在法兰克福，DAX指数周五下跌186点，跌幅0.78%。跌幅最大的是Zalando（-8.18%）、Scout24（-5.10%）和英飞凌（-3.13%）。抵消跌幅，涨幅最大的是宝马（2.02%）、汉高（1.83%）和莱茵金属（1.81%）。

In Frankfurt, the DAX Index dropped 186 points or 0.78 percent on Friday. Losses were led by Zalando (-8.18%), Scout24 (-5.10%) and Infineon (-3.13%). Offsetting the fall, top gainers were BMW (2.02%), Henkel (1.83%) and Rheinmetall (1.81%).

德国DAX指数周五收于23556点，下跌约0.7%，为9月25日以来的最低水平，延续了前一天的跌幅。对人工智能相关股票估值过高的担忧影响了全球情绪，而在美国政府长期停摆期间，宏观经济和货币的不确定性依然存在。与此同时，财报季继续受到监控。Zalando领跌，在前一天因第三季度业绩乐观而强劲反弹后，在技术调整中下跌7.9%。Scout24紧随其后，在公布业绩后下跌4.5%。相比之下，Rheinmetall（+2.4%）表现最佳，在国防电子集团报告2025年前九个月订单大幅增长后，其股价追随Hensoldt（+4.9%）的涨幅。宝马（+2.2%）、保时捷汽车（+1.7%）和维维（+1.5%）等汽车制造商的股价也强劲上涨，此前有报道称中国解除了对Nexperia芯片的出口禁令。本周，该指数下跌了约1.7%。

Germany's DAX closed about 0.7% down at 23,556 on Friday, the lowest since September 25, extending losses from the previous day. Global sentiment was weighed by concerns over lofty valuations in AI-related stocks, while macroeconomic and monetary uncertainty persisted amid the prolonged US government shutdown. In the meantime, the earnings season continued to be monitored. Zalando led the losses, falling 7.9% in a technical correction following a strong rally in the prior day on upbeat Q3 results. Scout24 followed closely, shedding 4.5%, after delivering its results. By contrast, Rheinmetall (+2.4%) was the top performer, tracking gains in Hensoldt (+4.9%) after the defense electronics group reported a sharp rise in orders in the first nine months of 2025. Shares of automakers such as BMW (+2.2%), Porsche Automobil (+1.7%) and VV (+1.5%) also advanced firmly following reports that China lifted its export ban on Nexperia chips. For the week, the index declined about 1.7%.

德国DAX指数周五跌至负值，下跌0.6%，至23600点附近，延续了前一天的跌幅，与其他欧洲同行持平。在财报季进行的同时，投资者情绪保持谨慎，对高科技估值的担忧挥之不去。在数据方面，由于进口增长超过出口，德国的贸易顺差在2025年9月降至11个月低点，低于分析师的预期。股市中跌幅最大的是Scout24和Zalando，分别下跌3.8%和2.5%。相比之下，汽车制造商的股价表现突出，大众汽车（+1.8%）和保时捷汽车（+1.5%）领涨，此前有报道称中国解除了对Nexperia芯片的出口禁令。银行股也强劲上涨，德国商业银行和德意志银行分别上涨1.4%和0.7%。本周，该指数预计将下跌约1.5%。

Germany's DAX moved into negative territory on Friday, down 0.6% to near 23,600, extending losses from the previous day, in line with other European peers. Investor sentiment stayed cautious amid lingering worries about high tech valuations, while the earnings season progressed. On the data front, Germany’s trade surplus fell to an 11-month low in September 2025, below analysts’ estimates, as the rise in imports outpaced that of exports. The biggest laggards among equities were Scout24 and Zalando, down 3.8% and 2.5%, respectively. By contrast, shares of automakers stood out, led by Volkswagen (+1.8%) and Porsche Automobil (+1.5%) following reports that China lifted its export ban on Nexperia chips. Banks also advanced firmly, with Commerzbank and Deutsche Bank adding 1.4% and 0.7%, respectively. For the week, the index was set to decline about 1.5%.

德国10年期国债收益率攀升至2.7%，创下一个月新高，投资者权衡了对国内经济前景的持续担忧以及央行在货币政策道路上发出的混合信号。德国最近的数据显示，进出口反弹强于预期，但工业产出令人失望，而德国央行警告称，金融稳定风险日益增加。上周欧洲央行决定保持利率稳定后，政策制定者的言论进一步影响了市场情绪。François Villeroy de Galhau表示，央行必须保持选择权，Joachim Nagel敦促对通胀保持警惕，副行长Luis de Guindos指出，通胀率降至2%以下可能是暂时的。在大西洋彼岸，对12月美联储降息的疑虑依然存在，此前挑战者数据显示，10月裁员人数达到20年来的最高水平，部分抵消了本周早些时候ADP就业和ISM服务数据的强劲增长。

Germany’s 10-year Bund yield climbed toward 2.7%, hitting a fresh one-month high, as investors weighed persistent concerns over the domestic economic outlook alongside mixed signals from central banks on the path of monetary policy. Recent German data showed stronger-than-expected rebounds in exports and imports, but industrial output disappointed, while the Bundesbank warned of growing financial stability risks. Market sentiment was further shaped by comments from ECB policymakers following last week’s decision to hold interest rates steady. François Villeroy de Galhau said the Bank must keep options open, Joachim Nagel urged vigilance on inflation, and Vice President Luis de Guindos noted any dip below 2% inflation would likely be temporary. Across the Atlantic, doubts persist over a December Fed cut, after Challenger data showed layoffs at a 20-year high in October, partially offsetting stronger ADP employment and ISM services figures earlier in the week.