法兰克福DAX指数小幅下跌，周二在复活节假期后的第一个交易日跌破21100点，与欧洲市场更广泛的下跌一致。投资者在对美国贸易政策的持续担忧中保持谨慎。特朗普总统和美联储主席杰罗姆·鲍威尔之间日益加剧的僵局也影响了市场情绪，这场冲突再次引发了人们对美国货币政策可能受到政治干预的担忧。随着投资者等待定于今天晚些时候公布的SAP季度收益，科技股面临压力。SAP早盘下跌3.2%，英飞凌科技下跌2%。与此同时，在特朗普总统暂停汽车关税的持续希望下，汽车股上涨。大众汽车上涨1.4%，宝马、梅赛德斯-奔驰集团和保时捷也上涨。

Frankfurt’s DAX edged lower, slipping below 21,100 on Tuesday in its first session after the Easter break, in line with broader losses across European markets. Investors remained cautious amid continuing concerns over U.S. trade policy. Also weighing on sentiment is the intensifying standoff between President Trump and Fed Chair Jerome Powell, a clash that’s renewing fears over potential political interference in U.S. monetary policy. Tech stocks came under pressure as investors awaited SAP’s quarterly earnings, set to be released later today. SAP dropped 3.2% in early trading, while Infineon Technologies shed 2%. Meanwhile, auto stocks gained amid ongoing hopes of President Trump pausing auto tariffs. Volkswagen rallied 1.4%, with BMW, Mercedes-Benz Group, and Porsche also posting gains.

德国10年期国债收益率微升至2.5%，受对美联储独立性日益担忧的避险需求支撑。此举是在国家经济委员会主任哈塞特和特朗普总统暗示可能罢免美联储主席杰罗姆·鲍威尔之后做出的。这些言论引发了人们对美国货币政策日益受到政治干预的担忧，这可能会损害美联储的信誉。与此同时，正如预期的那样，欧洲央行将存款利率下调25个基点至2.25%，为2023年初以来的最低水平。值得注意的是，央行在其政策声明中删除了“限制性”一词，并警告称，在贸易紧张局势加剧的情况下，经济前景已经恶化。市场目前预计，欧洲央行将在年底前再降息25个基点。

The yield on the German 10-year Bund edged up to 2.5%, supported by safe-haven demand amid growing concerns over the Federal Reserve’s independence. The move came after comments from National Economic Council Director Hassett and President Trump hinted at the potential removal of Fed Chair Jerome Powell. These remarks have raised fears of increasing political interference in U.S. monetary policy, potentially undermining the Fed’s credibility. Meanwhile, the ECB cut its deposit rate by 25 basis points to 2.25%, as expected — its lowest level since early 2023. Notably, the central bank dropped the word “restrictive” from its policy statement and warned that the economic outlook has deteriorated amid rising trade tensions. Markets are now pricing in three additional 25bps cuts from the ECB by year-end.

周四，法兰克福DAX指数仍处于负值区间，交易价格在21200点左右，此前欧洲央行公布了预期的降息措施，以缓解与关税相关的经济压力。与此同时，交易员们评估了企业盈利的好坏参半，并继续关注围绕关税的任何发展。几只股票下跌，费森尤斯医疗（-5.2%）和赛多利斯（-3.7%）领跌。其他值得注意的下跌股包括海德堡材料、空中客车、默克、Qiagen NV、莱茵金属和德国商业银行，跌幅高达3.4%。另一方面，西门子能源公司在公布了强劲的第二季度收益并上调了今年的预期后，股价飙升了12%以上。该指数本周将上涨4%以上。市场在复活节至周一期间关闭，并将于4月22日星期二重新开放。

Frankfurt's DAX remained in negative territory on Thursday, trading around the 21,200 mark, after the ECB delivered an expected rate cut to cushion the economy from tariff-related strain. In the meantime, traders assessed mixed corporate earnings and continued to monitor any development around tariffs. Several stocks declined, with Fresenius Medical Care (-5.2%) and Sartorius (-3.7%) leading the losses. Other notable decliners included Heidelberg Materials, Airbus, Merck, Qiagen NV, Rheinmetall and Commerzbank, shedding up to 3.4%. On the flip side, Siemens Energy surged over 12% after delivering strong Q2 earnings and lifting its guidance for the year. The index was set to advance by over 4% this week. The market is closed for Easter through Monday and will reopen on Tuesday, April 22.

在欧洲央行将关键利率下调25个基点后，德国10年期国债收益率在4月份跌至2.5%，为六周来的最低水平。尽管欧洲央行在3月份的会议上没有承诺降息，但在美国总统特朗普的一系列关税威胁可能成为欧洲主要产业的主要需求来源后，欧洲央行的举措受到了金融市场的广泛预期，这加剧了欧盟的增长担忧，并由于欧元走强和通胀风险降低，增加了央行的降息空间。央行的声明还指出，如果美国的互惠关税方案上调，企业和家庭信心的下降也将对融资条件产生紧缩影响。欧洲央行和美联储在通胀风险方面的相反方向突显出，尽管欧元区较大经济体的政府支出有所增加，但今年欧洲主权债券的表现明显优于美国国债。

The yield on the German 10-year Bund fell to the 2.5% mark in April, its lowest in six weeks, after the European Central Bank cut its key interest rates by 25bps. Despite refraining from committing to a cut in its March meeting, the ECB's move was widely expected by financial markets after the series of tariff threats by US President Trump risked a key source of demand for major European industries, magnifying growth concerns in the bloc and increasing the cutting room for the central bank due to the euro's strength and lower inflation risks. The central bank's statement also noted that should the US's reciprocal tariff package go up, the reduced confidence for businesses and households will also have a tightening impact on financing conditions. The opposite direction on inflation risks that the ECB and Fed have flagged underscored the sharp outperformance of European sovereign bonds to US Treasuries this year, despite the increase in government spending by larger Euro Area economies.