在法兰克福，DAX指数周二下跌420点，跌幅1.77%。德国商业银行（-4.14%）、德意志银行（-3.45%）和海德堡水泥（-2.71%）领跌。

In Frankfurt, the DAX Index fell 420 points or 1.77 percent on Tuesday. Leading the losses are Commerzbank (-4.14%), Deutsche Bank (-3.45%) and HeidelbergCement (-2.71%).

法兰克福DAX指数延续早盘跌幅，周二下午下跌超过1%，至23500点以下，创下8月初以来的最低水平，银行和保险公司领跌。交易员们期待着美联储为期两天的会议结束，预计明天将降息。市场关注的焦点还集中在西班牙举行的美中贸易谈判上，TikTok剥离讨论成为焦点。在数据方面，德国ZEW经济景气指数从8月的34.7上升到2025年9月的37.3，好于市场预测的26.3。在商业方面，几家公司遭受了损失。表现最差的包括德意志银行（-3.1%）、德国商业银行（-3%）、拜尔斯道夫（-2.5%）、慕尼黑拉克（-2.2%）、安联（-1.9%）和汉诺威拉克（-1.8%）。另一方面，蒂森克虏伯股价上涨近6%，此前该公司表示已收到印度金达尔钢铁公司对其钢铁部门的非约束性报价。

The DAX in Frankfurt extended early losses, falling more than 1% to below 23,500 on Tuesday afternoon, marking its lowest level since early August, led by banks and insurance companies. Traders looked to the conclusion of the Fed's two-day meeting, with a rate reduction expected tomorrow. Market attention also centered on US-China trade talks in Spain, with TikTok divestiture discussions taking center stage. On the data front, the ZEW Indicator of Economic Sentiment for Germany increased to 37.3 in September 2025 from 34.7 in August, better than market forecasts of a drop to 26.3. On the business front, several companies suffered losses. The worst performers included Deutsche Bank (-3.1%), Commerzbank (-3%), Beiersdorf (-2.5%), Munchener Ruck (-2.2%), Allianz (-1.9%) and Hannover Ruck (-1.8%). On the flip side, Thyssenkrupp shares jumped nearly 6% after saying it has received a non-binding bid for its steel division from India's Jindal Steel.

DE40指数降至23481.00点，为2025年8月以来的最低水平。在过去的4周里，德国股市指数（DE40）下跌了3.4%，在过去的12个月里，它上涨了25.43%。

DE40 decreased to 23481.00 Index Points, the lowest since August 2025. Over the past 4 weeks, Germany Stock Market Index (DE40) lost 3.4%, and in the last 12 months, it increased 25.43%.

周二，德国10年期国债收益率小幅回升至2.7%，投资者消化了强于预期的投资者情绪数据，同时为央行忙碌的一周做好了准备。德国ZEW经济景气指数从8月的34.7攀升至9月的37.3，远高于市场预期的26.3。反弹表明预期趋于稳定，尽管美国贸易政策持续存在风险，但金融市场专家仍持谨慎乐观态度。现在人们的注意力转向了美联储，人们普遍预计美联储将在周三降息至少25个基点，因为政策制定者面临着平衡劳动力市场降温与关税带来的通胀压力的挑战。在其他地方，预计英国和日本的央行将保持政策稳定。在欧洲，欧洲央行上周连续第二次保持利率不变，这表明其降息周期可能已经结束。

German 10-year Bund yields edged back up to 2.7% on Tuesday, as investors digested stronger-than-expected investor sentiment data while positioning for a busy week of central bank action. The ZEW Indicator of Economic Sentiment for Germany climbed to 37.3 in September, up from 34.7 in August and well above market expectations of 26.3. The rebound points to stabilizing expectations, with financial market experts remaining cautiously optimistic despite persistent risks tied to US trade policy. Attention now turns to the Federal Reserve, which is widely expected to cut rates by at least 25 basis points on Wednesday, as policymakers face the challenge of balancing a cooling labor market against inflationary pressures stemming from tariffs. Elsewhere, central banks in the UK and Japan are expected to hold policy steady. In Europe, the ECB last week kept rates unchanged for a second straight meeting, signaling that its rate-cutting cycle may have come to an end.