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%.

在法兰克福，DAX指数周五下跌640点，跌幅2.66%。戴姆勒卡车控股公司（-8.71%）、西门子（-4.95%）和海德堡水泥（-4.67%）领跌。

In Frankfurt, the DAX Index dropped 640 points or 2.66 percent on Friday. Losses were led by Daimler Truck Holding AG (-8.71%), Siemens (-4.95%) and HeidelbergCement (-4.67%).

德国10年期国债收益率跌至2.66%，追随美国国债收益率的下降，此前低于预期的美国就业报告加剧了人们对劳动力市场疲软的担忧。数据显示，美国经济在7月份仅增加了73000个工作岗位，低于10万个预测，而5月和6月的就业数据则大幅下调。作为回应，市场现在认为美联储9月份降息的可能性为75%，高于报告前的45%。与此同时，对欧洲央行进一步放松货币政策的预期仍然更加克制。尽管预计未来几个月欧元区通胀率仍将高于欧洲央行的预测，但市场仍预计欧洲央行到12月降息25个基点的可能性为60%，高于美国数据公布前的50%。最近的数据显示，7月份欧元区消费者通胀率稳定在2.0%，略高于普遍预测的1.9%。投资者还权衡了新宣布的美国关税的影响，其中包括对欧盟进口商品征收15%的关税。

Germany’s 10-year Bund yield fell to 2.66%, tracking a decline in US Treasury yields, after a weaker-than-expected US jobs report heightened concerns about labor market softness. The data showed the US economy added just 73,000 jobs in July, missing the 100,000 forecast, while May and June’s job numbers were revised sharply lower. In response, markets now assign a 75% probability to a Fed rate cut in September, up from 45% before the report. Meanwhile, expectations for further monetary easing by the ECB remain more restrained. While eurozone inflation is projected to remain above the ECB’s forecasts in the coming months, markets have still priced in a 60% chance of a 25 basis point ECB rate cut by December—up from 50% before the US data release. Recent data showed eurozone consumer inflation holding steady at 2.0% in July, slightly above the 1.9% consensus forecast. Investors also weighed the impact of newly announced US tariffs, which include a 15% duty on EU imports.

德国10年期国债收益率略高于2.7%，投资者权衡了新宣布的美国关税和欧元区新通胀数据的影响。美国的有效关税率已从年初的略高于2%飙升至15%左右，为20世纪30年代以来的最高水平。在8月1日截止日期前最后一刻达成协议后，欧盟现在对其对美国的出口征收15%的关税。与此同时，7月份欧元区消费者通胀率稳定在2.0%，连续第二个月达到欧洲央行的目标，但略高于市场预期的1.9%。核心通胀率保持在2.3%不变。由于未来几个月整体通胀率可能仍高于欧洲央行的预测，进一步降息的可能性似乎越来越小。尽管如此，市场仍认为，到2026年3月，欧洲央行降息25个基点的可能性为90%。在美国，美联储主席杰罗姆·鲍威尔的鹰派立场降低了人们对9月会议降息的预期。

Germany’s 10-year Bund yield hovered slightly above 2.7% as investors weighed the impact of newly announced US tariffs and fresh Eurozone inflation data. The effective US tariff rate has surged to around 15%, up from just over 2% at the start of the year—its highest level since the 1930s. The EU now faces a 15% tariff on its exports to the US, following a last-minute deal reached just before the August 1 deadline. Meanwhile, Eurozone consumer inflation held steady at 2.0% in July, matching the ECB’s target for a second straight month but slightly exceeding market expectations of 1.9%. Core inflation remained unchanged at 2.3%. With headline inflation likely to remain above the ECB’s projections in the coming months, further rate cuts appear increasingly unlikely. Still, markets are pricing in a 90% chance of a 25 basis point ECB rate cut by March 2026. In the US, Federal Reserve Chair Jerome Powell’s hawkish stance has dampened expectations for a rate cut at the September meeting.