德国10年期国债收益率在上周下跌3.9个基点后稳定在2.7%左右，这是自5月下旬以来的最大单周跌幅。投资者正在权衡低于预期的美国就业数据和欧元区通胀走强对未来货币政策路径的影响。美国经济7月份增加的就业人数低于预期，前几个月大幅下调，促使特朗普总统解雇了一名劳工部高级官员。相比之下，欧元区通胀略强于预期，7月份保持在2.0%，而预测为1.9%。市场目前预计，从9月开始，美联储今年将再降息两次，而欧洲央行预计将暂时保持利率不变。

Germany’s 10-year Bund yield held steady around 2.7%, after falling 3.9 basis points last week—its sharpest weekly drop since late May. Investors are weighing the implications of weaker-than-expected US jobs data and firmer Eurozone inflation on future monetary policy paths. The US economy added fewer jobs than forecast in July, and prior months saw significant downward revisions, prompting President Trump to dismiss a top Labor Department official. In contrast, Eurozone inflation came in slightly stronger than expected, holding at 2.0% in July versus a 1.9% forecast. Markets are now pricing in two more Federal Reserve rate cuts this year, beginning in September, while the European Central Bank is expected to keep rates unchanged for the time being.

法兰克福DAX 40指数周一上涨近1%，至23660点，试图从上周的大幅抛售中恢复过来，该抛售将该指数拖入五周低点。这一下降是由于美国就业数据出乎意料地疲软，这引发了人们对美国经济实力的怀疑，以及特朗普总统宣布新关税后全球增长的担忧。特朗普解雇美国劳工统计局局长进一步加剧了不确定性。在企业新闻中，标准普尔确认了梅赛德斯-奔驰的“A-1”评级，但将其前景修订为“负面”后，梅赛德斯-奔驰股价小幅上涨。展望未来，投资者的注意力正转向繁忙的一周收益和关键经济指标，包括德国工厂订单、工业生产、贸易数据以及欧洲服务业和建筑业PMI读数。

Frankfurt’s DAX 40 climbed nearly 1% to 23,660 points on Monday, attempting to recover from last week’s sharp selloff, which dragged the index to a five-week low. The decline was driven by unexpectedly weak US jobs data, which raised doubts about the strength of the US economy, and renewed global growth concerns following President Trump’s announcement of new tariffs. Uncertainty was further compounded by Trump’s dismissal of the head of the BLS. In corporate news, Mercedes-Benz shares edged higher after S&P affirmed its “A-1” rating for the automaker but revised its outlook to “Negative.” Looking ahead, investor attention is turning to a busy week of earnings and key economic indicators, including German factory orders, industrial production, trade data, and Europe’s services and construction PMI readings.

在法兰克福，DAX指数周一上涨156点，涨幅0.66%。涨幅最大的是MTU航空发动机公司（1.77%）、德国商业银行（1.73%）和德之馨（1.53%）。最大的损失来自拜耳（-0.49%）、赛多利斯（-0.22%）和汉高（-0.18%）。

In Frankfurt, the DAX Index is up by 156 points or 0.66 percent on Monday. Top gainers are MTU Aero Engines AG (1.77%), Commerzbank (1.73%) and Symrise (1.53%). Biggest losses came from Bayer (-0.49%), Sartorius (-0.22%) and Henkel (-0.18%).

法兰克福DAX指数周五进一步下跌，收于23426点，跌幅约2.7%，触及五周低点，创下4月9日以来最大单日跌幅。唐纳德·特朗普总统一夜之间公布的新关税和令人失望的美国就业报告令市场感到不安，这两者都加剧了人们对通货膨胀和经济前景的担忧。根据涵盖约70个国家的新协议，15%至40%的关税将于周四生效，其中包括欧盟，欧盟同意与美国将基本税率提高15%。在企业方面，所有行业都出现了亏损。在个股中，戴姆勒卡车在周四晚些时候下调全年展望后暴跌超过8%，理由是北美市场持续疲软。其他值得注意的下跌股包括西门子、海德堡材料、保时捷股份公司、西门子能源、空客、安联和大众，跌幅在5.3%至3.2%之间。本周，DAX指数下跌约3.3%。

Frankfurt's DAX deepened losses to close about 2.7% down at 23,426 on Friday, hitting a five-week low and logging its worst daily drop since April 9. Markets were rattled by new tariffs unveiled by President Donald Trump overnight and a disappointing US jobs report, both of which heightened concerns about inflation and the economic outlook. Tariffs ranging from 15% to 40% will take effect Thursday under new deals covering roughly 70 countries, including the European Union, which agreed to a 15% increase in base rates with the United States. On the corporate front, all sectors saw losses. Among individual stocks, Daimler Truck plunged over 8% after the company cut its full-year outlook late on Thursday, citing persisting market weakness in North America. Other notable decliners included Siemens, Heidelberg Materials, Porsche AG, Siemens Energy, Airbus, Allianz and Volkswagen, with losses ranging between 5.3% and 3.2%. For the week, the DAX shed about 3.3%.