提醒：德国各州CPI数据将于今天晚些时候公布。进入新的一年，滞胀风险是德国的主要担忧。在制造业衰退和经济困境中，价格上涨也是一个可能影响消费活动的问题。

Heads up: Germany states' CPI readings due later today.Stagflation risks are the main concern in Germany as we come into the new year. Amid the manufacturing recession and struggling economy, higher prices are also an issue that could weigh on consumption activity.

DAX指数小幅波动，在欧洲央行按预期将关键存款利率下调25个基点并暗示可能进一步降息后，稳定在21650点左右。美联储官员周三如预期般暂停了货币宽松政策，并对降息采取了更为谨慎的态度。与此同时，最新的早期数据显示，在德国和法国经济收缩的推动下，欧元区经济上个季度意外停滞。投资者还监测了大西洋两岸新一批企业业绩。在业务方面，德意志银行股价下跌超过4%，此前该行因法律规定公布第四季度利润跌幅大于预期。

The DAX saw slight fluctuations, before stabilizing around the 21,650 level, after the ECB lowered the key deposit rate by 25bps as expected and signalled potential further cuts. Fed officials on Wednesday paused monetary easing as expected and struck a more cautious tone on interest rate cuts. Meanwhile, fresh early data revealed that the Eurozone economy unexpectedly stagnated last quarter, driven by contractions in Germany and France. Investors also monitored a new batch of corporate results from both sides of the Atlantic. On the business front, Deutsche Bank declined more than 4% after the lender posted a bigger-than-expected profit fall in Q4 due to legal provisions.

德国10年期国债收益率跌至2.51%以下，此前经济数据疲软，欧洲央行预计降息25个基点。欧元区经济在去年年底停滞不前，德国的收缩幅度超过预期，引发了人们对经济衰退的担忧。法国的经济也略有下滑，而意大利则停滞不前。欧洲央行25个基点的降息标志着自2024年6月以来的第五次降息，因为通缩进程正在顺利进行。政策制定者指出，政策仍然严格，但强调了数据驱动的、逐次会议的方法。与此同时，正如预期的那样，美联储在2024年三次降息后将利率维持在4.25%-4.5%。最新数据显示，美国经济第四季度放缓幅度超过预期。

Germany’s 10-year Bund yield dropped below 2.51% after weak economic data and the ECB’s expected 25 bps rate cut. The Eurozone economy stagnated at the end of last year, with Germany contracting more than expected, raising recession fears. France also saw a slight economic decline, while Italy stalled. The ECB’s 25 bps cut marks its fifth since June 2024, as the disinflation process is well on track. Policymakers noted that policy remains tight but stressed a data-driven, meeting-by-meeting approach. Meanwhile, the Fed held rates at 4.25%-4.5% after three cuts in 2024, as expected. The latest data showed US economy slowed more than expected in Q4.

DAX指数上涨近1%，周三创下21637.5点的新高，连续第二天保持上涨势头。投资者评估了一批新的企业业绩，并为关键的货币政策决定做好了准备，包括美联储今天晚些时候的公告和欧洲央行明天的决定。ASML公布的强劲季度业绩为欧洲科技行业提供了强有力的支持。涨幅最大的公司包括戴姆勒卡车控股公司（+7.6%）、西门子能源公司（+4.9%）和德国电信公司（+4.7%）。

The DAX rose almost 1%, reaching a new record high of 21,637.5 on Wednesday, continuing its upward momentum for a second consecutive day. Investors assessed a fresh batch of corporate results and braced for key monetary policy decisions, including the Fed's announcement later today and the ECB's decision tomorrow. The European tech sector received strong support from robust quarterly results posted by ASML. Top gainers included Daimler Truck Holding (+7.6%), Siemens Energy (+4.9%) and Deutsche Telekom (+4.7%).