在法兰克福，DAX指数周二下跌109点，跌幅0.56%。戴姆勒卡车控股公司（-5.76%）、拜耳（-4.80%）和大众汽车（-2.33%）领跌。涨幅最大的是MTU航空发动机公司（2.01%）、莱茵金属公司（1.58%）和彪马公司（1.42%）。

In Frankfurt, the DAX Index decreased 109 points or 0.56 percent on Tuesday. Losses were driven by Daimler Truck Holding AG (-5.76%), Bayer (-4.80%) and Volkswagen (-2.33%). Biggest rises came from MTU Aero Engines AG (2.01%), Rheinmetall (1.58%) and Puma (1.42%).

德国10年期国债收益率为2.2%，徘徊在约一个月以来的最低水平，反映出欧洲经济持续低迷，人们对唐纳德·特朗普第二届政府的潜在影响日益担忧。特朗普加大了提高关税的威胁，提到对中国加征10%的关税，对墨西哥和加拿大加征25%的关税。在竞选期间，他还警告称，欧盟将“付出巨大代价”，对欧洲商品，特别是汽车征收高额关税。这些威胁加剧了欧洲苦苦挣扎的制造业面临的挑战。初步采购经理人指数数据突显出欧元区私营部门活动再次收缩，增加了乌克兰持续战争以及德国和法国政治不稳定的风险。这种黯淡的前景促使投资者加大了对欧洲央行激进货币宽松政策的押注。虽然下个月降息25个基点的可能性已完全消化，但更大幅度降息50个基点的概率已攀升至58%。

The yield on the German 10-year Bund was at 2.2%, hovering at the lowest level in about a month, reflecting persistent economic gloom in Europe and rising concerns over the potential impact of a second Donald Trump administration. Trump doubled down on his threats to raise tariffs, mentioning a 10% tariff increase on China and a 25% hike on Mexico and Canada. During his campaign, he also warned of significant tariffs on European goods, particularly cars, claiming the EU would "pay a big price." These threats exacerbate challenges for Europe’s struggling manufacturing sector. Preliminary PMI data highlighted a renewed contraction in Eurozone private sector activity, adding to the risks from the ongoing war in Ukraine and political instability in Germany and France. This bleak outlook has pushed investors to increase bets on aggressive monetary easing by the ECB. While a 25 bps rate cut next month is fully priced in, the probability of a larger 50 bps cut has climbed to 58%.

周二，DAX指数下跌0.7%，收于19270点左右，追随欧洲同行下跌，因为唐纳德·特朗普加倍威胁提高关税，提到对中国加征10%的关税，对墨西哥和加拿大加征25%的关税。这一消息引发了人们对特朗普第二届政府对全球贸易，特别是欧洲贸易的影响的进一步担忧。昨天，市场因斯科特·贝森特被提名为美国财政部长而受到提振，贝森特被认为在关税方面更为温和，但热情逐渐消退。汽车行业是受影响最严重的行业之一，即戴姆勒卡车控股公司（-5.1%）、大众汽车（-2.7%）、保时捷股份公司（-2.2%）、宝马（-2.1%）和梅赛德斯-奔驰（-21.1%）。

The DAX lost 0.7% to trade around the 19270 level on Tuesday, tracking its European peers lower as Donald Trump doubled down on his threats to raise tariffs, mentioning a 10% tariff increase on China and a 25% hike on Mexico and Canada. The news raised further concerns about the impact of a second Trump administration on global trade, particularly in Europe. Yesterday, markets got a boost by the nomination of Scott Bessent as US Treasury Secretary, seen as more moderate on the tariffs front, but the enthusiasm faded. The auto sector was among the hardest hit, namely Daimler Truck Holding (-5.1%), VW (-2.7%), Porsche AG (-2.2%), BMW (-2.1%) and Mercedes-Benz (-2.1%).

在法兰克福，DAX指数下跌了135点。戴姆勒卡车控股公司（-5.18%）、拜耳（-2.89%）和大众汽车（-2.65%）领跌。抵消跌幅，涨幅最大的是MTU航空发动机公司（1.54%）、RWE（0.61%）和彪马（0.47%）。

In Frankfurt, the DAX Index is losing 135 points. Losses were led by Daimler Truck Holding AG (-5.18%), Bayer (-2.89%) and Volkswagen (-2.65%). Offsetting the fall, top gainers were MTU Aero Engines AG (1.54%), RWE (0.61%) and Puma (0.47%).