德国10年期国债收益率几乎没有变化，为2.74%，接近9月3日以来的最高水平，因为投资者关注即将到来的PMI预览调查、美国个人消费支出价格指数以及欧洲央行和美联储官员可能提供政策指导的演讲。上周，德国宣布第四季度债券发行量比其12月的预测增加150亿欧元，理由是基础设施和国防支出增加，收益率上升。市场关注度也受到央行主要举措的影响：美联储自12月以来首次削减借贷成本，并表示未来将进一步削减，英格兰银行保持利率稳定，至少在2026年初之前没有预期的举措，欧洲央行表示其降息周期可能已经结束，同时强调了关税、服务、食品价格和财政政策带来的持续通胀风险。

German 10-year Bund yields were little changed at 2.74%, close to their highest level since September 3, as investors focused on upcoming flash PMI surveys, the US PCE price index, and speeches from European Central Bank and Federal Reserve officials that could provide policy guidance. Yields rose last week after Germany announced an increase of €15 billion in Q4 bond issuance versus its December forecast, citing higher infrastructure and defense spending. Market attention has also been shaped by major central bank moves: the Fed cut borrowing costs for the first time since December and signaled more cuts ahead, the Bank of England held rates steady with no expected moves until at least early 2026, and the ECB suggested its rate-cutting cycle may be over while highlighting persistent inflation risks from tariffs, services, food prices, and fiscal policy.

法兰克福DAX指数周一下跌0.6%，至23480点左右，主要受汽车股和银行股下跌的压力。与此同时，投资者正在等待几位美联储官员的讲话，以及本周的主要经济数据，包括主要经济体的PMI调查。与此同时，市场参与者密切关注美国总统唐纳德·特朗普周五宣布的签证打击行动。在企业方面，保时捷汽车在下调2025年利润预测并在需求疲软的情况下推迟推出新的电动车型后，以6.7%的跌幅领跌。作为回应，保时捷的最大股东大众汽车也下跌了约5.5%。截至今天，领先指数迎来了两个新成员：房地产平台运营商Scout24和工厂制造商Gea，取代了跑车制造商保时捷股份公司和实验室供应商赛多利斯，这两个新加入者在开盘时上涨了2%以上。

The DAX in Frankfurt fell 0.6% to around 23,480 on Monday, mainly pressured by losses in auto shares and banks. Meanwhile, investors awaited remarks from several Fed officials, alongside key economic data this week, including PMI surveys for major economies. In the meantime, market participants closely monitored US President Donald Trump’s visa crackdown announced on Friday. On the corporate front, Porsche Automobil led losses with a 6.7% drop after lowering its 2025 profit forecast and postponing new electric models amid weak demand. Volkswagen, Porsche’s biggest shareholder, also declined about 5.5% in response. As of today, the leading index welcomes two new members: real estate platform operator Scout24 and plant manufacturer Gea, replacing sports car maker Porsche AG and laboratory supplier Sartorius, with both newcomers rising more than 2% at the open.

法兰克福DAX指数下跌141点。保时捷（-7.26%）、大众（-6.09%）和梅赛德斯-奔驰（-2.62%）领跌。抵消跌幅，涨幅最大的是MTU航空发动机公司（1.18%）、莱茵金属公司（1.04%）和西门子能源公司（0.90%）。

In Frankfurt, the DAX Index is losing 141 points. Losses were led by Porsche AG (-7.26%), Volkswagen (-6.09%) and Mercedes-Benz AG (-2.62%). Offsetting the fall, top gainers were MTU Aero Engines AG (1.18%), Rheinmetall (1.04%) and Siemens Energy (0.90%).

德国10年期国债收益率攀升至2.75%，为9月2日以来的最高水平，此前一周因更大规模的债务发行计划和主要央行决策而波动。周四，德国金融机构宣布，第四季度的发行量将比其12月的预测增加150亿欧元，理由是基础设施和国防的支出需求增加。该机构负责人Tammo Diemer指出，投资者对德国国债的需求强劲，部分原因是法国持续的预算危机。与此同时，法国各地反对政府削减开支的抗议活动仍在继续，而意大利预计将在周五晚些时候获得惠誉的评级上调。在货币政策方面，日本央行保持利率不变，但表示将逐步退出其持有的ETF和REIT，这表明可能会比预期更早地转向减少货币刺激。本周早些时候，美联储自去年12月以来首次削减借贷成本，而英国央行则保持利率不变。

German 10-year Bund yields climbed toward 2.75%, their highest level since September 2, after a volatile week shaped by larger debt issuance plans and major central bank decisions. On Thursday, the German finance agency announced that Q4 issuance will increase by €15 billion compared with its December forecast, citing higher spending needs for infrastructure and defense. Agency head Tammo Diemer noted strong investor demand for Bunds, partly supported by France’s ongoing budget crisis. Meanwhile, protests continued across France in opposition to government spending cuts, while Italy is expected to receive a ratings upgrade from Fitch later on Friday. In monetary policy, the BoJ kept interest rates unchanged but signaled a gradual unwinding of its ETF and REIT holdings, suggesting a possible shift toward reducing monetary stimulus sooner than expected. Earlier this week, the Fed cut borrowing costs for the first time since December, while the BoE left rates unchanged.