周五下午，法兰克福DAX指数上涨0.6%，至24100点附近，与欧洲市场一致，5月份有望上涨7.1%，为1月份以来的最佳表现。投资者对经济数据表示欢迎，包括德国、意大利和西班牙的温和通胀数据，这增强了人们对欧洲央行下周降息的预期。然而，持续的贸易不确定性缓和了市场情绪。一家联邦上诉法院推翻了下级法院的裁决，并在因超越总统权力而被取消的一天后，暂时恢复了唐纳德·特朗普总统的关税。与此同时，美国财政部长斯科特·贝森特表示，美中贸易谈判“有点停滞不前。地缘政治风险也仍然是人们关注的焦点，乌克兰和俄罗斯之间的和平谈判可能于6月2日在伊斯坦布尔恢复。在单只股票中，Zalando领涨，涨幅超过2%，其次是西门子、SAP、费森尤斯、Munchener Ruck、Symrise和默克，涨幅在0.9%至1.5%之间。

Frankfurt's DAX rose 0.6% to near 24,100 on Friday afternoon, aligned with European markets, and on course for a 7.1% increase in May, the best performance since January. Investors welcomed economic data, including benign inflation prints from Germany, Italy, and Spain, which strengthened expectations of a rate cut by the ECB next week. However, market sentiment was tempered by ongoing trade uncertainties. A federal appeals court reversed a lower court’s decision and temporarily restored President Donald Trump’s tariffs, one day after they had been struck down for exceeding presidential authority. Meanwhile, Treasury Secretary Scott Bessent described US-China trade talks as “a bit stalled. Geopolitical risks also remained in focus, with peace talks between Ukraine and Russia potentially resuming on June 2 in Istanbul. Among single stocks, Zalando led the gains, rising over 2%, followed by Siemens, SAP, Fresenius SE & Co, Munchener Ruck, Symrise and Merck, adding between 0.9% and 1.5%.

德国10年期国债收益率在5月底略高于2.5%，试图从5月8日以来的最低水平恢复，因为投资者评估了大量经济数据及其对欧洲央行政策前景的影响。5月份通货膨胀率稳定在2.1%，与4月份的六个月低点持平，但略高于市场预期的2.0%。虽然服务业和核心通胀略有缓解，但由于能源价格温和下跌，商品通胀有所回升。与此同时，德国4月份零售额下降了1.1%，这是四个月来的首次下降，远低于预期的0.2%的增长。最新数据强化了人们对欧洲央行将在下周会议上降息25个基点的预期。在其他地方，在美国上诉法院暂时暂停对前总统特朗普贸易关税的阻止后，市场情绪仍然谨慎。

The yield on Germany’s 10-year Bund ended May just above 2.5%, attempting to recover from its lowest level since May 8, as investors assessed a raft of economic data and its implications for the European Central Bank’s policy outlook. Inflation held steady at 2.1% in May, matching April’s six-month low but slightly exceeding market expectations of 2.0%. While services and core inflation eased slightly, goods inflation picked up due to a more moderate decline in energy prices. Meanwhile, German retail sales fell by 1.1% in April, the first decline in four months and well below the anticipated 0.2% increase. The latest data reinforce expectations that the ECB will cut interest rates by 25 basis points at its meeting next week. Elsewhere, sentiment remained cautious after a US appeals court temporarily paused the block on former President Trump’s trade tariffs.

据初步估计，2025年5月，德国的消费者价格通胀率保持在2.1%不变，与4月份的数字持平，为2024年10月以来的最低水平。该读数略高于市场预期的2.0%，连续第七个月略高于欧洲央行的目标。服务通胀从4月份的3.9%降至3.4%，而商品通胀从0.5%升至0.9%，主要是由于能源价格跌幅较小（-4.6%对-5.4%）。食品通胀率稳定在2.8%。核心通胀率（不包括波动的能源和食品价格）从上月的2.9%小幅降至2.8%。按月计算，消费者价格指数上涨0.1%，低于4月份0.4%的涨幅。

Germany’s consumer price inflation remained unchanged at 2.1% in May 2025, matching April’s figure and marking the lowest rate since October 2024, according to a preliminary estimate. The reading slightly exceeded market expectations of 2.0%, remaining just above the European Central Bank's target for a seventh consecutive month. Service inflation eased to 3.4% from 3.9% in April, while inflation for goods rose to 0.9% from 0.5%, largely due to a smaller decline in energy prices (-4.6% vs -5.4%). Food inflation held steady at 2.8%. Core inflation, which excludes volatile energy and food prices, inched down to 2.8% from 2.9% the previous month. On a monthly basis, consumer prices rose by 0.1%, slowing from a 0.4% increase in April.

德国年度CPI通胀稳定在2.1%，正如预测的那样。Destatis周五公布的初步估计显示，以消费者价格指数（CPI）的变化衡量，德国5月份的通货膨胀率稳定在2.1%。这一读数符合市场预期。

Germany annual CPI inflation holds steady at 2.1% as forecast.Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), held steady at 2.1% on a yearly basis in May, Destatis' flash estimate showed on Friday. This reading came in line with the market expectation.