德国10年期国债收益率徘徊在2.7%左右，小幅回升至本月早些时候达到的3月高点，因为投资者权衡了货币政策前景与新的贸易紧张局势。市场仍预计美联储今年将至少再降息两次25个基点，尽管最近的数据突显了美国经济和劳动力市场的弹性。在欧洲，在央行9月份连续第二次会议保持利率不变后，预期欧洲央行的宽松周期即将结束。经济指标继续呈现喜忧参半的局面，服务业PMI显示出复苏的迹象，而制造业衰退加剧。在贸易方面，美国总统特朗普宣布对品牌或专利药品征收100%的关税，但欧盟委员会表示，已确保美国药品关税上限为15%。与此同时，有报道称，欧盟委员会正准备对中国进口钢铁征收25%至50%的关税。

The German 10-year Bund yield hovered around 2.7%, edging back toward the March highs reached earlier in the month, as investors weighed monetary policy prospects against renewed trade tensions. Markets still expect the Fed to deliver at least two more 25bps rate cuts this year, though recent data highlighted the resilience of the US economy and labor market. In Europe, expectations point toward the end of the ECB’s easing cycle after the central bank left rates unchanged for a second straight meeting in September. Economic indicators continue to paint a mixed picture, with services PMIs showing signs of recovery while the manufacturing slump deepens. On the trade front, US President Trump announced a 100% tariff on branded or patented pharmaceutical products but the European Commission said it had secured a 15% ceiling on US tariffs for pharmaceuticals. Meanwhile, reports suggested the EC is preparing to impose tariffs of 25% to 50% on Chinese steel imports.

尽管美国政府宣布了新一轮关税，但法兰克福DAX指数周五微涨0.5%，收于23600点以上，有望每周上涨0.1%。周四，特朗普总统宣布，从10月1日开始，他将对药品征收100%的进口关税，对橱柜和浴室梳妆台征收50%的进口关税、对软垫家具征收30%的进口关税和对重型卡车征收25%的进口关税。市场还关注了今天下午的美国个人消费支出（PCE）指数，这是美联储首选的通胀指标，以获取有关央行下一步行动的信号。在个股中，西门子领涨，涨幅超过2%，其次是宝马、慕尼黑、大陆、梅赛德斯-奔驰集团、安联和德国商业银行，各上涨超过1%。蒂森克虏伯股价上涨1.7%，此前有报道称欧盟委员会计划对中国钢铁产品征收25%-50%的关税。不利的一面是，戴姆勒卡车（-3.2%）和拜耳（-1.3%）因最新的关税措施而大幅下跌。

The DAX in Frankfurt edged up 0.5% to trade above 23,600 on Friday, on track for a 0.1% weekly gain, despite the new round of tariffs announced by the US administration. On Thursday, President Trump announced that, beginning October 1, he will impose import tariffs of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks. Markets also focused on this afternoon’s U.S. Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation measure, for signals on the central bank’s next steps. Among individual stocks, Siemens led gains with a rise of over 2%, followed by BMW, Münchener Rück, Continental, Mercedes-Benz Group, Allianz, and Commerzbank, each up more than 1%. Thyssenkrupp jumped 1.7% after reports that the European Commission plans tariffs of 25%-50% on Chinese steel products. On the downside, Daimler Truck (-3.2%) and Bayer (-1.3%) fell sharply in response to the latest tariff measures.

在法兰克福，DAX指数周五上涨121点，涨幅0.52%。涨幅最大的是西门子（2.64%）、慕尼黑再保险（2.19%）和安联（1.49%）。跌幅最大的是戴姆勒卡车控股公司（-2.44%）、英飞凌（-0.92%）和德意志交易所（-0.85%）。

In Frankfurt, the DAX Index is gaining 121 points or 0.52 percent on Friday. Leading the gains are Siemens (2.64%), Munich RE (2.19%) and Allianz (1.49%). Top losers are Daimler Truck Holding AG (-2.44%), Infineon (-0.92%) and Deutsche Boerse (-0.85%).

法兰克福DAX指数在连续两个交易日温和上涨后，周四收于23535点，跌幅约0.6%，为一周多来的最低水平。投资者根据包括GDP和失业救济申请在内的最新经济数据密切关注美国利率的走势，同时监测新关税的可能性。在国内数据方面，德国GfK消费者气候指数在10月份略有改善，令人惊讶的是，尽管仍处于负值区域。医疗保健股、建筑和材料股、工业股和零售商的表现最差。银行也看到了压力。在股市方面，德国医疗技术公司西门子医疗公司股价下跌约3.5%，此前美国政府昨日宣布对机器人、医疗设备和工业机械的进口展开新的国家安全调查。海德堡材料、阿迪达斯、Brenntag和费森尤斯医疗紧随其后。欧盟委员会启动反垄断调查后，SAP股价下跌1.2%。

The DAX in Frankfurt closed about 0.6% down at 23,535 on Thursday, its lowest in over a week, after two straight sessions of mild advances. Investors closely scrutinized the trajectory of US interest rates in light of fresh economic data, including GDP and jobless claims, while monitoring the potential for new tariffs. In domestic data, Germany’s GfK consumer climate index improved slightly in October, surprising to the upside, though remaining in negative territory. Healthcare stocks, construction and materials, industrials and retailers were among the worst performers. Banks also saw pressure. On equities, German medical technology company Siemens Healthineers shed about 3.5% after the US administration announced yesterday it opened a new national security probe into imports of robotics, medical equipment and industrial machinery. Heidelberg Materials, Adidas, Brenntag and Fresenius Medical Care followed closely. SAP fell 1.2% after the European Commission opened an antitrust probe.