法兰克福DAX指数周二开盘微涨，随后持平在24300点左右，因为在PMI发布和杰克逊霍尔研讨会之前，对潜在的俄罗斯-乌克兰和平协议的乐观情绪因谨慎而有所缓和。据报道，特朗普总统、泽连斯基总统和欧洲领导人之间的会晤侧重于欧洲与美国协调提供的乌克兰安全保障。特朗普还表示，正在为普京和泽连斯基之间的双边会晤做出安排，如果达成协议，美国将帮助保障乌克兰的安全。在主要推动者中，Zalando表现优异，涨幅近2%，其次是德国商业银行、英飞凌科技和Brenntag。汽车股也强劲上涨，保时捷公司领涨（+1.2%）。不利的一面是，包括莱茵金属（-3.8%）在内的国防类股在预期军事装备需求疲软的情况下苦苦挣扎。

The DAX in Frankfurt opened slightly higher on Tuesday, before flattening around 24,300, as optimism over a potential Russia-Ukraine peace deal was tempered by caution ahead of PMI releases and the Jackson Hole Symposium. The meeting between Presidents Trump, Zelenskyi, and European leaders reportedly focused on security guarantees for Ukraine, to be provided by Europe in coordination with the United States. Trump also said arrangements are being made for a bilateral meeting between Putin and Zelenskyy, and that the US would help guarantee Ukraine’s security if a deal is reached. Among key movers, Zalando outperformed with a gain of nearly 2%, followed by Commerzbank, Infineon Technologies and Brenntag. Auto stocks also advanced firmly, led by Porsche AG (+1.2%). On the downside, defense stocks, including Rheinmetall (-3.8%), struggled amid expectations of weaker demand for military equipment.

随着交易员消化了华盛顿关于结束俄罗斯在乌克兰战争的谈判，德国10年期国债收益率保持在2.77%左右，约为3月以来的最高水平。北约秘书长马克·吕特称特朗普与泽连斯基和欧洲领导人的会晤“非常成功”，而特朗普后来表示，他已与普京进行了交谈，安排了与泽连夫斯基的会晤，随后举行了三方峰会。对和平的希望提振了风险情绪，尽管不确定性使债券收益率保持稳定。欧洲央行的利率预期保持稳定，市场认为9月份没有变化。在第二季度GDP仅勉强实现0.1%的增长，通货膨胀率保持在2%之后，投资者等待欧元区快速PMI的势头迹象。在美国，交易员预测，在鲍威尔周五发表杰克逊霍尔演讲之前，美联储在9月16日至17日的会议上降息25个基点的可能性为85%。

Germany’s 10-year bund yield held near 2.77%, around its highest since March, as traders digested Washington talks on ending Russia’s war in Ukraine. NATO chief Mark Rutte called Trump’s meeting with Zelenskiy and European leaders “very successful,” while Trump later said he had spoken with Putin to arrange a meeting with Zelenskiy, followed by a trilateral summit. Hopes for peace lifted risk sentiment, though uncertainty kept bond yields steady. ECB rate expectations remain anchored, with markets seeing no change in September. Investors await Euro Area flash PMIs for signs of momentum after Q2 GDP eked out just 0.1% growth and inflation stayed at 2%. In the US, traders price an 85% chance of a 25 bps Fed cut at the September 16–17 meeting, ahead of Powell’s Jackson Hole speech on Friday.

法兰克福DAX指数周一收于24302点，下跌约0.2%，延续了周五的跌幅，在美国总统唐纳德·特朗普、乌克兰总统弗拉基米尔·泽连斯基和欧洲领导人参与乌克兰和平谈判之前，投资者持谨慎态度。虽然预计华盛顿将优先考虑俄罗斯的领土要求，但基辅可能会推动澄清潜在的安全保障。市场参与者还关注美联储主席杰罗姆·鲍威尔本周在怀俄明州杰克逊霍尔举行的全球央行行长年度务虚会上的演讲，这可能会为美联储的政策路径提供清晰的信息。在主要推动因素中，德国商业银行表现不佳，下跌超过3%，此前德意志银行将该股评级从“买入”下调至“持有”。其他跌幅最大的公司包括德国邮政（-2.1%）、戴姆勒卡车控股公司（-1.8%）、汉诺威拉克公司（-1.7%）、赛多利斯公司（-1.4%）、布伦塔格公司（-1.6%）和空中客车公司（-1.5%）。相反，拜耳、西门子能源和莱茵金属的涨幅最大，从1.7%到2.3%不等。

The DAX in Frankfurt closed about 0.2% down at 24,302 on Monday, extending Friday's decline, amid investor caution ahead of Ukraine peace talks involving US President Donald Trump, Ukraine’s Volodymyr Zelensky, and European leaders. While Washington is expected to prioritize Russia’s territorial demands, Kyiv will likely push to clarify potential security guarantees. Market participants are also focused on a speech this week by US Federal Reserve chief Jerome Powell at the annual retreat of global central bankers in Jackson Hole, Wyoming, which could provide clarity on the Fed's policy path. Among key movers, Commerzbank underperformed, falling over 3%, after Deutsche Bank cut the stock's rating to "Hold" from "Buy". Other top losers included Deutsche Post (-2.1%), Daimler Truck Holding (-1.8%), Hannover Ruck (-1.7%), Sartorius (-1.7%), Brenntag (-1.6%) and Airbus (-1.5%). Conversely, Bayer, Siemens Energy and Rheinmetall posted the biggest gains, ranging from 1.7% to 2.3%.

德国10年期国债收益率从上周的4个半月高点2.78%降至2.75%，因为交易员减少了对美联储大幅降息的押注，将重点转移到华盛顿，泽连斯基和欧盟领导人在与普京会谈后与特朗普会面。提议仍然含糊不清，但市场正在密切关注地缘政治影响。人们的注意力也转向了美联储的杰克逊霍尔研讨会，预计鲍威尔主席将指导政策展望。市场现在认为，美联储在9月份降息25个基点的可能性为85%，在通胀数据显示潜在压力持续存在后，早先对降息50个基点的押注有所减少。对于欧洲央行来说，在7月份的控制之后，预期仍然稳定，到年底只有11个基点的宽松定价，这意味着再次降息的可能性不到50%。投资者还将关注欧元区公布的PMI，以寻找第二季度GDP仅勉强增长0.1%、通胀率保持在2%后的势头迹象。

Germany’s 10-year bund yield eased to 2.75% from last week’s 4-1/2-month high of 2.78% as traders pared bets on an aggressive Fed cut, shifting focus to Washington, where Zelenskiy and EU leaders meet Trump after his talks with Putin. Proposals remain vague but markets are watching closely for geopolitical implications. Attention also turns to the Fed’s Jackson Hole Symposium, with Chair Powell expected to guide policy outlook. Markets now see an 85% chance of a 25 bp Fed cut in September, scaling back earlier bets on a 50 bp move after inflation data showed sticky underlying pressures. For the ECB, expectations remain anchored after July’s hold, with only 11 bps of easing priced by year-end, implying less than a 50% chance of another cut. Investors will also watch Euro Area flash PMIs for signs of momentum after Q2 GDP eked out just 0.1% growth and inflation stayed at 2%.