周三下午，法兰克福DAX指数进一步下跌，跌幅超过3.5%，至19500点左右，因为中国宣布对美国商品征收84%的关税加深了与唐纳德·特朗普总统的贸易战，加剧了抛售压力。投资者已经对美国的互惠关税做出了反应，包括今天生效的对欧盟进口商品征收20%的关税，而欧盟国家预计将批准欧盟对美国关税的第一项反制措施。特朗普总统关于“很快”宣布“对药品征收重大关税”的言论进一步动摇了市场情绪，这表明贸易争端可能会扩大到新的行业。在国内方面，基民盟/基社盟集团和社民党经过广泛谈判达成了联盟协议，细节将于今天晚些时候公布。在企业方面，大多数行业都出现了亏损，其中制药股、保险公司、科技和国防公司领跌。

Frankfurt’s DAX slid further, down more than 3.5% to around 19,500 on Wednesday afternoon, as China’s announcement of 84% tariffs on US goods deepened the trade war with President Donald Trump, intensifying selling pressure. Investors were already reacting to the US reciprocal tariffs, including a 20% levy on EU imports, which took effect today, while EU countries are expected to approve the bloc’s first countermeasures against US tariffs. Market sentiment was further shaken by President Trump’s comments about a 'major tariff on pharmaceuticals' being announced 'very shortly,' suggesting the trade dispute could expand into new sectors. On the domestic front, the CDU/CSU bloc and SPD have reached a coalition agreement after extensive talks, with the details set to be disclosed later today. On the corporate front, most sectors posted losses, led by pharma stocks, insurers, tech and defence companies.

随着美国总统特朗普实施全面的“互惠”关税后，投资者转向更安全的资产，德国10年期国债收益率回落至2.6%的水平。这些措施包括对中国商品征收高达104%的关税，对从欧盟进口的商品征收20%的税。这与美国国债的持续抛售形成鲜明对比，因为投资者在不确定性日益增加的情况下越来越多地撤出美国资产。与此同时，市场参与者加大了对欧洲央行今年将降息的预期。货币市场已经完全消化了欧洲央行在4月份会议上降息25个基点的预期，预计到今年年底将再降息两次——一次可能最快在6月——以及越来越多的关于第三次降息的猜测。在另一则新闻中，由候任总理弗里德里希·默茨领导的德国保守派集团周二与中左翼社会民主党（SPD）达成协议，组建新政府。

Germany's 10-year Bund yield retreated to the 2.6% level as investors shifted toward safer assets following the implementation of U.S. President Trump’s sweeping “reciprocal” tariffs. The measures include a staggering 104% duty on Chinese goods and a 20% levy on imports from the EU. This marks a sharp contrast to the continued sell-off in U.S. Treasuries, as investors increasingly rotate out of U.S. assets amid mounting uncertainty. Meanwhile, market participants ramped up expectations that the European Central Bank will cut interest rates this year. Money markets have fully priced in a 25 basis point rate cut by the ECB at its April meeting, with two additional cuts expected by the end of the year—one potentially as soon as June—and growing speculation about a third rate reduction. In separate news, Germany's conservative bloc, led by chancellor-in-waiting Friedrich Merz, struck a deal with the center-left Social Democrats (SPD) on Tuesday to form a new government.

德国10年期国债收益率微涨至2.64%，而包括法国和意大利在内的整个欧洲的长期国债收益率涨幅更大，超过5个基点，反映了美国国债收益率的整体上涨。收益率的上升是在4月9日美国实施互惠关税之后发生的，其中包括对中国进口商品征收104%的关税。新的贸易紧张局势加深了投资者对全球增长放缓、美国经济衰退风险和持续通胀压力的担忧，这可能会限制美联储在短期内降息的能力。相比之下，人们普遍预计欧洲央行本月将降息25个基点，市场预计年底前还会再降息两次，如果经济状况进一步恶化，人们越来越多地猜测可能会采取第三次降息措施。

Germany’s 10-year Bund yield inched up to 2.64% while longer-dated yields across Europe, including France and Italy, rose more sharply - by over 5 basis points - mirroring a broader move higher in US Treasury yields. The rise in yields followed the implementation of US reciprocal tariffs on April 9th, which included a 104% levy on Chinese imports. The renewed trade tensions have deepened investor concerns over slowing global growth, the risk of a US recession, and persistent inflationary pressures, which could constrain the Federal Reserve’s ability to cut interest rates in the near term. In contrast, the ECB is widely expected to deliver a 25bps rate cut this month, with markets pricing in two additional reductions before year-end, and growing speculation around the possibility of a third move should economic conditions deteriorate further.

法兰克福DAX指数下跌428点。赛多利斯（-4.43%）、彪马（-4.03%）和MTU航空发动机公司（-3.91%）领跌。

In Frankfurt, the DAX Index is losing 428 points. Losses were led by Sartorius (-4.43%), Puma (-4.03%) and MTU Aero Engines AG (-3.91%).