德国10年期国债收益率攀升至2.5%，此前欧元区公布的通胀数据强于预期，美国就业数据稳健。4月份，欧盟的年通货膨胀率稳定在2.2%，略高于2.1%的预测，因为服务和未加工食品价格的急剧上涨抵消了能源成本的急剧下降。核心通胀率从2.4%升至2.7%，也超出预期，强化了市场对欧洲央行年底前降息60个基点的预期。在美国，4月份的就业报告——自特朗普政府4月初宣布关税以来的第一份报告——显示经济增加了17.7万个工作岗位，超过了13万个的预测。然而，强劲的劳动力数据，加上第一季度GDP数据疲软，使美联储在6月份是否降息的决定变得更加复杂。与此同时，在北京表示正在“评估”美国最近提出的重启谈判的建议后，市场情绪因美中贸易紧张局势可能解冻的迹象而有所改善。

The yield on Germany’s 10-year Bund climbed toward 2.5% after stronger-than-expected inflation data from the Eurozone and solid U.S. jobs figures. Annual inflation in the bloc held steady at 2.2% in April, slightly above the 2.1% forecast, as sharp increases in services and unprocessed food prices offset a steeper decline in energy costs. Core inflation rose to 2.7% from 2.4%, also beating estimates, reinforcing market expectations for 60 bps of rate cuts by the ECB by year-end. In the U.S., April’s employment report—the first since the Trump administration’s early April tariff announcement—showed the economy added 177,000 jobs, outpacing forecasts of 130,000. However, the stronger labor data, combined with a weaker Q1 GDP reading, complicates the Fed’s decision on whether to cut interest rates in June. Meanwhile, market sentiment improved on signs of a potential thaw in U.S.–China trade tensions, after Beijing said it is “evaluating” recent U.S. proposals for renewed talks.

法兰克福DAX指数周五下午延续早盘涨幅，上涨2%以上，突破23000点大关，超过地区同行。市场情绪受到强于预期的美国就业报告的提振，该报告缓解了对潜在衰退的担忧，以及对美中贸易谈判的重新乐观。在欧洲，出现了令人鼓舞的经济数据，4月份通货膨胀率稳定在2.2%，尽管核心通货膨胀率从2.5%微升至2.7%。与此同时，4月份的最终PMI数据显示，制造业活动出现了初步复苏迹象。大多数公司上涨，西门子能源和拜耳领涨，分别上涨6.5%和6%。空中客车公司也是表现最好的公司之一，在公布季度业绩超过预期并重申其年度展望后，上涨了5.2%。本周，该指数有望上涨3.5%。

Frankfurt's DAX extended its early gains on Friday afternoon, rising more than 2% to surpass the 23,000 mark, outpacing its regional peers. Market sentiment was buoyed by a stronger-than-expected US jobs report, which alleviated concerns about a potential recession, along with renewed optimism surrounding US-China trade talks. In Europe, encouraging economic data emerged, with inflation holding steady at 2.2% in April, though core inflation edged up slightly to 2.7% from 2.5%. Meanwhile, final PMI data for April showed tentative signs of recovery in manufacturing activity. The majority of companies posted gains, with Siemens Energy and Bayer leading the way, up 6.5% and 6%, respectively. Airbus was also among the top performers, rising 5.2%, after posting quarterly results that topped estimates and reaffirming its annual outlook. For the week, the index is poised to book a 3.5% gain.

周五，欧元区通胀数据高于预期后，德国10年期国债收益率微升至2.46%。4月份，年通货膨胀率稳定在2.2%，略高于2.1%的预测，因为服务和未加工食品价格的大幅上涨抵消了能源成本的大幅下降。核心通胀率从2.4%升至2.7%，也超过了2.5%的预期，促使投资者保持对欧洲央行年底前降息60个基点的预期。在全球范围内，人们的注意力转向了即将发布的美国就业报告——这是自特朗普政府4月初宣布关税以来的第一份——以进一步了解美联储的下一步行动。与此同时，在北京表示正在“评估”美国最近提出的重启谈判的建议后，有迹象表明美中贸易紧张局势可能缓和，市场情绪有所改善。

The yield on Germany’s 10-year Bund edged up to 2.46% on Friday after Eurozone inflation data came in above expectations. Annual inflation held steady at 2.2% in April, slightly above the forecast of 2.1%, as sharp increases in services and unprocessed food prices offset a steeper drop in energy costs. Core inflation rose to 2.7% from 2.4%, also beating estimates of 2.5%, prompting investors to maintain expectations of 60 basis points in European Central Bank rate cuts by the end of the year. Globally, attention turned to the upcoming U.S. employment report—the first since the Trump administration's early April tariff announcement—for further insight into the Federal Reserve’s next move. Meanwhile, sentiment improved on signs of a potential easing in U.S.–China trade tensions, after Beijing said it is “evaluating” recent American proposals for renewed talks.

HCOB德国制造业采购经理人指数在2025年4月被上调至48.4，初步读数为48，3月份为48.3。最新读数是两年半以来的最高记录，这主要归功于产出的稳步加速增长。受出口订单回升的支撑，德国4月份制造业生产水平以三年多来的最快速度增长。然而，商品生产商对前景不那么乐观，他们继续减少劳动力数量，尽管速度较慢。值得注意的是，最新数据显示，德国制造商的平均价格近两年来首次上涨。尽管投入成本急剧加速下降。

The HCOB Germany Manufacturing PMI was revised higher to 48.4 in April 2025, from a preliminary reading of 48 and March's 48.3. The latest reading was the highest recorded for more than two-and-a-half years, which principally owed to a solid and accelerated increase in output. German manufacturing production levels rose at the quickest rate for more than three years in April, supported by an upturn in export orders. Goods producers were less optimistic about the outlook, however, and they continued to reduce workforce numbers, albeit at a slower pace. Notably, latest data showed a rise in average prices charged by German manufacturers for the first time in almost two years. This was despite input costs recording a sharp and accelerated decline.