DE40指数升至24153.00点，为2025年6月以来的最高点。在过去的4周里，德国股市指数（DE40）下跌了0.12%，在过去的12个月里上涨了32.4%。

DE40 increased to 24153.00 Index Points, the highest since June 2025. Over the past 4 weeks, Germany Stock Market Index (DE40) lost 0.12%, and in the last 12 months, it increased 32.4%.

德国10年期国债收益率攀升至2.65%，达到5月23日以来的最高水平，此前有消息称，美国向欧盟提议维持10%的基准关税，并对飞机和烈酒等敏感行业豁免，贸易紧张局势有所缓解。然而，华盛顿没有表示将按照欧盟的要求，将豁免范围扩大到汽车、钢铁、铝或制药等政治敏感行业。欧盟的目标是本周敲定一项初步协议，在8月1日最后期限之后锁定10%的关税，同时继续就永久协议进行谈判。在经济方面，德国5月份的进出口降幅超过预期，尽管工业产出意外上升。德国央行行长约阿希姆·纳格尔警告称，美国关税可能在2025-2026年对德国造成最严重的打击，但预计在政府支出和债务刹车改革的支持下，德国将从2026年开始复苏，到2027年，这可能会使经济增长提高0.75个百分点。

Germany’s 10-year Bund yield climbed toward 2.65%, reaching its highest level since May 23, as trade tensions eased following news that the US proposed a deal to the EU maintaining a 10% baseline tariff, with exemptions for sensitive sectors such as aircraft and spirits. However, Washington gave no indication it would extend exemptions to politically sensitive industries like cars, steel, aluminum, or pharmaceuticals, as requested by the EU. The bloc is aiming to finalize a preliminary agreement this week to lock in the 10% tariff beyond the August 1 deadline, while negotiations for a permanent deal continue. On the economic front, Germany’s exports and imports fell more than expected in May, though industrial output surprised to the upside. Bundesbank President Joachim Nagel warned US tariffs may hit Germany hardest in 2025–2026 but expects a recovery from 2026, supported by government spending and reforms to the debt brake, which could boost growth by 0.75 percentage points by 2027.

周二，法兰克福DAX指数在24070点左右几乎没有变化，因为交易员仍专注于美国与其主要合作伙伴之间正在进行的贸易谈判。特朗普总统周一通知日本、韩国和其他12个国家，从8月1日开始，他们将被征收至少25%的关税，除非他们能够迅速与美国谈判新的贸易协定，同时宣布自己对谈判持开放态度。然而，加拿大、墨西哥、欧盟和中国的缺席可能表明与这些伙伴进行了更深入的贸易讨论。据Politico报道，美国已向欧盟提出一项协议，对所有欧盟产品维持10%的基本关税，但飞机和酒精等敏感行业除外。拜耳、莱茵金属、德国商业银行和戴姆勒卡车控股在单一股票中脱颖而出，各上涨约1%。另一方面，保时捷、Zalando和费森尤斯医疗保健公司的亏损最大，在0.7%至1%之间。

Frankfurt's DAX was little changed around 24,070 on Tuesday, as traders remained focused on the ongoing trade negotiations between the US and its main partners. President Trump notified Japan, South Korea, and 12 other nations on Monday that, starting August 1, they will be subject to tariffs of at least 25% unless they can swiftly negotiate new trade agreements with the US, while declaring himself open to negotiations. However, the absence of Canada, Mexico, the EU, and China may indicate more advanced trade discussions with these partners. According to Politico, the US has proposed an agreement to the European Union that would maintain a basic tariff of 10% on all EU products, with some exceptions for sensitive sectors such as aircraft and alcohol. Bayer, Rheinmetall, Commerzbank, and Daimler Truck Holding stood out among single stocks, with each adding roughly 1%. On the flip side, Porsche, Zalando and Fresenius Medical Care posted the biggest losses, ranging between 0.7% and 1%.

2025年5月，德国出口环比下降1.4%，至1294亿欧元的四个月低点，此前4月份下调了1.6%，降幅低于市场预期的0.2%。对美国的出口大幅下降7.7%，达到2022年3月以来的最低水平，受到特朗普政府征收的关税的拖累。对中国的出口下降了2.9%，而对俄罗斯的出口暴跌了12.2%。对欧盟的出口也下降了2.2%。在欧盟内部，对欧元区国家的出口下降了2.6%，而对非欧元区欧盟国家的出口则下降了1.3%。与此同时，对非欧盟国家的出口下降了0.3%。相比之下，对英国的出口激增15.1%。2025年前五个月，德国的出口总额同比增长0.2%，达到6550亿欧元。

Exports from Germany declined by 1.4% month-over-month to a four-month low of EUR 129.4 billion in May 2025, following a downwardly revised 1.6% drop in April and coming in worse than market expectations of a 0.2% decline. Exports to the US fell sharply by 7.7%, reaching their lowest level since March 2022, weighed down by tariffs imposed under the Trump administration. Exports to China shrank by 2.9%, while shipments to Russia plunged 12.2%. Exports to the European Union also declined, falling by 2.2%. Within the EU, shipments to Euro-area countries dropped by 2.6%, while those to non-Euro-area EU countries fell by 1.3%. Meanwhile, exports to non-EU countries slipped 0.3%. In contrast, exports to the United Kingdom surged 15.1%. For the first five months of 2025, Germany’s total exports edged up by 0.2% year-on-year to EUR 655.0 billion.