在法兰克福，DAX指数周五下跌202点，跌幅0.82%。亏损最多的是彪马（-3.67%）、西门子医疗（-3.13%）和Brenntag（-2.51%）。涨幅最大的是西门子能源（1.89%）、RWE（0.78%）和MTU航空发动机公司（0.71%）。

In Frankfurt, the DAX Index fell 202 points or 0.82 percent on Friday. Leading the losses are Puma (-3.67%), Siemens Healthineers (-3.13%) and Brenntag (-2.51%). Top gainers were Siemens Energy (1.89%), RWE (0.78%) and MTU Aero Engines AG (0.71%).

德国的经常账户盈余从上个月的189亿欧元收窄至2025年5月的96亿欧元。商品盈余从154亿欧元降至145亿欧元，主要收入盈余从144亿欧元降至27亿欧元。另一方面，服务赤字从63亿欧元降至52亿欧元，次级收入缺口从46亿欧元降至24亿欧元。考虑到今年的五个月，经常账户盈余从2024年同期的1240亿欧元收窄至1029亿欧元。

Germany's current account surplus narrowed to EUR 9.6 billion in May 2025 from EUR 18.9 billion in the previous month. The goods surplus fell to EUR 14.5 billion from EUR 15.4 billion and the primary income surplus declined to EUR 2.7 billion from EUR 14.4 billion. On the other hand, the services deficit declined to EUR 5.2 billion from EUR 6.3 billion and the secondary income shortfall went down to EUR 2.4 billion from EUR 4.6 billion. Considering the five months of the year, the current account surplus narrowed to EUR 102.9 billion from EUR 124 billion in the same period of 2024.

德国10年期国债收益率升至2.68%以上，为近两个月来的最高水平，交易员正在等待美国对欧盟进口商品征收关税的细节。美国总统表示，欧盟将很快收到一封概述其将面临的具体关税税率的信，这表明欧盟在8月1日最后期限前达成贸易协议的努力正在动摇。他还表示，计划对大多数贸易伙伴征收15%至20%的广泛关税，这进一步质疑了早先对10%基准税率的预期。在货币政策方面，人们普遍预计欧洲央行本月将保持利率不变，但市场仍预计今年晚些时候至少会再降息一次。与此同时，德国于周二公布了2025年至2029年的预算草案，其支出和债务水平创下历史新高。政府寄希望于大量投资，以帮助将陷入困境的经济重新引导到稳定的道路上。

The yield on Germany’s 10-year Bund rose above 2.68%, its highest in nearly two months, as traders awaited details on the tariff rates the US will impose on imports from the European Union. The US President signalled that the European Union would soon receive a letter outlining the specific tariff rates it will face, suggesting that the EU’s efforts to secure a trade deal by the August 1st deadline are faltering. He also signaled plans to impose broad-based tariffs of 15% to 20% on most trading partners, casting further doubt on earlier expectations of a baseline rate of 10%. On the monetary policy front, the ECB is widely expected to keep interest rates unchanged this month, but markets still anticipate at least one more reduction later this year. Meanwhile, in Germany, the draft budget for 2025 to 2029 was unveiled on Tuesday, featuring record levels of spending and debt. The government is banking on substantial investment to help steer the struggling economy back onto a stable path.

法兰克福DAX指数周五下跌0.6%，收于24300点左右，这是连续第二天下跌，交易员权衡了美国新的关税威胁，并等待欧盟-美国贸易谈判的进展。唐纳德·特朗普表示，美国下个月将对从加拿大进口的商品征收35%的关税，并威胁要对大多数其他贸易伙伴征收15%或20%的一揽子关税。欧盟在长时间谈判后等待关税税率的消息，特朗普表示今天可能会发出一封信。德国是受美国关税上升威胁最大的欧盟经济体之一，尤其是在汽车行业。 与此同时，投资者关注企业盈利和业务更新。在个股中，西门子医疗、Breentag、赛多利斯、西门子、保时捷、阿迪达斯、戴姆勒卡车和Qiagen NV的跌幅最大，在1.2%至1.7%之间。尽管如此，该指数仍有望实现超过2%的周涨幅。

Frankfurt's DAX fell 0.6% to trade around 24,300 on Friday, the second day of losses, as traders weighed fresh US tariff threats and awaited developments on EU-US trade negotiations. Donald Trump has said the US will impose a 35% tariff on imports from Canada next month and threatened to impose blanket tariffs of 15% or 20% on most other trade partners. The EU awaits news on tariff rates following prolonged talks, with Trump indicating a letter could be sent today. Germany ranks as one of the EU economies most threatened by rising US tariffs, notably in the auto industry. Meanwhile, investors eyed corporate earnings and business updates. Among individual stocks, Siemens Healthineers, Breentag, Sartorius, Siemens, Porsche, Adidas, Daimler Truck and Qiagen NV posted the biggest losses, ranging between 1.2% and 1.7%. Still, the index was poised to book a weekly gain of over 2%.