德国5年期国债拍卖价格从之前的2.07%上涨至2.14%。德国5年期国债拍卖价格从之前的2.07%上涨至2.14%

Germany 5-y Note Auction up to 2.14% from previous 2.07%.Germany 5-y Note Auction up to 2.14% from previous 2.07%

周二，DAX指数下跌0.2%，至24120点左右，反映出市场情绪谨慎，投资者正在等待正在进行的美中贸易谈判的进一步消息，目前谈判已进入第二天。尽管首轮谈判没有取得重大突破，但美国官员对谈判持乐观态度。与此同时，英国疲软的劳动力市场数据增加了人们对英格兰银行可能在今年夏天晚些时候降息的预期。在企业方面，德国莱茵金属公司（-3.4%）、德国商业银行（-1.4%）、德国电信（-1.1%）、西门子能源（-1%）、Zalando（-1.%）和SAP（-0.6%）的表现最差。另一方面，E.On（0.9%）和Brenntag（0.9%）的涨幅最大。

The DAX slipped 0.2% to around 24,120 on Tuesday, reflecting a cautious market mood as investors awaited further updates from the ongoing US-China trade talks, now in their second day. Although no major breakthroughs emerged from the initial round, US officials struck an optimistic tone regarding the negotiations. Meanwhile, weaker labour market data from the UK added to expectations that the Bank of England may cut interest rates later this summer. On the corporate front, Rheinmetall (-3.4%), Commerzbank (-1.4%), Deutsche Telekom (-1.1%), Siemens Energy (-1%), Zalando (-1%), and SAP (-0.6%) were among the worst performers. On the other hand, E.ON (0.9%) and Brenntag (0.9%) booked the biggest gains.

法兰克福DAX指数周一仍处于低位，下跌约0.5%，至24174点，落后于大多数地区同行。随着投资者等待美中贸易谈判的最新进展，市场情绪仍然谨慎。美中贸易谈判于今天在伦敦开始，旨在解决持续的贸易分歧。冲突已经超越了关税，包括对影响全球供应链的关键商品和零部件的出口管制。与此同时，市场正在为美国繁忙的一周通胀数据以及德国、法国、西班牙和意大利的最终CPI数据做准备，这可能会影响人们对央行举措的预期。西门子能源和SAP领跌个股，分别下跌2.9%和1.7%。拜尔斯道夫、安联、德意志交易所、汉诺威吕克和德国电信也出现下跌，跌幅在0.9%至1.3%之间。此外，国防类股继续录得利润。

Frankfurt's DAX remained on the back foot Monday, down about 0.5% at 24,174, and lagging most of its regional counterparts. Sentiment remained cautious as investors awaited updates from the US-China trade talks, which begin in London today in an effort to resolve ongoing trade disagreements. The conflict has grown beyond tariffs to include export controls on key goods and components affecting global supply chains. Meanwhile, markets are bracing for a busy week of inflation data from the US and final CPI figures from Germany, France, Spain, and Italy, which could shape expectations for central bank moves. Siemens Energy and SAP led the declines among individual stocks, falling by 2.9% and 1.7%, respectively. Losses were also recorded by Beiersdorf, Allianz, Deutsche Börse, Hannover Rück, and Deutsche Telekom, with declines between 0.9% and 1.3%. Additionally, defense stocks saw continued profit-booking.

德国10年期国债收益率降至2.51%，在上周上涨5.4个基点后回落，因为投资者关注美中贸易谈判，并等待欧洲央行官员对政策前景的指导。在特朗普总统和Xi最近通话后，美国和中国的谈判代表今天在伦敦举行会议，在上个月在日内瓦达成的初步协议的基础上再接再厉。在货币方面，欧洲央行上周将利率下调了25个基点，使借贷成本降至2022年11月以来的最低水平，并下调了2025年和2026年的通胀预测。然而，该行表示，其当前的宽松周期可能即将结束，这与早些时候的市场预期相悖。

The yield on the German 10-year Bund eased toward 2.51%, retracing after a 5.4 basis-point rise last week, as investors monitored US-China trade talks and awaited guidance from European Central Bank officials on the policy outlook. US and Chinese negotiators are meeting in London today to build on last month’s preliminary agreement reached in Geneva, following a recent phone call between Presidents Trump and Xi Jinping. On the monetary front, the ECB cut interest rates by 25 basis points last week—bringing borrowing costs to their lowest since November 2022—and lowered its inflation forecasts for 2025 and 2026. However, the bank signaled it may be nearing the end of its current easing cycle, defying earlier market expectations.