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.

在法兰克福，DAX指数周四下跌150点，跌幅为0.79%。西门子（-6.63%）、宝马（-6.26%）和戴姆勒卡车控股公司（-51.1%）领跌。涨幅最大的是慕尼黑RE（1.84%）、西门子Healthineers（1.50%）和德国邮政（1.32%）。

In Frankfurt, the DAX Index decreased 150 points or 0.79 percent on Thursday. Losses were driven by Siemens (-6.63%), BMW (-6.26%) and Daimler Truck Holding AG (-5.11%). Biggest rises came from Munich RE (1.84%), Siemens Healthineers (1.50%) and Deutsche Post (1.32%).

DAX周四几乎没有变化，徘徊在前一天创下的历史新高附近，因为交易员们关注公司业绩。西门子股价下跌约2.3%，此前该公司的利润因其自动化业务需求疲软而令人失望。德国电信的股价也略有下跌（-0.4%），尽管其盈利超出预期。梅赛德斯（-0.8%）和大众（-0.9%）也出现了亏损。另一方面，安联（1.5%）和慕尼黑RE（1.6%）出现了上涨。

The DAX was little changed on Thursday, hovering close to record high levels reached the day before, as traders focus on corporate results. Shares of Siemens were down about 2.3% after the company's profit disappointed amid weak demand in their automation business. Shares of Deutsche Telekom were also slightly lower (-0.4%) although its earnings beat estimates. Mercedes (-0.8%) and VW (-0.9%) were also in the red. On the flip side, Allianz (1.5%) and Munich RE (1.6%) booked gains.