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.

在法兰克福，DAX指数周四下跌132点，跌幅0.56%。西门子医疗（-3.64%）、彪马（-2.55%）和海德堡水泥（-2.43%）领跌。涨幅最大的是E.ON（1.43%）、德意志交易所（1.40%）和汉诺威吕克交易所（1.34%）。

In Frankfurt, the DAX Index decreased 132 points or 0.56 percent on Thursday. Losses were driven by Siemens Healthineers (-3.64%), Puma (-2.55%) and HeidelbergCement (-2.43%). Biggest rises came from E.ON (1.43%), Deutsche Boerse (1.40%) and Hannover Rueck (1.34%).

周四，法兰克福DAX指数下跌0.5%，至23500点附近，交易员权衡了美国新关税的前景，并等待关键经济数据和美联储官员的评论。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。从行业来看，医疗保健股、建筑和材料股以及工业股表现最差。德国医疗技术公司西门子医疗公司股价下跌近6%，此前美国政府周三宣布对进口机器人、医疗设备和工业机械展开新的国家安全调查。其他跌幅最大的公司包括西门子能源公司（-3%）、西门子公司（-1.5%）、海德堡材料公司（-1.4%）、莱茵金属公司（-1.1%）、布伦塔格公司（-0.9%）和默克公司（0.9%）。

The DAX in Frankfurt fell 0.5% to near 23,500 on Thursday, as traders weighed the prospect of new US tariffs and awaited key economic data along with comments from Federal Reserve officials. In domestic data, Germany’s GfK consumer climate index improved slightly in October, surprising to the upside, though remaining in negative territory. Sector-wise, healthcare stocks, construction and materials and industrials were the worst performers. German medical technology company Siemens Healthineers dropped nearly 6% after the US administration announced on Wednesday it opened a new national security probe into imports of robotics, medical equipment and industrial machinery. Other top losers included Siemens Energy (-3%), Siemens (-1.5%), Heidelberg Materials (-1.4%), Rheinmetall (-1.1%), Brenntag (-0.9%) and Merck (-0.9%).

德国GfK消费者气候指标从上一时期略微修订的-23.5微升至2025年10月的-22.3，超过了市场预期的-23.3。收入前景大幅改善（9月份为15.1比4.1），延续了第二个月的涨幅。然而，经济预期再次下降（-1.4对2.7），标志着连续第三个月下降，而购买意愿连续第四个月减弱（-11.6对-10.1）。与此同时，储蓄倾向小幅上升（16.1比15.8）。NIM消费者气候主管Rolf Bürkl表示：“地缘政治局势、就业担忧和通胀担忧加剧可能会阻碍目前的全面复苏。”。

Germany’s GfK Consumer Climate Indicator edged up to -22.3 heading into October 2025 from a marginally revised -23.5 in the previous period, surpassing market expectations of -23.3. The income outlook improved sharply (15.1 vs 4.1 in September), extending gains for the second month. However, economic expectations fell again (-1.4 vs 2.7), marking the third straight decline, while willingness to buy weakened for the fourth month (-11.6 vs -10.1). At the same time, the propensity to save edged higher (16.1 vs 15.8). “The geopolitical situation, job concerns, and rising inflation fears are likely to stand in the way of a comprehensive recovery at the moment,” said Rolf Bürkl, Head of Consumer Climate at NIM.