周四下午，德国DAX指数仍面临压力，交易价格低于24100点，此前欧洲央行预计将决定维持利率不变。与此同时，交易员权衡了新的企业盈利和欧洲关键数据，同时也评估了美中贸易协议。在国内方面，初步数据显示，德国通胀率从上个月的2.4%降至2025年10月的2.3%，但仍高于市场预期的2.2%。另外，在第二季度上调0.2%的收缩后，经济在2025年第三季度停滞不前，这并不奇怪。在股市中，德国电信领跌，Verizon首席执行官宣布计划重返美国市场后，人们对其子公司T-Mobile US表示担忧。大众汽车股价下跌近2%，此前该公司公布了五年来的首次季度亏损。从好的方面来看，空中客车公司股价飙升近3%，因为它公布了强劲的第三季度业绩，并保持了2025年的预期。

Germany's DAX stayed under pressure on Thursday afternoon, trading below 24,100, following the ECB's expected decision to leave interest rates unchanged. Meanwhile, traders weighed fresh corporate earnings and key European data, while also assessing the U.S-China trade deal. On the domestic front, preliminary figures showed German inflation edged down to 2.3% in October of 2025 from 2.4% in the previous month, but remained above market expectations of 2.2%. Separately, the economy unsurprisingly stagnated in Q3 2025, following an upwardly revised 0.2% contraction in Q2. Among equities, Deutsche Telekom led losses, amid concerns over its subsidiary T-Mobile US after Verizon CEO announced plans to re-enter the US market. Volkswagen shed nearly 2% after reporting its first quarterly loss in five years. On the upside, Airbus surged nearly 3% as it posted a strong Q3 performance and maintained 2025 guidance.

德国10年期国债收益率攀升至2.65%以上，为10月9日以来的最高水平，因为投资者对欧洲央行和美联储的鹰派信号做出了反应，同时德国通胀数据强于预期。欧洲央行在10月连续第三次会议上保持利率不变，保持了依赖数据的逐次会议方法，同时指出通胀前景基本保持不变。与此同时，美联储周三将利率下调了25个基点，但主席杰罗姆·鲍威尔警告称，12月的进一步宽松“不是板上钉钉的事”。在数据方面，德国10月的通胀率低于预期，降至2.3%，而经济因出口下降而停滞不前。

Germany’s 10-year Bund yield climbed above 2.65%, its highest level since October 9, as investors reacted to hawkish signals from both the ECB and the Federal Reserve, alongside a stronger-than-expected German inflation reading. The European Central Bank kept rates unchanged for a third consecutive meeting in October, maintaining a data-dependent, meeting-by-meeting approach while noting that the inflation outlook remains broadly unchanged. Meanwhile, the Federal Reserve cut rates by 25 basis points on Wednesday, but Chair Jerome Powell cautioned that further easing in December is “not a foregone conclusion.” On the data front, German inflation eased less than expected to 2.3% in October, while the economy stagnated, weighed down by a decline in exports.

据初步估计，德国的年通胀率在2025年10月从上个月的2.4%的年初至今的高点小幅降至2.3%，但仍高于市场预期的2.2%。由于欧盟燃料价格下降和天然气库存充足，食品（1.3%对2.1%）和能源（-0.9%对-0.7%）的通货紧缩速度加快，商品消费价格放缓（9月份为1.2%对1.4%）。反过来，服务业通胀小幅上升（3.5%对3.4%），推动核心通胀率保持在2.8%的高位。与上月相比，消费者价格上涨了0.3%。

The German annual inflation rate inched lower to 2.3% in October of 2025 from the year-to-date high of 2.4% in the previous month, but remained above market expectations of 2.2%, according to a preliminary estimate. Consumer prices slowed for goods (1.2% vs 1.4% in September) amid considerable disinflation for food (1.3% vs 2.1%) and a faster pace of deflation for energy (-0.9% vs -0.7%) due to lower fuel prices and ample natural gas stocks in the EU. In turn, services inflation inched higher (3.5% vs 3.4%), driving the core inflation rate to remain elevated at 2.8%. From the previous month, consumer prices rose by 0.3%.

周四，德国DAX指数收窄了一些早盘涨幅，在24060左右小幅下跌，交易员在等待欧洲央行即将作出的决定的同时，权衡了新的企业盈利和经济数据。与此同时，投资者对美中达成的贸易协议反应谨慎，因为之前的谈判出现了挫折，芯片等关键问题被遗漏了。在数据方面，根据初步估计，继第二季度上调0.2%的收缩后，德国经济在2025年第三季度停滞不前，这并不奇怪。10月通胀数据将于当天晚些时候公布，分析师预计将略有放缓。在股市中，德国电信领跌，Verizon首席执行官宣布计划重返美国市场后，人们对其子公司T-Mobile US表示担忧。大众汽车在报告五年来首次季度亏损后下跌1.5%。从好的方面来看，空中客车公司上涨了1.8%，因为它公布了强劲的第三季度业绩，并保持了2025年的预期。

Germany's DAX pared some early gains to trade slightly negative around 24,060 on Thursday, as traders weighed fresh corporate earnings and economic data, while awaiting the upcoming ECB's decision. Meanwhile, investors reacted cautiously to the trade agreement reached between the United States and China, as previous talks have seen setbacks and key issues such as chips were left out. On the data front, the German economy unsurprisingly stagnated in Q3 2025, following an upwardly revised 0.2% contraction in Q2, according to preliminary estimates. October Inflation figures are due later in the day, with analysts anticipating a slight slowdown. Among equities, Deutsche Telekom led losses, amid concerns over its subsidiary T-Mobile US after Verizon CEO announced plans to re-enter the US market. Volkswagen retreated, down 1.5%, after reporting its first quarterly loss in five years. On the upside, Airbus rose 1.8% as it posted a strong Q3 performance and maintained 2025 guidance.