在法兰克福，DAX指数周五下跌1076点，跌幅4.95%。德意志银行（-9.77%）、MTU航空发动机公司（-8.40%）和英飞凌（-7.26%）领跌。

In Frankfurt, the DAX Index decreased 1076 points or 4.95 percent on Friday. Losses were driven by Deutsche Bank (-9.77%), MTU Aero Engines AG (-8.40%) and Infineon (-7.26%).

随着贸易战紧张局势升级，法兰克福DAX指数延续早盘跌幅，周五暴跌超过5%，这是自2022年2月俄罗斯入侵乌克兰以来的最大单日跌幅。中国今天宣布，计划从4月10日起对所有美国商品征收34%的关税，以报复特朗普总统征收的全面关税。与此同时，欧盟委员会宣布正在准备自己的反制措施。特朗普的最新行动包括对所有进口商品征收10%的关税，对某些国家征收更高的关税，例如对欧盟商品征收20%的税。大多数行业都面临压力，尤其是银行业，德意志银行和德国商业银行分别暴跌10.2%和8.7%。其他值得注意的跌幅包括科技公司、基础资源、零售商和汽车股。只有房地产、食品和饮料等防御性行业上涨。该指数本周将下跌约8.2%。

Frankfurt's DAX extended early losses and plunged over 5% on Friday, its biggest daily decline since Russia's invasion of Ukraine in February 2022, as trade-war tensions escalated. China announced today it plans to impose 34% tariffs on all U.S. goods starting April 10, retaliating against sweeping tariffs imposed by President Trump. Meanwhile, the European Commission announced that it is preparing its own countermeasures. Trump’s latest action includes a 10% tariff on all imports, with significantly higher rates for certain countries, such as a 20% levy on EU goods. Most sectors were under pressure, particularly banks, with Deutsche Bank and Commerzbank plunging 10.2% and 8.7%, respectively. Other notable decliners included tech companies, basic resources, retailers and auto stocks. Only defensive sectors, such as real estate and food and beverages, posted gains. The index was on track to decline about 8.2% this week.

德国10年期国债收益率跌至2.5%以下，为3月4日以来的最低水平，因为不断升级的贸易紧张局势引发了人们对全球经济放缓的担忧。周五，中国宣布，在特朗普总统采取最新关税措施后，将从4月10日起对所有美国商品征收34%的关税。在欧洲，法国总统埃马纽埃尔·马克龙敦促企业停止对美国的投资，而欧盟委员会也准备了自己的对策。特朗普的最新举措包括对所有进口商品征收10%的关税，对一些国家征收更高的关税，包括对欧盟商品征收20%的税，对中国商品征收34%的额外关税。作为回应，市场预计欧洲央行4月份降息25个基点的可能性超过90%，预计到12月存款利率将降至1.8%，低于此前预测的1.9%和目前的2.5%。

Germany’s 10-year Bund yield dropped below 2.5%, its lowest level since March 4th, as escalating trade tensions raised fears of a slowing global economy. On Friday, China announced it would impose a 34% tariff on all U.S. goods starting April 10, following President Trump’s latest tariff measures. In Europe, French President Emmanuel Macron urged companies to halt U.S. investments, while the European Commission prepared its own countermeasures. Trump’s latest move includes a 10% tariff on all imports, with higher rates for some countries, including a 20% levy on EU goods and an additional 34% duty on Chinese goods. In response, markets have priced in a more than 90% chance of a 25bps ECB rate cut in April, with expectations for the deposit rate to fall to 1.8% by December, down from previous forecasts of 1.9% and the current 2.5%.

法兰克福DAX指数周五连续第三个交易日下跌，跌幅超过1%，跌至21500以下的两个月新低。周四，在特朗普总统的全面关税计划之后，该指数遭遇了八个多月来最糟糕的交易日。影响的规模仍不确定，因为这将取决于关税的有效期以及其他国家的反应。银行是受影响最严重的银行之一，德意志银行和德国商业银行分别下跌5.1%和4.4%。科技公司、基础资源和汽车制造商仍处于守势。该指数本周预计将下跌4%以上。

Frankfurt's DAX extended its losing streak to a third consecutive session on Friday, falling more than 1% to a fresh two-month low below 21,500. The index suffered its worst session in over eight months on Thursday, in the wake of sweeping President Trump's tariff plans. The scale of the impact remains uncertain, as it will depend on how long the tariffs remain in effect and how other countries react. Banks were among the hardest hit, with Deutsche Bank and Commerzbank down 5.1% and 4.4%, respectively. Tech companies, basic resources, and automakers remained on the defensive. The index was poised to lose over 4% this week.