法兰克福DAX指数周三扭转了早盘超过1%的跌幅，收于21311点，此前中国表示，如果美国采取更一致的立场，可能会恢复贸易谈判。在唐纳德·特朗普总统下令对关键矿产进口的潜在关税进行调查，并对英伟达的人工智能芯片对中国实施新的出口限制后，贸易紧张局势升级。投资者现在关注的是美联储主席杰罗姆·鲍威尔今天晚些时候的讲话和周四欧洲央行的决定，在通胀疲软和贸易紧张局势加剧影响全球增长的情况下，预计将连续第六次降息25个基点。在股市中，赛多利斯表现最佳，在公布第一季度收益大幅增长后飙升超过10%。E.ON股价上涨1.9%，此前该公司宣布与Superdielectrics合作，推广和开发英国开发的电池解决方案。另一方面，Brenntag、Qiagen NV、西门子能源和英飞凌科技的表现较弱。

The DAX in Frankfurt reversed early losses of over 1% to close slightly higher at 21,311 on Wednesday, after China signaled it may resume trade talks if the U.S. adopts a more consistent stance. Trade tensions escalated after President Donald Trump ordered an investigation into potential tariffs on critical mineral imports and introduced new export restrictions on Nvidia’s AI chips to China. Investors are now focused on remarks from Fed Chair Jerome Powell later today and Thursday’s ECB decision, with a sixth consecutive 25 basis point rate cut expected amid soft inflation and growing trade tensions impacting global growth. Among equities, Sartorius was the top performer, surging over 10%, after posting a jump in first-quarter earnings. E.ON rose 1.9% after announcing its collaboration with Superdielectrics to promote and develop the British-developed battery solution. On the other hand, Brenntag, Qiagen NV, Siemens Energy, and Infineon Technologies saw weaker performance.

德国10年期国债收益率跌至2.5%，为3月初以来的最低水平，因为投资者在全球贸易紧张局势升级的情况下寻求欧洲基准避险资产德国债券的庇护。与此同时，对美国国债的需求减弱，反映出对美国资产的信心减弱。美国和德国10年期债券的收益率差约为1.8个百分点，为2月份以来的最高水平，当时对欧洲财政支出增加的预期和德国大选结果提高了德国国债收益率。与此同时，人们普遍预计欧洲央行将在周四降息25个基点。市场参与者将密切关注政策制定者如何评估贸易冲突对欧元区经济的影响以及利率的可能路径。

The yield on Germany’s 10-year Bund fell to 2.5%, the lowest level since early March, as investors sought refuge in German debt, Europe’s benchmark safe-haven asset, amid escalating global trade tensions. At the same time, demand for US Treasuries weakened, reflecting waning confidence in American assets. The yield spread between US and German 10-year bonds is around 1.8 percentage points, the highest since February, when expectations of increased fiscal spending in Europe and Germany’s election results had lifted Bund yields. Meanwhile, the European Central Bank is widely expected to deliver a 25 basis point rate cut on Thursday. Market participants will be closely watching for guidance on how policymakers assess the trade conflict’s impact on the Eurozone economy and the likely path for interest rates.

德国30年期债券拍卖：2.83%，此前为3.11%。德国30年期债券拍卖：2.83%，此前为3.11%

Germany 30-y Bond Auction: 2.83% vs previous 3.11%.Germany 30-y Bond Auction: 2.83% vs previous 3.11%

法兰克福DAX指数周三下跌近1%，在连续两天上涨后跌破21100点大关，贸易紧张局势升级和利润担忧给欧洲市场带来压力。唐纳德·特朗普总统周二下令对关键矿产进口的潜在关税进行调查，以及美国对英伟达人工智能芯片对华出口的新限制，加剧了负面情绪。英伟达还披露了一笔高达55亿美元的拨备，原因是其停止向中国出口人工智能芯片。与此同时，荷兰芯片制造商ASML Holding NV令人失望的收益进一步削弱了人们的信心。德国主要科技股，包括西门子、西门子能源、英飞凌科技和SAP，下跌1%至3.3%。其他行业，如基础资源、化工、汽车和制药，也出现了下滑。

The DAX in Frankfurt fell nearly 1% on Wednesday, dropping below the 21,100 mark after two days of gains, as escalating trade tensions and profit concerns weighed on European markets. President Donald Trump’s order on Tuesday for an investigation into potential tariffs on critical mineral imports, along with new U.S. export restrictions on Nvidia’s AI chips to China, contributed to the negative sentiment. Nvidia also disclosed a provision of up to $5.5 billion due to the halt in its AI chip exports to China. Meanwhile, disappointing earnings from Dutch chipmaker ASML Holding NV further undermined confidence. Major German tech stocks, including Siemens, Siemens Energy, Infineon Technologies, and SAP, falling between 1% and 3.3%. Other sectors, such as basic resources, chemicals, autos, and pharmaceuticals, also experienced declines.