周五，随着交易员消化新的经济数据并评估这对货币政策前景意味着什么，DAX指数在小幅上涨和下跌之间波动，接近18500点。欧元区整体通胀率和核心通胀率分别加速至2.6%和2.9%，高于2.5%和2.8%的预测。预计欧洲央行下周开会时仍将降低关键利率，但今年只考虑再降息两次。与此同时，美国PCE通胀数据让投资者对美联储今年的削减有所缓解。德意志银行（-1.9%）、西门子能源（-2%）、德国商业银行（-1.8%）和空中客车（-1.5%）表现最差，而莱茵金属（2.4%）、汉诺威吕克（1.3%）和德国电信（1%）表现出色。然而，考虑到5月份，德国基准股指上涨了3%。

The DAX swung between small gains and losses to trade close to the 18500 level on Friday, as traders digest fresh economic data and assess what it means for the monetary policy outlook. Both headline and core inflation rate in the Euro Area accelerated to 2.6% and 2.9% respectively, above forecasts of 2.5% and 2.8%. The ECB is still expected to lower key interest rates when it meets next week, but only two more rate reductions are now priced in for the year. Meanwhile, US PCE inflation figures offered investors some relief about the Fed's cuts for this year. Deutsche Bank (-1.9%), Siemens Energy (-2%), Commerzbank (-1.8%) and Airbus (-1.5%) were the worst performers while Rheinmetall (2.4%), Hannover Rueck (1.3%) and Deutsche Telekom (1%) outperformed. Considering the May month however, the benchmark stock index in Germany gained 3%.

周五，随着交易员消化欧元区新的通胀数据及其对欧洲央行计划的意义，DAX指数小幅下跌，在18480点附近交易，追随普遍的谨慎情绪。整体利率和核心利率分别加速至2.6%和2.9%，高于2.5%和2.8%的预测。预计欧洲央行下周开会时仍将降低关键利率，但今年只考虑再降息两次。美国PCE通胀数据将在当天晚些时候受到密切关注。西门子能源公司（-1.8%）、空中客车公司（-1.8%.）、德意志银行（-1.7%.）、德国商业银行（-1.2%.）和Zalando（-1.2%）表现最差。然而，考虑到5月份，德国基准股指上涨了3%。

The DAX edged slightly lower to trade around the 18480 level on Friday, tracking a general cautious mood, as traders digest fresh inflation figures for the Euro Area and what it means for the ECB's plans. Both the headline and the core rate accelerated to 2.6% and 2.9% respectively, above forecasts of 2.5% and 2.8%. The ECB is still expected to lower key interest rates when it meets next week, but only two more rate reductions are now priced in for the year. US PCE inflation figures later in the day will be closely watched. Siemens Energy (-1.8%), Airbus (-1.8%), Deutsche Bank (-1.7%), Commerzbank (-1.2%) and Zalando (-1.2%) were the worst performers. Considering the May month however, the benchmark stock index in Germany gained 3%.

在欧元区通胀数据高于预测后，德国10年期国债收益率飙升至2.69%，为11月中旬以来的最高水平。整体利率和核心利率分别加速至2.6%和2.9%，高于2.5%和2.8%的预测。预计欧洲央行下周开会时仍将下调关键利率，但交易员们已加大了对6月之后举措的押注，今年只考虑再降息两次。此外，一些政策制定者一直主张有必要在一段时间内保持货币政策的限制性。

The German 10-year Bund yield soared to 2.69%, the highest level since mid-November, after inflation figures for the Eurozone came above forecasts. Both the headline and the core rate accelerated to 2.6% and 2.9% respectively, above forecasts of 2.5% and 2.8%. The ECB is still expected to cut key interest rates when it meets next week, but traders have scaled bets for the moves beyond June, with only two more rate reductions priced in for the year. Also, some policymakers have been advocating the need to keep the monetary policy restrictive for some more time.

2024年4月，德国进口价格同比下降1.7%，较上月的3.6%有所回落，几乎符合市场预期的1.8%。这标志着进口价格连续第14个时期下跌，尽管是目前序列中最疲软的。中间产品成本下降了4.1%，尤其是纸张和纸板（-10.6%）、初级形式的塑料（-8.5%）和金属（-7.4%）。与此同时，能源价格下降了7%，天然气（-23.5%）、电力（-38.4%）和硬煤（-16.9%）的成本下降。相比之下，农产品（1.7%）、消费品（1.5%）和资本品（0.3%）的价格上涨。不包括能源价格，进口成本比去年同月下降了1%。与3月份相比，进口价格增长0.7%，为七个月来最高，高于此前0.4%的涨幅。

German import prices fell 1.7% year-on-year in April 2024, easing from a 3.6% drop in the previous month and almost in line with market expectations of a 1.8% decrease. It marked the 14th consecutive period of falling import prices, although the softest in the current sequence. Cost of intermediate goods declined by 4.1%, particularly paper & cardboard (-10.6%), plastics in primary forms (-8.5%) and metals (-7.4%). At the same time, energy prices decreased by 7%, with costs falling for natural gas (-23.5%), electricity (-38.4%), and hard coal (-16.9%). In contrast, prices went up for agricultural products (1.7%), consumer goods (1.5%), and capital goods (0.3%). Excluding energy prices, import costs were 1% lower than in the same month last year. Compared to March, import prices grew 0.7%, the most in seven months, and up from a prior 0.4% rise.