德国10年期国债收益率跌至2.68%，为9月17日以来的最低水平，原因是投资者在关注法国和美国政治发展的同时，吸收了低于预期的德国工业数据。8月份，德国工业生产环比下跌4.3%，为2022年3月以来的最大跌幅，远低于1%的下降预期，这主要是由于汽车制造业的急剧收缩。在法国，总统埃马纽埃尔·马克龙面临着越来越大的压力，要求提前举行选举或下台，因为即将离任的总理塞巴斯蒂安·莱科尔努在意外辞职后开始了为期两天的谈判。周三，Lecornu表示议会不太可能解散，但谈判反映出人们普遍愿意在年底前批准预算。与此同时，美国政府停摆没有减弱的迹象，这引发了人们的担忧，即关键数据发布的延迟可能会使美联储的政策决策复杂化。

The yield on Germany’s 10-year Bund fell to 2.68%, its lowest level since September 17, as investors absorbed weaker-than-expected German industrial data while monitoring political developments in France and the US. German industrial production tumbled 4.3% month-over-month in August—the steepest decline since March 2022—well below expectations of a 1% drop, driven largely by a sharp contraction in car manufacturing. In France, President Emmanuel Macron faces mounting pressure to call early elections or step down as outgoing Prime Minister Sébastien Lecornu embarked on two-day negotiations following his unexpected resignation. On Wednesday, Lecornu indicated that a parliamentary dissolution was unlikely, but the talks reflected a general willingness to approve a budget by year-end. Meanwhile, the US government shutdown shows no signs of abating, raising concerns that delays in key data releases could complicate Federal Reserve policy decisions.

法兰克福DAX指数周三上涨0.3%，至24460点，在开局惨淡后达到7月9日以来的最高水平，主要受钢铁股提振，投资者欢迎欧盟周二公布的新贸易措施。欧盟委员会宣布计划将可进口到欧盟的钢铁数量减半，对任何超额部分征收50%的新关税。德国工业集团蒂森克虏伯（Thyssenkrupp）的股价在消息传出后飙升了5%以上。然而，法国政治危机和美国政府长期停摆的不确定性，再加上德国经济数据疲软，打压了投资者情绪。2025年8月，德国工业生产环比下降4.3%，远超1%的预期降幅，为2022年3月以来最大降幅。与此同时，宝马股价在2025财年发布盈利预警后下跌了5%以上，原因是中国经济增长令人失望，欧盟和美国的关税退款延迟。

Frankfurt’s DAX rose 0.3% to 24,460 on Wednesday, reaching its highest level since July 9 after a lackluster start, buoyed mainly by steel stocks as investors welcomed new trade measures unveiled by the European Union on Tuesday. The European Commission announced plans to halve the amount of steel that can be imported into the bloc, with new 50% tariffs applying to any excess. Shares of German industrial conglomerate Thyssenkrupp surged more than 5% on the news. However, uncertainty from France’s political crisis and the prolonged US government shutdown, combined with weak German economic data, weighed on investor sentiment. Industrial production in Germany slumped 4.3% month-over-month in August 2025, far exceeding expectations of a 1% decline and marking the steepest drop since March 2022. Meanwhile, BMW shares dropped over 5% following a profit warning for the 2025 financial year, driven by disappointing growth in China and delayed EU-US tariff refunds.

由于法国政治危机和美国政府长期停摆带来的不确定性，法兰克福DAX指数周三徘徊在24390左右，难以确定走势。德国疲软的经济数据加剧了投资者的担忧。2025年8月，德国工业生产环比下降4.3%，远超1%的预期降幅，为2022年3月以来最大降幅。在股票中，阿迪达斯、西门子能源、RWE和莱茵金属的涨幅最大，均超过1%。不利的一面是，宝马股价下跌超过5%，此前该汽车制造商发布了2025财年的盈利预警，在中国表现低于预期以及欧盟和美国之间的关税退款延迟后，大幅下调了其盈利预期。

Frankfurt’s DAX struggled for direction on Wednesday, hovering around 24,390, amid uncertainty stemming from France’s political crisis and the prolonged US government shutdown. Weak economic data from Germany added to investor concerns. Industrial production in Germany slumped by 4.3% month-over-month in August 2025, far exceeding expectations of a 1% decline and marking the steepest drop since March 2022. Among equities, Adidas, Siemens Energy, RWE and Rheinmetall posted the biggest gains, each adding more than 1%. On the downside, shares of BMW dropped more than 5% after the carmaker issued a profit warning for the 2025 financial year, slashing its earnings forecast following weaker-than-expected performance in China and delays in tariff refunds between the EU and the United States.

2025年8月，德国工业生产环比下降4.3%，扭转了7月份1.3%的增长，远低于市场预期的1%的下降。这标志着自2022年3月以来工业产出的最大月度下降，主要原因是汽车行业（-18.5%）、机械设备制造业（-6.2%）、制药业（-10.3%）以及计算机、电子和光学产品（-6.1%）的急剧收缩。不包括能源和建筑在内的生产比7月份下降5.6%，资本货物下降9.6%，消费品下降4.7%，中间产品下降0.2%。与此同时，三个月的比较显示，6月至8月期间的产量比前三个月下降了1.3%。行业外，能源产量下降0.5%，建筑业产量增长0.6%。工业总产值同比下降3.9%，扭转了上一时期1.5%的增长势头。

Germany’s industrial production fell by 4.3% month-over-month in August 2025, reversing a 1.3% increase in July and coming in well below market expectations of a 1% decline. This marked the steepest monthly drop in industrial output since March 2022, driven primarily by sharp contractions in the automotive industry (-18.5%), machinery and equipment manufacturing (-6.2%), pharmaceuticals (-10.3%), and computer, electronic, and optical products (-6.1%). Production excluding energy and construction shrank 5.6% from July, with capital goods down 9.6%, consumer goods down 4.7%, and intermediate goods declining 0.2%. Meanwhile, three-month comparisons showed production was 1.3% lower in the period from June to August than in the prior three months. Outside the industry, energy production decreased by 0.5%, and production in construction was up 0.6%. On a yearly basis, total industrial production declined by 3.9%, reversing a 1.5% increase recorded in the previous period.