在法兰克福，DAX指数周二下跌151点，跌幅0.62%。大陆集团（-4.30%）、Brenntag（-3.25%）和西门子（-2.97%）领跌。涨幅最大的是海德堡水泥（1.70%）、Zalando（1.53%）和大众汽车（1.28%）。

In Frankfurt, the DAX Index decreased 151 points or 0.62 percent on Tuesday. Losses were driven by Continental (-4.30%), Brenntag (-3.25%) and Siemens (-2.97%). Biggest rises came from HeidelbergCement (1.70%), Zalando (1.53%) and Volkswagen (1.28%).

德国DAX指数周二收于24232点，跌幅约0.6%，为近两周低点，交易员们权衡了美中贸易紧张局势的恢复和美国长期停摆，同时也评估了企业最新情况。在法国，总理塞巴斯蒂安·莱科尔努宣布了今年秋天暂停养老金改革的计划，部分满足了社会党的要求，社会党的支持对政府的生存至关重要。在企业方面，德国零部件制造商大陆集团表现不佳，跌幅超过4%，与法国同行米其林下调指导后的亏损持平。西门子紧随其后，下跌3.2%，此前摩根士丹利将该股从“增持”下调至“同等权重”，理由是其数字工业部门复苏乏力，中国竞争加剧。Renk、Hensoldt和Rheinmetall等国防品牌也表现最差，分别下降了3.9%、3.6%和2.2%。从好的方面来看，海德堡材料公司（+2.1%）在加沙重建计划中脱颖而出。

Germany's DAX closed about 0.6% down at 24,232 on Tuesday, a near two-week low, as traders weighed revived US-China trade tensions and the prolonged US shutdown, while also assessing corporate updates. In France, Prime Minister Sébastien Lecornu announced plans to suspend the pension reform this fall, partially acceding to the demands of the Socialists, whose support is crucial for the government’s survival. On the corporate front, German parts maker Continental underperformed with an over 4% decline, tracking losses in French peer Michelin after the latter cut its guidance. Siemens followed closely, down 3.2%, after Morgan Stanley downgraded the stock to "equal-weight" from "overweight", citing a weak recovery in its Digital Industries arm and rising competition in China. Defense names such as Renk, Hensoldt and Rheinmetall were also among the worst performers, down 3.9%, 3.6% and 2.2%, respectively. On the upside, Heidelberg Materials (+2.1%) stood out on Gaza reconstruction plans.

德国10年期国债收益率跌至2.6%以下，为7月22日以来的最低水平，因为美中贸易紧张局势的再次爆发促使投资者转向安全的政府债券。在特朗普总统威胁对中国商品征收100%关税以及北京决定加强稀土出口管制后，两国都对海运公司征收了额外的港口费。投资者也一直关注法国的政治发展，重新任命的总理塞巴斯蒂安·莱科尔努（Sébastien Lecornu）在宪法对审查立法的限制到期之前，竞相向议会提交2026年预算法案。在数据方面，10月份德国投资者情绪有所改善，但低于预期，强化了谨慎的市场情绪。

Germany’s 10-year Bund yield dropped below 2.6%, its lowest level since July 22, as renewed US-China trade tensions drove investors toward the safety of government bonds. Both countries imposed additional port fees on ocean shipping firms, following President Trump’s threat of 100% tariffs on Chinese goods and Beijing’s decision to tighten rare earth export controls. Investors also remained attentive to French political developments, with reappointed Prime Minister Sébastien Lecornu racing to present the 2026 budget bill to parliament before constitutional limits on reviewing the legislation expire. On the data front, German investor sentiment improved in October, but less than expected, reinforcing cautious market sentiment.

2025年10月，德国ZEW经济情绪指标上升2点，至39.3，为7月份52.7的三年峰值以来的最高水平，但低于市场预期的40.5。ZEW总裁Achim Wambach教授评论道：“中期复苏的希望仍然存在。尽管政府投资计划的实施存在不确定性，全球仍存在不确定性。但ZEW指数在10月份略有上升。”。在最近对中国出口下滑之后，对出口导向型行业的预期大幅改善，特别是在金属生产、制药、机械工程和电气设备制造业。然而，汽车行业的前景略有恶化。与此同时，当前经济状况指数下跌3.6点，至-80.0，为5月以来的最低水平。

The ZEW Indicator of Economic Sentiment for Germany rose two points to 39.3 in October 2025, its highest level since July’s three-year peak of 52.7, but falling short of market expectations of 40.5. "Hopes for a medium-term recovery remain. Despite the uncertainty surrounding the implementation of the government investment program and ongoing global uncertainties, the ZEW Index increased slightly in October," commented ZEW President Prof. Achim Wambach. Following a recent slump in exports to China, expectations for export-oriented sectors improved sharply, particularly in metal production, pharmaceuticals, mechanical engineering, and electrical equipment manufacturing. The automotive sector, however, saw a slight deterioration in its outlook. Meanwhile, the current economic conditions index dropped 3.6 points to -80.0, marking its lowest level since May.