德国财政部周二表示，2025年6月，德国联邦和州政府税收收入同比增长7.3%，达到984.5亿欧元。2025年上半年，税收收入比2024年同期增长8.1%，达到4475.7亿欧元。预计德国将受到美国关税的影响，因为美国在2024年是德国最大的贸易伙伴，双向货物贸易总额为2530亿欧元。德国经济在2024年连续第二年收缩后面临压力，而预计今年将出现停滞。德国议会于7月批准了从2025年到2029年价值460亿欧元的首个税收减免计划，以支持企业并重振该国疲软的经济。

Germany's federal and state government tax revenues rose 7.3% year-on-year to EUR 98.45 billion in June 2025, the finance ministry said on Tuesday. For the first half of 2025, tax revenues increased by 8.1% compared to the same period in 2024, reaching EUR 447.57 billion. Germany is expected to be affected by US tariffs, as the US was Germany's largest trading partner in 2024, with two-way goods trade totaling EUR 253 billion. The German economy is under pressure after contracting in 2024 for the second consecutive year, while stagnation is expected this year. The German parliament approved a first tax relief package in July worth EUR 46 billion from 2025 to 2029 to support companies and revive the country’s sluggish economy.

周一，德国DAX指数收于24310点，略高于持平点，因为投资者在关键的一周之前采取了谨慎的立场，该周将公布几家法兰克福上市公司的季度收益和欧洲央行的最新政策决定。人们普遍预计，在一系列降息之后，欧洲央行将在周四保持利率稳定，因为关税的不确定性依然存在，欧元保持坚挺。在个股中，宝马、梅赛德斯-奔驰和大众汽车收盘小幅上涨，追随Stellantis，因为市场重新评估了其上半年亏损的严重性。与此同时，SAP在本周财报公布前小幅下跌。

The German DAX closed marginally above the flatline at 24,310 on Monday asinvestors adopted a cautious stance ahead of a pivotal week featuring quarterly earnings from several Frankfurt-listed companies and the European Central Bank's latest policy decision. The ECB is widely expected to hold interest rates steady on Thursday, following a series of cuts, as tariff uncertainties persist and the euro remains firm. Among individual stocks, BMW, Mercedes Benz, and Volkswagen closed slightly higher, tracking Stellantis as markets reassessed the gravity of its loss in the first half. In the meantime, SAP inched lower ahead of their earnings this week.

德国10年期国债收益率跌至2.65%以下，为7月9日以来的最低水平，因为投资者的注意力转向了欧洲央行即将出台的政策决定和欧洲最大经济体公布的短期PMI，这两项都将于周四公布。市场参与者也对正在进行的欧盟-美国关税谈判保持警惕。人们普遍预计，欧洲央行在连续八次降息后将保持利率不变，因为政策制定者在持续的关税不确定性、欧元的弹性和通胀的抑制下采取了观望态度。与此同时，法国、德国和欧元区的快速综合PMI预计将在7月份小幅上升，为该地区的经济势头提供了新的见解。另外，欧盟特使准备最早于本周举行会议，讨论在与美国总统唐纳德·特朗普发生无协议脱欧的情况下可能采取的应急措施，特朗普在8月1日最后期限之前采取了更强硬的关税立场。

Germany’s 10-year Bund yield dipped below 2.65%, its lowest level since July 9, as investor attention turned to the European Central Bank’s upcoming policy decision and the release of flash PMIs from Europe’s largest economies, both due Thursday. Market participants also remain alert to ongoing EU-US tariff negotiations. The ECB is widely expected to keep rates unchanged after eight consecutive cuts, as policymakers adopt a wait-and-see approach amid lingering tariff uncertainty, a resilient euro, and subdued inflation. Meanwhile, flash composite PMIs for France, Germany, and the eurozone are projected to inch higher in July, offering fresh insight into the region’s economic momentum. Separately, EU envoys are preparing to meet as early as this week to discuss potential contingency measures in the event of a no-deal scenario with US President Donald Trump, whose tougher tariff stance has sharpened ahead of the August 1 deadline.

法兰克福DAX 40指数周一徘徊在24330点附近，投资者在关键的一周之前采取了谨慎的立场，该周将公布几家DAX上市公司的季度收益和欧洲央行的最新政策决定。人们普遍预计，在一系列降息之后，欧洲央行将在周四保持利率稳定，因为关税的不确定性依然存在，欧元保持坚挺。市场参与者也将关注欧盟与美国贸易谈判的进展。在个股中，包括宝马、梅赛德斯-奔驰和大众在内的德国汽车制造商在多品牌汽车集团Stellantis根据初步数据公布上半年亏损后面临压力。相反，在低成本航空公司瑞安航空上季度盈利强于预期，部分原因是机票价格大幅上涨，令投资者感到意外后，航空公司股价可能会得到一些支撑。

Frankfurt's DAX 40 hovered near the 24,330 mark on Monday, as investors adopted a cautious stance ahead of a pivotal week featuring quarterly earnings from several DAX-listed companies and the European Central Bank's latest policy decision. The ECB is widely expected to hold interest rates steady on Thursday, following a series of cuts, as tariff uncertainties persist and the euro remains firm. Market participants will also be watching for developments in EU-US trade negotiations. Among individual stocks, German automakers — including BMW, Mercedes-Benz, and Volkswagen — came under pressure after Stellantis, the multi-brand car group, posted a first-half loss based on preliminary figures. Conversely, airline shares may find some support after low-cost carrier Ryanair surprised investors with stronger-than-expected earnings last quarter, driven in part by sharply higher ticket prices.