法兰克福DAX指数重返绿色，周三收于22497点，上涨约0.3%，为4月初以来的最高点，连续第七天上涨。投资者对潜在关税谈判的乐观情绪抵消了经济数据和企业盈利报告的好坏参半。在经济数据方面，尽管美国经济在第一季度意外收缩，但欧元区GDP增长超过了分析师的预期。德国摆脱了短暂的经济衰退，在2024年第四季度收缩0.2%后，第一季度实现了0.2%的增长。德意志交易所是涨幅最大的股票，上涨3.7%，这得益于最近的积极业绩，其次是莱茵金属（+3.1%）和Vonovia（+2.8%）。另一方面，Zalando和阿迪达斯表现不佳，分别下跌5.2%和4.1%。与此同时，梅赛德斯-奔驰集团股价下跌2.7%，此前该汽车制造商在第一季度利润暴跌41%后撤回了2025年的盈利预期。大众汽车股价下跌2.4%，第一季度利润下降37%。4月份，该指数上涨了1.5%。

Frankfurt's DAX returned to the green, closing about 0.3% up at 22,497 on Wednesday, its highest since early April and extending gains for the seventh day. Investor optimism surrounding potential tariff negotiations offset mixed economic data and corporate earnings reports. On the economic data front, while the US economy unexpectedly contracted in Q1, Eurozone GDP growth surpassed analysts' expectations. Germany emerged from a brief downturn, posting 0.2% growth in Q1 after a 0.2% contraction in Q4 2024. Deutsche Borse was the top gainer, up 3.7%, on the back of recent positive results, followed by Rheinmetall (+3.1%) and Vonovia (+2.8%). On the flip side, Zalando and Adidas underperformed, down 5.2% and 4.1%, respectively. Meanwhile, Mercedes-Benz Group dropped 2.7% after the carmaker withdrew its 2025 earnings outlook following a 41% slump in Q1 profits. Volkswagen fell 2.4% as it posted a 37% drop in first-quarter profit. For April, the index added 1.5%.

欧洲指数收盘涨跌互现。今日德国经济数据喜忧参半。欧洲主要指数正在接近结果。在今天的德国，一系列经济数据需要一个喜忧参半的局面。

European indices close mixed. German economic data today was mixed.Major European indices are closing with results. In Germany today, a slew of economic data needed a mixed picture.

周三下午，法兰克福DAX指数收窄部分早盘涨幅，收于22350点以下，交易员评估了大西洋两岸喜忧参半的经济数据和企业收益。尽管美国经济在第一季度意外收缩，但欧元区GDP增长高于分析师的预期。德国经济在上一季度收缩0.2%后，第一季度以0.2%的增长走出了短暂的低迷，与预测相符。与此同时，德国4月份的通胀率连续第二个月降至2.1%，为2024年10月以来的最低水平，但仍略高于市场预测的2.0%。在股票中，跌幅最大的包括西门子能源（-5.5%）、Zalando（-4.9%）、德意志银行和德国商业银行（均为-4%）。梅赛德斯-奔驰集团股价下跌近3%，此前该汽车制造商在第一季度利润暴跌41%后撤回了2025年的盈利预期。大众汽车股价下跌1.3%，第一季度利润下降37%。

Frankfurt's DAX pared some early gains to trade below 22,350 on Wednesday afternoon, as traders assessed mixed economic data and corporate earnings from both sides of the Atlantic. While the US economy unexpectedly contracted in Q1, the Eurozone GDP growth came above analysts' expectations. The German economy exited its brief downturn with 0.2% growth in Q1, following a 0.2% contraction in the previous quarter and in line with forecasts. Meanwhile, Germany's inflation eased for a second consecutive month to 2.1% in April, the lowest since October 2024, though still slightly above the market forecast of 2.0%. Among stocks, top losers included Siemens Energy (-5.5%), Zalando (-4.9%), Deutsche Bank and Commerzbank (both -4%). Mercedes-Benz Group dropped nearly 3% after the carmaker withdrew its 2025 earnings outlook following a 41% slump in Q1 profits. Volkswagen fell 1.3% as it posted a 37% drop in first-quarter profit.

德国10年期国债收益率小幅下跌至2.45%，因投资者消化了新的经济数据，并监测了美国关税政策的潜在发展。德国经济在2025年第一季度增长了0.2%，从2024年第四季度0.2%的收缩中反弹，这得益于通胀缓解、借贷成本降低以及稳定政府成立后对公共支出增加的预期带来的国内需求增强。在价格方面，4月份整体通胀连续第二个月放缓至2.1%，而核心和服务业通胀均加速。与此同时，欧洲央行将存款利率下调25个基点至2.25%，为2023年初以来的最低水平，并放弃了对“限制性”政策立场的提及，警告称在贸易紧张局势加剧的情况下，经济前景将恶化。更广泛的市场情绪仍然脆弱，受到对与特朗普政府关税议程相关的全球衰退日益增长的担忧的拖累。

The yield on Germany’s 10-year Bund edged lower toward 2.45% as investors digested fresh economic data and monitored potential developments on U.S. tariff policy. Germany’s economy grew by 0.2% in Q1 2025, rebounding from a 0.2% contraction in Q4 2024, supported by stronger domestic demand amid easing inflation, lower borrowing costs, and renewed optimism following the formation of a stable government and expectations of increased public spending. On the price front, headline inflation eased for the second straight month to 2.1% in April, while core and services inflation both accelerated. Meanwhile, the European Central Bank cut its deposit rate by 25 basis points to 2.25%, the lowest since early 2023, and dropped its reference to a “restrictive” policy stance, warning of a deteriorating economic outlook amid intensifying trade tensions. Broader market sentiment remained fragile, weighed down by growing fears of a global recession linked to the Trump administration’s tariff agenda.