在法兰克福，DAX指数周四下跌316点，跌幅1.31%。海德堡水泥（-4.54%）、SAP（-4.43%）和德意志交易所（-4.09%）领跌。

In Frankfurt, the DAX Index decreased 316 points or 1.31 percent on Thursday. Losses were driven by HeidelbergCement (-4.54%), SAP (-4.43%) and Deutsche Boerse (-4.09%).

德国DAX指数周四进一步下跌，收于23734点，跌幅约1.3%，为9月25日的低点，与欧洲和美国同行持平。市场情绪因对人工智能相关股票估值过高的担忧和对可能出现的人工智能泡沫的担忧而减弱。与此同时，投资者权衡了欧洲最新的企业盈利和经济数据。继8月份修正后的3.7%的衰退之后，德国9月份的工业产出增长了1.3%，尽管复苏速度低于3%的预测。海德堡材料公司跌至指数底部，在公布2025年第三季度业绩后下跌近5%，该业绩基本符合增长和盈利预期，但显示各地区业绩参差不齐。德国商业银行股价下跌2%，此前该行公布净利润意外同比下降7.9%。从好的方面来看，德国邮政股价飙升8.6%，其息税前利润增长7.6%，抵消了汇率影响导致的第三季度收入下降2.3%。

Germany's DAX lost further ground to close about 1.3% down at 23,734 on Thursday, a low level last seen on September 25, moving in line with European and US peers. Market sentiment weakened amid renewed concerns over stretched AI-related stock valuations and fears of a possible AI bubble. Meanwhile, investors weighed a fresh bag of corporate earnings and economic data in Europe. Germany’s industrial output grew 1.3% in September, following August’s revised 3.7% slump, though the pace of recovery missed the 3% forecast. Heidelberg Materials fell to the bottom of the index, dropping nearly 5% after delivering third-quarter 2025 results that largely met growth and profitability expectations but revealed uneven performance across regions. Commerzbank lost 2%, after the German lender posted an unexpected 7.9% year-on-year drop in net profit. On the upside, Deutsche Post surged 8.6% as it reported a 7.6% rise in EBIT, offsetting a 2.3% decline in Q3 revenue caused by currency effects.

由于对德国经济前景的担忧持续存在，德国10年期国债收益率在周四早些时候短暂触及一个月高点2.68%后跌至2.66%。德国9月工业生产增长低于预期，而德国央行警告称，金融稳定面临的风险越来越大。投资者还消化了欧洲央行官员在上周决定保持利率稳定后的言论。François Villeroy de Galhau表示，欧洲央行必须保持政策选择的开放性，而Joachim Nagel则敦促对通货膨胀保持警惕，并警告不要自满。副总统Luis de Guindos指出，通胀率降至2%以下可能是暂时的。货币市场现在预计，到2026年9月降息的可能性约为45%，低于10月份的80%以上。与此同时，在美国，挑战者数据显示10月裁员人数达到20年来的最高水平，抵消了前一天ADP和ISM数据的走强，因此对12月美联储降息的预期增强。

Germany’s 10-year Bund yield slipped to 2.66% after briefly touching a one-month high of 2.68% earlier on Thursday, as concerns over the country’s economic outlook persisted. German industrial production in September rose less than expected, while the Bundesbank warned of mounting risks to financial stability. Investors also digested remarks from ECB officials following last week’s decision to hold rates steady. François Villeroy de Galhau said the ECB must keep policy options open, while Joachim Nagel urged vigilance on inflation, cautioning against complacency. Vice President Luis de Guindos noted that any dip in inflation below 2% would likely be temporary. Money markets now price in about a 45% chance of a rate cut by September 2026, down from over 80% in October. Meanwhile, in the US, expectations for a December Fed rate cut strengthened after Challenger data showed layoffs at a 20-year high for October, offsetting stronger ADP and ISM readings from the previous day.

德国DAX指数周四小幅下跌，在前一天短暂反弹后跌破24000点大关，投资者权衡了新的企业盈利和经济数据。继8月份修正后的3.7%的衰退之后，德国9月份的工业产出增长了1.3%，尽管复苏速度落后于3%的预测。德国商业银行（Commerzbank）是跌幅最大的银行之一，下跌2%，此前该行公布净利润意外同比下降7.9%。从好的方面来看，Zalando以近7%的涨幅位居指数榜首，这家在线零售商公布了第三季度的强劲数据，并宣布了1亿欧元的股票回购计划。莱茵金属公司股价上涨1%，此前该公司报告第三季度销售额增长13%，并保持了2025年的预期。尽管销售额和净利润低于预期，但备受关注的经营业绩略高于预期。

Germany's DAX was slightly down on Thursday, trading below the 24,000 mark after a brief bounce the prior day, as investors weighed a fresh bag of corporate earnings and economic data. Germany’s industrial output grew 1.3% in September, following August’s revised 3.7% slump, though the pace of recovery lagged behind the 3% forecast. Commerzbank was among the top losers, falling 2%, after the German lender reported an unexpected 7.9% year-on-year drop in net profit. On the upside, Zalando topped the index with gains of nearly 7% as the online retailer delivered strong figures for the third quarter and announced €100 million share buyback program. Rheinmetall rose 1% after the company reported a 13% rise in Q3 sales and maintained its 2025 guidance. The closely watched operating result slightly beat forecasts, even as sales and net profit came in below estimates.