德国DAX指数周一小幅下跌，新年假期前交易清淡，市场将于周二和周三收盘。西门子医疗股价下跌0.6%，此前西门子公司首席财务官拉尔夫·托马斯（Ralf Thomas）向德国商报表示，该公司正在审查其在医疗技术部门的多数股权。与此同时，投资者对西班牙12月通胀数据的反应显示，年利率为2.8%，高于预期，这增强了人们对欧洲央行逐步降息的预期。尽管周一有所下跌，但德国股市在2024年引领了地区涨幅，DAX指数今年上涨了约19%。

The German DAX slipped slightly on Monday in thin trading ahead of the New Year holiday, with markets set to close on Tuesday and Wednesday. Siemens Healthineers dropped 0.6% following comments from Siemens AG’s CFO Ralf Thomas, who told Handelsblatt that the company is reviewing its majority stake in the medical technology unit. Meanwhile, investors reacted to Spanish inflation data showing a higher-than-expected annual rate of 2.8% in December, reinforcing expectations for gradual ECB rate cuts. Despite Monday’s dip, German stocks have led regional gains in 2024, with the DAX up approximately 19% for the year.

德国10年期国债收益率徘徊在2.4%附近，为七周来的最高水平，因为人们越来越期望欧洲央行（ECB）将采取更缓慢的降息措施。欧洲央行官员罗伯特·霍尔兹曼表示，持续的通货膨胀可能需要谨慎的宽松步伐。此外，在燃料价格上涨的推动下，西班牙12月的通货膨胀率同比加速至2.8%，高于2.6%的预测。欧洲央行行长克里斯蒂娜·拉加德最近表示，欧元区通胀正在稳定，允许逐步降息。欧洲央行已经在2024年通过四次降息25个基点降低了借贷成本，预计将在2025年实施同样的措施，将存款利率降至2%。由于假期，欧元区其他主要经济体的经济数据发布延迟，这意味着1月份将有更广泛的见解。

Germany's 10-year Bund yield hovered near 2.4%, its highest level in seven weeks, as expectations grew that the European Central Bank (ECB) would adopt a slower approach to interest rate cuts. ECB official Robert Holzmann suggested that persistent inflation may require a cautious pace of easing. Also, Spanish inflation accelerated to 2.8% year-on-year in December, above the 2.6% forecast, driven by higher fuel prices. ECB President Christine Lagarde recently indicated that Euro Area inflation is stabilizing, allowing for gradual rate cuts. The ECB has already lowered borrowing costs through four quarter-point cuts in 2024 and is expected to implement the same in 2025, bringing the deposit rate to 2%. Delays in publishing economic data in other major Eurozone economies due to holidays mean broader insights will be available in January.

在法兰克福，DAX指数周五上涨136点，涨幅0.68%。领涨的是Brenntag（2.30%）、大众（1.95%）和宝马（1.92%）。跌幅最大的是科思创（-2.39%）、西门子能源（-2.11%）和慕尼黑可再生能源（-1.19%）。

In Frankfurt, the DAX Index rose 136 points or 0.68 percent on Friday. Leading the gains are Brenntag (2.30%), Volkswagen (1.95%) and BMW (1.92%). Top losers were Covestro (-2.39%), Siemens Energy (-2.11%) and Munich RE (-1.19%).

德国10年期国债收益率飙升至2.4%，为七周来的最高水平，因为投资者认为欧洲央行需要放缓降息步伐。天然气价格上涨，部分原因是俄罗斯通过乌克兰供应的不确定性，引发了人们对通货膨胀的担忧，使欧洲央行（ECB）更难降息。市场现在完全反映了欧洲央行在2025年降息四个基点的可能性，第五次降息的可能性不到50%，比一周前的80%大幅下降。这一转变是在美联储发出鹰派信号之后做出的，这些信号抑制了人们对快速放松利率的预期。12月收益率上涨了约30个基点，为2023年9月以来的最大月度涨幅。

Germany's 10-year Bund yield surged toward 2.4%, its highest in seven weeks, as investors believe the ECB will need to slow down interest rate cuts. Rising natural gas prices, partly due to uncertainty over Russian supplies through Ukraine, raised inflation concerns making it harder for the European Central Bank (ECB) to cut interest rates. Markets now fully price in four quarter-point ECB rate cuts in 2025, with less than a 50% chance of a fifth cut, down sharply from over 80% a week ago. The shift follows hawkish signals from the Federal Reserve, which dampened expectations for rapid rate easing. Yields have risen roughly 30 basis points in December, the biggest monthly jump since September 2023.