在法兰克福，DAX指数周一下跌852点，跌幅4.13%。汉诺威-吕克公司（-7.15%）、MTU航空发动机公司（-6.95%）和空中客车公司（-6.88%）领跌。

In Frankfurt, the DAX Index dropped 852 points or 4.13 percent on Monday. Losses were led by Hannover Rueck (-7.15%), MTU Aero Engines AG (-6.95%) and Airbus (-6.88%).

德国10年期国债收益率上涨9个基点，至2.66%，部分扭转了上周16.3个基点的跌幅，与美国国债一致，因为投资者正在等待关税发展的明确消息。特朗普总统威胁要从4月9日开始对中国商品征收50%的新关税，除非北京在周二之前取消报复性关税。白宫驳斥了暂停90天关税的猜测，称其为“假新闻”，同时确认将立即开始与其他国家的谈判。欧盟主席乌尔苏拉·冯德莱恩表示，欧盟对谈判持开放态度，但必要时将准备反制措施。与此同时，欧元区的降息预期发生了变化，市场目前预计欧洲央行4月份降息25个基点的可能性为90%。交易员预计，到年底，存款利率将从目前的2.5%降至1.65%。

Germany’s 10-year Bund yield rose 9 bps to 2.66%, partially reversing last week’s 16.3 bps drop, in line with US Treasuries as investors await clarity on tariff developments. President Trump has threatened to impose new 50% tariffs on Chinese goods starting April 9 unless Beijing removes its retaliatory duties by Tuesday. The White House dismissed speculation of a 90-day tariff pause as “fake news,” while confirming that talks with other countries will begin immediately. EU President Ursula von der Leyen said the bloc is open to negotiations but will prepare countermeasures if needed. Meanwhile, rate cut expectations in the Eurozone shifted, with markets now pricing a 90% chance of a 25 bps ECB cut in April. Traders see the deposit rate falling to 1.65% by year-end, down from the current 2.5%.

法兰克福DAX指数周一收于19762点，下跌约4.1%，此前有人猜测美国新关税政策将暂停90天，但白宫后来否认了这一猜测。早些时候，欧洲市场再次遭遇大幅抛售，DAX指数暴跌超过10%，因为投资者对特朗普政府征收的全面全球关税做出了反应。对美国所有进口商品征收10%的基准关税于周六生效，周三将征收额外关税，包括对来自欧盟的进口商品征收20%的关税。与此同时，德国的出口导向型经济将受到新措施的特别严重打击。在企业方面，大多数行业都举步维艰，科技公司、银行、保险公司、工业和零售商受到的打击最为严重。值得注意的是，德国莱茵金属公司在当天早些时候大幅下跌超过20%后，设法减少了一些损失，而德国商业银行则略有好转。

Frankfurt's DAX closed about 4.1% down at 19,762 on Monday after briefly turning positive during the afternoon session, following speculation of a 90-day pause in the new US tariff policy, which was later denied by the White House. Earlier, European markets experienced another sharp selloff, with the DAX plunging over 10%, as investors reacted to the sweeping global tariffs imposed by the Trump administration. Baseline tariffs of 10% on all imports to the US took effect on Saturday, with additional levies set to be imposed on Wednesday, including a 20% tariff on imports from the European Union. Meanwhile, Germany's export-based economy is set to be hit particularly hard by the new measures. On the corporate front, most sectors struggled, with tech companies, banks, insurers, industrials and retailers being the hardest hit. Notably, Rheinmetall managed to reduce some losses after a steep decline of over 20% earlier in the day, while Commerzbank turned slightly positive.

德国10年期国债收益率跌至2.5%，为3月4日以来的最低水平，因为全球贸易紧张局势加剧了人们对经济放缓的担忧。周五，中国宣布从4月10日起对所有美国商品征收34%的关税，以报复特朗普政府对所有进口商品征收10%关税的举动。美国还对特定国家征收更高的关税，包括对欧盟商品征收20%的税，对中国产品征收34%的额外关税。在欧洲，法国总统埃马纽埃尔·马克龙呼吁企业暂停在美国的投资，而欧盟委员会则准备采取报复措施。与此同时，唐纳德·特朗普总统淡化了对通货膨胀和经济衰退的担忧。作为回应，市场现在认为欧洲央行4月份降息25个基点的可能性超过90%，预计到12月存款利率将从目前的2.5%降至1.65%

Germany’s 10-year Bund yield fell to 2.5%, its lowest level since March 4, as rising global trade tensions stoked fears of an economic slowdown. On Friday, China announced a 34% tariff on all U.S. goods starting April 10, retaliating against the Trump administration’s move to impose a 10% tariff on all imports. The U.S. also introduced steeper duties for select countries, including a 20% levy on EU goods and an additional 34% tariff on Chinese products. In Europe, French President Emmanuel Macron called on companies to pause investments in the U.S., while the European Commission prepared retaliatory measures. Meanwhile, President Donald Trump downplayed concerns over inflation and recession. In response, markets now price in over a 90% probability of a 25 basis point ECB rate cut in April, with expectations for the deposit rate to decline to 1.65% by December, down from the current 2.5%