法兰克福DAX指数周一徘徊在24000点附近，在对正在进行的贸易讨论持谨慎态度的情况下，保持在接近6月9日峰值的水平。唐纳德·特朗普总统表示，他不打算将暂停对大多数国家征收关税的90天延长到7月9日之后，届时他设定的谈判期将到期。他的政府计划通知近200个国家，除非与美国达成协议，否则将继续进行贸易处罚。在数据方面，德国通胀和零售销售数据备受关注，投资者正在寻找欧洲央行下一步利率举措的线索。与此同时，今天的注意力集中在辛特拉的欧洲央行论坛上，几位欧洲央行银行家将在会上发言，但最重要的是，欧洲央行行长拉加德和美联储、英国央行和日本央行行长将参加一个小组。在企业方面，国防类股领涨，莱茵金属、亨索特、伦克集团、MTU航空发动机和蒂森克虏伯上涨1%至2.2%。

The DAX in Frankfurt hovered near the 24,000 mark on Monday, maintaining levels close to its June 9 peak amid cautious sentiment over ongoing trade discussions. President Donald Trump says he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9, when the negotiating period he set would expire. His administration plans to notify nearly 200 countries that trade penalties will proceed unless deals are struck with the United States. On the data front, German inflation and retail sales data are in focus as investors look for clues on the ECB’s next move on interest rates. Meanwhile, attention is focused today on the ECB Forum in Sintra where several ECB bankers will speak, but above all there will be a panel in which ECB President Lagarde and the Governors of the Fed, BoE and BoJ will participate. On the corporate front, defense stocks led sectoral gains, with Rheinmetall, Hensoldt, Renk Group, MTU Aero Engines and ThyssenKrupp, adding between 1% and 2.2%.

2025年5月，德国零售额环比下降1.6%，低于市场对0.5%增长的预期，比上个月向下修正的0.6%下降更为严重。由于食品类（-1.3%）和非食品类（-2.2%）的销售疲软，这是连续第二个月出现收缩。在线销售额也下降了1.4%。与去年同期相比，零售额增长了1.6%，未达到3.3%的共识，并且比4月份向上修正的2.9%的增长有所放缓。这一增长是由食品（0.5%）和非食品行业（2.0%）的增长推动的，其中在线销售额增长了9.3%。

Retail sales in Germany dropped by 1.6% month-over-month in May 2025, missing market estimates of a 0.5% growth and worsening from a downwardly revised 0.6% decline in the previous month. It was the second straight month of contraction, amid weaker sales in food (-1.3%) and non-food categories (-2.2%). Online sales also shrank 1.4%. On a year-over-year basis, retail sales grew by 1.6%, missing consensus of 3.3% and slowing from an upwardly revised 2.9% increase in April. The increase was driven by gains in both the food (0.5%) and non-food sectors (2.0%), with online sales increasing 9.3%.

2025年5月，德国进口价格同比下降1.1%，低于市场预测的0.8%和4月份0.4%的跌幅。这标志着进口价格连续第二个月下降，主要是由于能源成本下降（-14.6%），特别是原油（-26.4%）、硬煤（-21.2%）和矿物油产品（-17.3%）。中间产品价格也下降了1%，而资本货物价格小幅下降了0.3%。相比之下，消费品价格上涨2.7%，非耐用消费品成本上涨3.3%，而耐用消费品价格不变。不包括能源，进口价格上涨0.4%。按月计算，5月份进口价格下跌0.7%，高于市场预期的0.4%的跌幅，但与4月份1.7%的跌幅相比有所缓和。

Germany’s import prices decreased by 1.1% year-on-year in May 2025, worse than market forecasts of a 0.8% fall and April’s drop of 0.4%. This marked the second consecutive month of falling import prices, primarily due to lower energy costs (-14.6%), particularly crude oil (-26.4%), hard coal (-21.2%), and mineral oil products (-17.3%). Prices for intermediate goods also dropped by 1% while capital goods edged down 0.3%. By contrast, consumer goods were 2.7% more expensive, with costs for non-durable consumer goods rising by 3.3%, while prices for durable consumer goods were unchanged. Excluding energy, import prices were 0.4% higher. On a monthly basis, import prices fell by 0.7% in May, more than market expectations of a 0.4% drop but easing from a 1.7% decline in April.

德国5月份零售额同比增长1.6%，而此前为2.3%。根据Destatis周一发布的官方数据，继4月份报告的1.1%的下降之后，德国5月份的零售额意外环比下降1.6%。

German Retail Sales rise 1.6% YoY in May vs. 2.3% previous.Retail Sales  in Germany unexpectedly dropped 1.6% month-over-month (MoM) in May, following the 1.1% decline reported in April, according to official data released by Destatis on Monday.