DAX指数周五下跌0.5%，收于18650点左右，延续了前一交易日的跌幅，追随欧洲的谨慎情绪。交易员们继续评估货币政策前景，美联储官员的评论表明，利率将在一段时间内保持高位，而在欧洲，欧洲央行成员施纳贝尔表示，央行应对6月之后的降息持谨慎态度。与此同时，来自中国的喜忧参半的数据也影响了投资者的情绪。在企业方面，西门子下跌1.6%，至171.76欧元的4周低点，英飞凌下跌1.3%。然而，银行业表现不佳，德意志银行（0.7%）和德国商业银行（0.5%）录得涨幅。本周，DAX指数下跌约0.5%。

The DAX lost 0.5% to trade around 18650 on Friday, extending the previous session loss, and tracking a cautious mood in Europe. Traders continue to asses the monetary policy outlook, with comments from Fed officials suggesting interest rates will remain elevated for some time while in Europe, ECB member Schnabel said the central bank should be cautious about rate cuts beyond June. At the same time, mixed data coming out of China also weighed on investors' mood. On the corporate front, Siemens lost 1.6% to a 4-week low of €171.76 and Infineon declined 1.3%. The banking sector however, was in the green, with Deutsche Bank (0.7%) and Commerzbank (0.5%) booking gains. On the week, the DAX is down about 0.5%.

在欧洲央行董事会成员Isabel Schnabel发表谨慎评论后，欧元从5月15日的五周高点1.089美元跌至1.086美元以下。施纳贝尔表示，欧洲央行在6月以后降息时应小心谨慎。她提到，根据即将到来的数据和新的欧元体系员工预测，6月份的降息可能是合适的，但她强调了6月份之后未来降息的不确定性。然而，在美国，最近的数据显示4月份经济降温，这强化了人们对美联储降息的预期。市场预测显示，2024年欧洲央行降息68个基点，美联储降息46个基点。

The Euro dipped below $1.086, falling from a 5-week high of $1.089 on May 15th, following cautious comments from European Central Bank board member Isabel Schnabel. Schnabel stated that the ECB should approach rate cuts beyond June with care. She mentioned that a rate cut in June could be appropriate based on incoming data and new Eurosystem staff projections, but highlighted the uncertainty surrounding future rate cuts beyond June. In the US, however, recent data showing a cooling economy in April has reinforced expectations for Federal Reserve rate cuts. Market forecasts show 68 basis points (bps) of ECB rate cuts and 46 bps for the Fed in 2024.

在欧洲央行董事会成员Isabel Schnabel警告6月后不要进一步降息后，德国10年期国债收益率周五上涨超过2.47%。Schnabel在一次采访中表示，根据数据和新的欧元体系员工预测，6月份的降息可能是合理的。然而，她强调了6月以后的不确定性，并指出了实现稳定通胀的挑战。相比之下，本周公布的美国数据显示，4月份通胀和经济增长放缓，增加了对美联储降息的预期。市场对欧洲央行2024年降息的预期从周四的72个基点降至68个基点，而美联储降息从50个基点降至46个基点。

The German 10-year Bund yield rose past 2.47% on Friday following remarks from ECB board member Isabel Schnabel cautioning against further rate cuts post-June. Schnabel stated in an interview that a rate cut in June might be warranted depending on data and new Eurosystem staff projections. However, she emphasized the uncertainty beyond June, noting the challenge of achieving stable inflation. In contrast, US data released this week indicated a slowdown in inflation and economic growth in April, heightening expectations for Federal Reserve rate cuts. Market expectations for ECB rate cuts in 2024 decreased from 72 on Thursday to 68 basis points, while Fed rate cuts decreased from 50 to 46 basis points.

周五，基准KOSPI指数下跌超过1%，收于2724点，从上一交易日的六周高点回落，结束了连续三周的上涨势头，芯片和电池制造商领跌。与此同时，中国最近发布的经济数据喜忧参半，工业生产超出预期，失业率下降，而零售额和固定资产投资的增长速度低于预期。在国内，韩国4月份经季节性调整的失业率为2.8%，与上月持平。芯片和电池股跌幅居前的是三星电子（-1%）、SK海力士（-1.6%）、LG能源解决方案（-1.3%）、三星SDI（-2.4%）和SK创新（-1.8%）。大多数其他指数权重股也下跌，包括汽车制造商、电子商务公司和金融业。

The benchmark KOSPI shed over 1% to close at 2,724 points on Friday, retreating from six-week highs in the previous session and snapping a three-week rising streak, with chip and battery makers leading the market lower. Meanwhile, China’s recent economic releases showed mixed results, with industrial production exceeding expectations, alongside a lower unemployment rate, whereas retail sales and fixed asset investment grew at a slower pace than anticipated. At home, the seasonally adjusted jobless rate in South Korea came at 2.8% in April, unchanged from the previous month. Losses from chip and battery stocks were led by Samsung Electronics (-1%), SK Hynix (-1.6%), LG Energy Solution (-1.3%), Samsung SDI (-2.4%), and SK Innovation (-1.8%). Most other index heavyweights also declined, including automakers, e-commerce firms, and financials.