24700点大关，创下历史新高，尽管最近国内数据疲软，但美联储最新会议纪要后美国降息的预期提振了该指数。最新贸易数据显示，德国8月份出口意外下降，进口降幅超过预期。与此同时，贸易商继续追踪有关法国政治局势和加沙和平计划的新闻。在企业方面，海德堡材料公司领涨，上涨近3%，紧随其后的是拜耳公司（+2.4%），此前该公司报告了其帕金森氏细胞疗法bemdaneproce的36个月I期数据，令人鼓舞。汽车股也是涨幅最大的股票之一。宝马在昨日因盈利预警大幅下跌后上涨约1.7%，戴姆勒卡车、梅赛德斯-奔驰和大众汽车上涨1-1.2%，保时捷汽车控股公司上涨近0.8%。

Germany's DAX gained ground on Thursday, rising 0.5% to cross the 24,700 mark, a fresh record high, buoyed by expectations of U.S. rate cuts following the Fed’s latest minutes, despite recent weak domestic data. Latest trade data showed Germany's exports declined unexpectedly and imports dropped more than forecast in August. Meanwhile, traders continued to track news about the political situation in France, and the Gaza peace plan. On the corporate front, Heidelberg Materials led the gains, rising nearly 3%, followed by Bayer (+2.4%) after reporting encouraging 36-month Phase I data for its Parkinson’s cell therapy bemdaneprocel. Auto stocks were also among the top advancers. BMW rose about 1.7% after yesterday’s sharp drop on a profit warning, while Daimler Truck, Mercedes-Benz, and Volkswagen gained 1–1.2%, and Porsche Automobil Holding climbed nearly 0.8%.

德国10年期国债收益率稳定在2.7%左右，投资者继续关注法国和美国的政治发展，同时消化德国令人失望的经济数据。预计埃马纽埃尔·马克龙总统将在塞巴斯蒂安·莱科尔努辞职后任命一位新总理，有迹象表明，提前选举可能会被避免。与此同时，美国政府关门可能会继续，使关键经济数据的发布和美联储的政策指导面临风险。在数据方面，德国出口意外下降，而进口下降幅度超过预期。这些发展是在本周早些时候公布的工业产出和工厂订单大幅下降之后出现的。

The yield on Germany’s 10-year Bund stabilized around 2.7% as investors continued to monitor political developments in France and the US, while digesting disappointing economic data from Germany. President Emmanuel Macron is expected to appoint a new prime minister following Sébastien Lecornu’s resignation, with signs emerging that snap elections are likely to be avoided. Meanwhile, the US government shutdown is likely to continue, putting the release of key economic data—and the Fed’s policy guidance—at risk. On the data front, German exports unexpectedly declined, while imports fell more sharply than anticipated. These developments followed steep drops in both industrial output and factory orders released earlier in the week.

德国DAX指数周四上涨0.3%，突破24600点，创下历史新高，受美国降息预期和缓解地缘政治紧张局势希望的支撑。美联储9月会议的最新纪要显示，尽管整体基调谨慎，但政策制定者倾向于今年进一步降息。在地缘政治方面，美国总统唐纳德·特朗普证实，包括释放人质在内的加沙和平计划将于今天晚些时候签署。与此同时，法国的政治不确定性仍在继续，必须找到一个联盟来组建新政府，总统埃马纽埃尔·马克龙誓言在周五之前任命新总理。在股市中，拜耳领涨，在公布其帕金森氏细胞疗法bemdaneprocel的36个月I期数据令人鼓舞后，涨幅超过2%。其他表现最好的公司包括巴斯夫和汉高，各自上涨超过1%，而西门子能源在加拿大皇家银行的积极评价下也上涨了1%以上。

Germany's DAX rose 0.3% to surpass 24,600 on Thursday, setting fresh record highs, supported by expectations of US rate cuts and hopes of easing geopolitical tensions. The latest minutes from the Federal Reserve’s September meeting suggest policymakers are leaning toward further rate cuts this year, despite a cautious overall tone. On the geopolitical front, US President Donald Trump confirmed that the Gaza peace plan, including the release of hostages, will be signed later today. Meanwhile, political uncertainty continued in France, where a coalition must be found to form a new government, with President Emmanuel Macron vowing to name a new prime minister by Friday. Among equities, Bayer led gains, climbing over 2% after reporting encouraging 36-month Phase I data for its Parkinson’s cell therapy bemdaneprocel. Other top performers included BASF and Henkel, each rising more than 1%, while Siemens Energy also gained over 1% following a positive assessment from RBC.