在法兰克福，DAX指数周四下跌197点，跌幅0.81%。Zalando（-4.28%）、西门子医疗（-4.02%）和彪马（-3.99%）领跌。涨幅最大的是德之馨（1.69%）、海德堡水泥（1.61%）和MTU航空发动机公司（1.34%）。

In Frankfurt, the DAX Index decreased 197 points or 0.81 percent on Thursday. Losses were driven by Zalando (-4.28%), Siemens Healthineers (-4.02%) and Puma (-3.99%). Biggest rises came from Symrise (1.69%), HeidelbergCement (1.61%) and MTU Aero Engines AG (1.34%).

法兰克福DAX指数转为负值，在7月的最后一个交易日收于24085.1点，跌幅约0.8%，投资者对大西洋两岸公司的一系列盈利报告做出了反应。与此同时，在8月1日特朗普关税的最后期限之前，市场情绪变得更加谨慎。欧盟正准备从周五开始对其大部分出口产品征收15%的美国关税，尽管双方尚未就一份详细说明该协议将如何运作的关键文件达成一致。在业务方面，西门子医疗公司表现不佳，下滑4.4%，此前有消息称西门子股份公司进一步将其在该公司的持股比例降低了近两个百分点，使其持股比例降至71.12%。宝马股价下跌0.7%，此前该公司公布利润下降，但仍保持全年预期。在涨幅最大的股票中，汉莎航空在第二季度表现好于预期并重申前景后上涨了近3%。当月，DAX指数上涨约0.7%。

Frankfurt's DAX turned negative, closing about 0.8% down at 24,085.1 on the last trading day of July, as investors reacted to a flurry of earnings releases from companies across both sides of the Atlantic. Meanwhile, sentiment turned more cautious ahead of the August 1 deadline for Trump's tariffs. The EU is bracing for a 15% US tariff on most of its exports starting Friday, even though both sides have yet to agree on a key document detailing how the deal will function. On the business front, Siemens Healthineers underperformed, sliding 4.4%, following news that Siemens AG had further reduced its ownership in the company by almost two percentage points, bringing its stake down to 71.12%. BMW lost 0.7% after the company reported a drop in profits, though it maintained its full-year outlook. Among top gainers, Lufthansa added nearly 3% after a better-than-expected Q2 performance and a reaffirmed outlook. For the month, the DAX rose about 0.7%.

据初步估计，2025年7月，德国的年通货膨胀率稳定在2%，与6月持平，略高于市场对放缓至1.9%的预期。食品价格上涨幅度更大（2.2%对2%），而能源成本下降幅度略小（-3.4%对-3.5%），抵消了服务通胀放缓的影响，服务通胀从3.3%降至3.1%的三年低点。与上月相比，CPI上涨0.3%，从6月份的持平反弹，高于0.2%的预测。使用欧盟协调指数，年通货膨胀率实际上从2%降至1.8%，而预期为1.9%。在月度水平上，价格上涨了0.4%，高于6月份的0.1%，与预测相符。

Germany’s annual inflation rate held steady at 2% in July 2025, unchanged from June and slightly above market expectations of a slowdown to 1.9%, according to preliminary estimates. Food prices rose more sharply (2.2% vs 2%), while energy costs declined slightly less (-3.4% vs -3.5%), offsetting a slowdown in service inflation, which eased to a three-year low of 3.1% from 3.3%. Compared to the previous month, the CPI rose 0.3%, rebounding from a flat reading in June and above forecasts of 0.2%. Using the EU-harmonised index, the annual inflation rate actually fell to 1.8% from 2% and compared to expectations of 1.9%. On the monthly level, prices were up 0.4%, above 0.1% in June and in line with forecasts.

德国10年期国债收益率跌至2.7%以下，交易员继续评估货币和经济前景。市场参与者已经降低了对欧洲央行今年降息25个基点的预期，掉期市场目前认为此举的可能性不到50%。在情绪转变之前，西班牙的通货膨胀率连续第二个月上升，德国一些州的价格略有上涨，而法国和意大利的通货膨胀率保持稳定。与此同时，欧元区第二季度GDP仅增长0.1%，与第一季度的0.6%相比大幅放缓，但仍超过了平稳增长的预测。数据揭示了地区差异：德国和意大利的国内生产总值都收缩了0.1%，而法国和西班牙则略有扩张。在贸易方面，投资者对最近宣布的美国-欧盟贸易协定的担忧依然存在，许多人认为该协定不成比例地偏袒美国。

Germany’s 10-year Bund yield dipped below 2.7% as traders continued to assess the monetary and economic outlook. Market participants have scaled back expectations for a 25-basis-point rate cut by the ECB this year, with swap markets now pricing in less than a 50% chance of such a move. The shift in sentiment follows a second consecutive monthly rise in inflation in Spain, along with slight price increases in some German states, while inflation remained steady in France and Italy. Meanwhile, Eurozone GDP grew by just 0.1% in the second quarter, a sharp slowdown from 0.6% in Q1—but still surpassing forecasts of flat growth. The data revealed regional disparities: Germany and Italy both saw GDP contract by 0.1%, while France and Spain posted modest expansions. On the trade front, investor concerns persist over the recently announced US–EU trade agreement, which many see as favoring the US disproportionately.