在法兰克福，DAX指数周五上涨205点，涨幅0.87%。慕尼黑再保险（4.00%）、安联保险（2.52%）和MTU航空发动机公司（2.39%）领涨。跌幅最大的是彪马（-3.13%）、扎兰多（-2.26%）和英飞凌（-2.12%）。

In Frankfurt, the DAX Index gained 205 points or 0.87 percent on Friday. Gains were led by Munich RE (4.00%), Allianz (2.52%) and MTU Aero Engines AG (2.39%). Biggest losers were Puma (-3.13%), Zalando (-2.26%) and Infineon (-2.12%).

法兰克福DAX指数进一步上涨，周五下午上涨0.8%，超过23700点，投资者对美国通胀数据感到放心，这增强了美联储进一步降息的希望。与此同时，贸易商权衡了新的关税威胁，地缘政治紧张局势仍在持续。特朗普总统表示，从10月1日起，除非公司在美国建立生产，否则国外制造的药品、卡车和家具将分别面临100%、25%和30%的关税。与此同时，欧盟委员会宣布，根据美欧贸易协定，美国药品关税上限为15%，该协定还规定从8月1日开始对欧盟汽车和汽车零部件征收15%的关税。在企业方面，保险、工业、建筑和材料以及钢铁股涨幅最大。在单一股票中，Munchener Ruck、Allianz和Hannover Ruck分别上涨4.3%、2.5%和2.2%，位居指数榜首。西门子、布伦塔格和海德堡材料也稳步前进。

The DAX in Frankfurt gained further ground, rising 0.8% to surpass 23,700 on Friday afternoon, as investors were reassured by in-line US inflation data, which bolstered hopes of further Federal Reserve rate cuts. Meanwhile, traders weighed new tariff threats, with geopolitical tensions still lingering. President Trump said that, from October 1, pharmaceuticals, trucks, and furniture made abroad will face tariffs of 100%, 25%, and 30%, respectively, unless companies establish production in the US. In the meantime, the EC announced it had secured a 15% cap on US pharmaceutical tariffs under the US-EU trade agreement, which also set a 15% duty on EU autos and auto parts from August 1. On the corporate side, insurance, industrials, construction and materials and steel stocks were among the top gainers. Among single stocks, Munchener Ruck, Allianz and Hannover Ruck topped the index, rising 4.3%, 2.5% and 2.2%, respectively. Siemens, Brenntag and Heidelberg Materials also advanced firmly.

德国10年期国债收益率徘徊在2.7%左右，小幅回升至本月早些时候达到的3月高点，因为投资者权衡了货币政策前景与新的贸易紧张局势。市场仍预计美联储今年将至少再降息两次25个基点，尽管最近的数据突显了美国经济和劳动力市场的弹性。在欧洲，在央行9月份连续第二次会议保持利率不变后，预期欧洲央行的宽松周期即将结束。经济指标继续呈现喜忧参半的局面，服务业PMI显示出复苏的迹象，而制造业衰退加剧。在贸易方面，美国总统特朗普宣布对品牌或专利药品征收100%的关税，但欧盟委员会表示，已确保美国药品关税上限为15%。与此同时，有报道称，欧盟委员会正准备对中国进口钢铁征收25%至50%的关税。

The German 10-year Bund yield hovered around 2.7%, edging back toward the March highs reached earlier in the month, as investors weighed monetary policy prospects against renewed trade tensions. Markets still expect the Fed to deliver at least two more 25bps rate cuts this year, though recent data highlighted the resilience of the US economy and labor market. In Europe, expectations point toward the end of the ECB’s easing cycle after the central bank left rates unchanged for a second straight meeting in September. Economic indicators continue to paint a mixed picture, with services PMIs showing signs of recovery while the manufacturing slump deepens. On the trade front, US President Trump announced a 100% tariff on branded or patented pharmaceutical products but the European Commission said it had secured a 15% ceiling on US tariffs for pharmaceuticals. Meanwhile, reports suggested the EC is preparing to impose tariffs of 25% to 50% on Chinese steel imports.

尽管美国政府宣布了新一轮关税，但法兰克福DAX指数周五微涨0.5%，收于23600点以上，有望每周上涨0.1%。周四，特朗普总统宣布，从10月1日开始，他将对药品征收100%的进口关税，对橱柜和浴室梳妆台征收50%的进口关税、对软垫家具征收30%的进口关税和对重型卡车征收25%的进口关税。市场还关注了今天下午的美国个人消费支出（PCE）指数，这是美联储首选的通胀指标，以获取有关央行下一步行动的信号。在个股中，西门子领涨，涨幅超过2%，其次是宝马、慕尼黑、大陆、梅赛德斯-奔驰集团、安联和德国商业银行，各上涨超过1%。蒂森克虏伯股价上涨1.7%，此前有报道称欧盟委员会计划对中国钢铁产品征收25%-50%的关税。不利的一面是，戴姆勒卡车（-3.2%）和拜耳（-1.3%）因最新的关税措施而大幅下跌。

The DAX in Frankfurt edged up 0.5% to trade above 23,600 on Friday, on track for a 0.1% weekly gain, despite the new round of tariffs announced by the US administration. On Thursday, President Trump announced that, beginning October 1, he will impose import tariffs of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks. Markets also focused on this afternoon’s U.S. Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation measure, for signals on the central bank’s next steps. Among individual stocks, Siemens led gains with a rise of over 2%, followed by BMW, Münchener Rück, Continental, Mercedes-Benz Group, Allianz, and Commerzbank, each up more than 1%. Thyssenkrupp jumped 1.7% after reports that the European Commission plans tariffs of 25%-50% on Chinese steel products. On the downside, Daimler Truck (-3.2%) and Bayer (-1.3%) fell sharply in response to the latest tariff measures.