在法兰克福，DAX指数周二上涨491点，涨幅2.48%。德国商业银行（6.27%）、海德堡水泥（6.20%）和赛多利斯（5.52%）领涨。

In Frankfurt, the DAX Index rose 491 points or 2.48 percent on Tuesday. Leading the gains are Commerzbank (6.27%), HeidelbergCement (6.20%) and Sartorius (5.52%).

德国10年期国债收益率回升至2.7%，从周一达到的一个月低点2.431%反弹，因为投资者对美国总统特朗普上周宣布的一些关税可能会重新谈判持谨慎乐观态度。市场也在等待欧盟对与美国不断升级的贸易紧张局势的反应的进一步明确。美国财政部长斯科特·贝森特表示，包括日本在内的约70个国家已与白宫联系，开始关税谈判。与此同时，欧盟委员会透露，它已向特朗普政府提出了一项“零对零”关税协议，以避免全面的贸易战——这一提议最终被拒绝。在货币政策方面，交易员现在预计4月份降息25个基点的可能性为90%，预计年底前还会再降息两次——一次可能最早在6月——并且越来越多的人猜测可能会第三次降息。

Germany’s 10-year Bund yield climbed back toward 2.7%, rebounding from a one-month low of 2.431% reached on Monday, as investors grew cautiously optimistic that some of the tariffs announced by U.S. President Trump last week could be renegotiated. Markets also awaited further clarity on the European Union’s response to the escalating trade tensions with the U.S. Treasury Secretary Scott Bessent said that around 70 countries, including Japan, have contacted the White House to open tariff negotiations. Meanwhile, the European Commission revealed that it had proposed a “zero-for-zero” tariff agreement to the Trump administration in an effort to stave off a full-blown trade war—a proposal that was ultimately rejected. On the monetary policy front, traders are now pricing in a 90% probability of a 25-basis-point rate cut in April, with two more reductions anticipated by year-end—one potentially as early as June—and growing speculation of a possible third cut.

德国10年期国债收益率在周一波动后稳定在2.6%，徘徊在一个月来的最低水平附近，因为投资者在欧盟对美国关税的反应存在不确定性以及对全球经济放缓的担忧日益加剧的情况下寻求避风港。欧盟委员会透露，它曾向特朗普政府提出零对零关税协议，以避免贸易战，但该提议被拒绝。在唐纳德·特朗普总统上个月决定对钢铁和铝征税后，欧盟还提议对一系列美国商品征收25%的反关税。与此同时，市场对欧洲央行进一步降息的预期有所上升。交易员现在估计，4月份降息25个基点的可能性为90%，预计到年底将再降息两次——一次可能最快在6月，而越来越多的人猜测可能会降息第三次。

Germany’s 10-year Bund yield stabilized at 2.6% after a volatile Monday session, hovering near its lowest level in a month, as investors sought safe havens amid uncertainty over the EU’s response to U.S. tariffs and growing fears of a global economic slowdown. The European Commission revealed it had proposed a zero-for-zero tariff deal to the Trump administration in an effort to avert a trade war, but the offer was rejected. The EU has also proposed 25% counter-tariffs on a range of U.S. goods, following President Donald Trump’s decision last month to impose levies on steel and aluminum. Meanwhile, market expectations for further rate cuts by the European Central Bank have increased. Traders now price in a 90% chance of a 25-basis-point cut in April, with two additional cuts expected by year-end—one potentially as soon as June, and growing speculation of a possible third.

法兰克福DAX指数周二开盘上涨1%以上，反弹至20000点以上，结束了连续四天的下跌，在贸易紧张局势升级的情况下，该指数跌至四个多月来的最低水平。尽管不确定性挥之不去，但对美国可能软化其关税立场的乐观情绪推动了反弹。针对特朗普总统周一对中国进口商品征收50%关税的威胁，中国商务部承诺“战斗到底”，并采取未指明的反制措施来保护其利益。与此同时，欧盟委员会提议取消所有工业品的关税，作为贸易谈判的一部分，但特朗普总统拒绝了这一提议。西门子能源领涨，涨幅超过5%，其次是赛多利斯、莱茵金属、海德堡材料、西门子和MTU航空发动机。德意志银行也表现良好，上涨近2%。另一方面，Vonovia、英飞凌科技和SAP的亏损最大，下降了1.5%至2%。

Frankfurt's DAX opened more than 1% higher on Tuesday, bouncing back above the 20,000 threshold and ending a four-day losing streak that had brought the index to its lowest level in over four months amid escalating trade tensions. The rebound was fueled by optimism that the U.S. might soften its tariff stance, despite lingering uncertainty. In response to President Trump’s Monday threat of a 50% tariff on Chinese imports, China’s Commerce Ministry pledged to ‘fight to the end’ and take unspecified countermeasures to protect its interests. Meanwhile, the European Commission proposed removing tariffs on all industrial goods as part of trade talks, but President Trump rejected the offer. Siemens Energy led the equity gains, rising more than 5%, followed by Sartorius, Rheinmetall, Heidelberg Materials, Siemens, and MTU Aero Engines. Deutsche Bank also performed well, adding nearly 2%. On the other hand, Vonovia, Infineon Technologies, and SAP saw the biggest losses, dropping 1.5% to 2%.