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%).

法兰克福DAX指数周三开盘下跌2.5%，约19.790点，欧洲市场再次出现抛售，投资者对美国隔夜全面关税的推出做出反应，包括对欧盟进口商品征收20%的税。与此同时，欧盟委员会正在考虑对价值约221亿欧元的美国出口产品征收高达25%的报复性关税。不断升级的贸易紧张局势加剧了人们对潜在衰退的担忧，并提振了对避险资产的需求。在国内，保守派和社会民主党之间的谈判将在周二经过漫长的谈判后于今天上午恢复。由于全球和国内挑战的增加，谈判的压力也在增加，联盟协议可能会在下午宣布。在特朗普威胁要征收关税后，医疗保健类股，特别是赛多利斯、拜耳和默克，在企业方面受到的打击最为严重。汽车股、银行和科技股也出现大幅下跌。

Frankfurt's DAX opened 2.5% lower around 19.790 on Wednesday, as Europe's market sell-off resumed with investors reacting to the overnight rollout of sweeping US tariffs, including a 20% levy on EU imports. Meanwhile, the European Commission is weighing retaliatory tariffs of up to 25% on US exports worth around €22.1 billion. The escalating trade tensions are increasing worries about a potential recession and boosting demand for safe-haven assets. Domestically, talks between the conservatives and Social Democrats are set to resume this morning after lengthy negotiations on Tuesday. The pressure on talks has risen due to mounting global and domestic challenges, with a coalition agreement likely to be announced by the afternoon. Healthcare stocks, notably Sartorius, Bayer and Merck were the hardest hit on the corporate front after Trump threatened to impose duties. Auto stocks, banks and techs also saw significant losses.