德国10年期国债收益率将早些时候的跌幅降至略低于2.6%，因为投资者将强于预期的美国就业报告与欧洲央行的最新决定进行了权衡。美国5月份增加了13.9万个工作岗位，超过了13万个的预测，但低于4月份修订后的14.7万个，缓解了人们对特朗普总统不断升级的关税战导致劳动力市场进一步下滑的担忧。在欧洲，欧洲央行将利率下调25个基点，并下调了2025年和2026年的通胀预测，理由是能源价格疲软和欧元走强。然而，总统克里斯蒂娜·拉加德表示，该行即将结束其宽松周期，暗示随后可能会暂停。欧洲央行政策制定者Yannis Stournaras补充说，欧元区已经实现了软着陆，大多数降息可能已经过去，尽管不确定性仍然存在，特别是由于新关税的潜在影响。

The yield on the German 10-year Bund trimmed earlier losses to hover just below 2.6%, as investors weighed a stronger-than-expected US jobs report against the latest ECB decision. The US added 139,000 jobs in May, beating forecasts of 130,000 but down from April’s revised 147,000, easing fears of a deeper labor market slump amid President Trump’s escalating tariff war. In Europe, the ECB cut interest rates by 25 bps and lowered its inflation forecasts for 2025 and 2026, citing weaker energy prices and a stronger euro. However, President Christine Lagarde signaled the bank is nearing the end of its easing cycle, suggesting a pause may follow. ECB policymaker Yannis Stournaras added that the eurozone has achieved a soft landing and that most rate cuts are likely behind us, though uncertainty remains—particularly due to the potential impact of new tariffs.

法兰克福DAX指数周五下午小幅下跌约24300点，此前美国5月就业报告强于预期，平息了人们对美国经济潜在衰退的担忧。尽管如此，疲软的国内数据和对全球贸易发展的持续担忧继续打压市场情绪。在国内数据方面，德国出口和工业生产均低于预期。与此同时，德国总理弗里德里希·默茨周四会见了唐纳德·特朗普，两位领导人都表示有意加强跨大西洋合作，尽管会谈的细节尚未披露。在企业方面，国防类股面临压力，莱茵金属、伦克集团和亨索特的跌幅高达6%。其他下跌股包括保时捷、侨根汽车、西门子、费森尤斯医疗和MTU航空发动机，跌幅在0.5%至1%之间。本周，该指数预计将上涨约1.3%。

Frankfurt's DAX cut some early losses to trade marginally down around 24,300 on Friday afternoon, after a stronger-than-expected US May jobs report calmed worries about a potential downturn in the US economy. Still, weak domestic data and lingering concerns over global trade developments continued to weigh on market sentiment. On the domestic data front, both German exports and industrial production came in below expectations. Meanwhile, Chancellor Friedrich Merz met with Donald Trump on Thursday and both leaders expressed their intention to strengthen transatlantic cooperation, although details of the talks have not been disclosed. On the corporate front, defense stocks came under pressure, with Rheinmetall, Renk Group and Hensoldt posting sharp losses up to 6%. Other decliners included Porsche, Qiagen NV, Siemens, Fresenius Medical Care and MTU Aero Engines, shedding between 0.5% and 1%. For the week, the index was set to rise about1.3%.

周五，法兰克福DAX指数小幅下跌至24200左右，结束了连续三天的上涨，国内数据疲软，对全球贸易发展的担忧挥之不去。在经济方面，德国的出口和工业生产均低于预期。与此同时，美国总统特朗普报告称，他与中国习近平主席进行了长时间的通话，尽管美国代表计划很快会见中国贸易谈判代表，但由于缺乏具体细节，市场仍持谨慎态度。在欧洲，欧洲央行周四将关键存款利率下调25个基点至2%，但拉加德总统表示，降息周期可能即将结束。在主要推动者中，德国商业银行、莱茵金属、赛多利斯和英飞凌科技是最大的落后者，损失在1.1%至1.7%之间。在Lululemon Athletica下调年度利润预期后，阿迪达斯（-0.9%）和彪马（-1.8%）的股价下跌。上涨方面，Vonovia（+1.3%）、拜耳和RWE（+0.9%）涨幅最大。

Frankfurt’s DAX edged down to around 24,200 on Friday, snapping a three-day winning streak, amid weak domestic data and lingering concerns over global trade developments. On the economic front, both German exports and industrial production came in below expectations. Meanwhile, US President Trump reported a lengthy call with China’s President Xi Jinping, and while US representatives are scheduled to meet Chinese trade negotiators soon, markets remained cautious due to a lack of concrete details. In Europe, the ECB trimmed its key deposit rate by 25 basis points to 2% on Thursday, yet President Lagarde signaled that the rate-cutting cycle may be nearing its conclusion. Among key movers, Commerzbank, Rheinmetall, Sartorius and Infineon Technologies were the biggest laggards, with losses between 1.1% and 1.7%. Shares of Adidas (-0.9%) and Puma (-1.8%) fell after Lululemon Athletica lowered its annual profit forecast. On the upside, Vonovia (+1.3%), Bayer and RWE (+0.9%) advanced the most.

2025年4月，德国进口额环比增长3.9%，达到1165亿欧元的23个月高点，从前一个月1.4%的下降中反弹。这一增长主要是由于来自欧盟和非欧盟（第三方）国家的游客人数增加。来自欧盟的采购增长了4.5%，其中来自欧元区的进口增长了5.0%，来自非欧元欧盟国家的出口增长了3.5%。与此同时，来自第三国的进口增长了3.4%，其中来自美国的采购增长了3.9%。然而，来自中国和英国的进口分别下降了4.1%和8.1%，而来自俄罗斯的进口下降了22.6%。2025年前四个月，德国的进口总额同比增长4.8%，达到4554亿欧元。

Imports to Germany rose by 3.9% month-on-month to a 23-month high of EUR 116.5 billion in April 2025, rebounding from a 1.4% decline in the previous month. The increase was mainly driven by higher arrivals from both EU and non-EU (third) countries. Purchases from the EU grew by 4.5%, with imports from the Euro area rising by 5.0% and those from non-Euro EU countries up 3.5%. Meanwhile, imports from third countries increased by 3.4%, led by a 3.9% rise in purchases from the United States. However, imports from China and the United Kingdom fell by 4.1% and 8.1%, respectively, while imports from Russia plunged by 22.6%. For the first four months of 2025, Germany’s total imports increased by 4.8% year-on-year to EUR 455.4 billion.