由於歐盟同意簡化財政規則，德國的股票市場上升了新的高度

在歐盟成員國一致同意放鬆財政規則之後，德國股票市場繼續在周四達到新高。

The German stock market continued to reach a new high on Thursday after the European Union member states unanimously agreed to ease the fiscal rules for defence spending, and align on a general statement to enhance the bloc’s defence spending, according to the reports.

報告稱，在歐盟成員國一致同意緩解國防支出的財政規則之後，德國股票市場繼續達到新的高位，並按照一般性聲明來加強集團的國防支出。

The 27 member states reached an agreement on a general statement to bolster the bloc's defence spending, aligning with European Commission (EC) President Ursula von der Leyen's proposal to activate a mechanism to mobilise €800 billion in special funds and additional funding sources for defence and extend €150 billion in special loans.

27個成員國達成了一項總體聲明協議，以加強集團的國防支出，與歐盟委員會（EC）總裁Ursula von der Leyen的提議保持一致，以激活一種機制，以動員8000億歐元的特殊資金和額外的資金來源，以提供國防部，並在特殊貸款中延長1500億歐元。

The statement also called for additional funding sources, which may refer to a commitment to spend 3% or more of the Gross Domestic Product (GDP) on defence, without triggering debt and deficit limits set by the commission.

該聲明還呼籲提供額外的資金來源，這可能是指承諾在國防上花費3％或更多的國內生產總值（GDP），而不會觸發委員會設定的債務和赤字限制。

This clause will particularly back recent Germany's push to relax its fiscal policy, or the “debt brake,” to increase defence spending and investment in the wider economy.

該條款將特別支持最近德國放鬆其財政政策或“債務制動”的努力，以增加國防支出和對更廣泛經濟的投資。

Germany has been struggling with fiscal constraints over the past decade as it maintains strict spending discipline following Europe's sovereign debt crisis in 2009. Earlier this week, Chancellor-in-waiting Friedrich Merz announced plans to increase defence spending beyond 1% of GDP and that such spending should be exempt from the debt brake.

在過去的十年中，德國一直在為財政限製而苦苦掙扎，因為它在2009年歐洲的主權債務危機之後保持了嚴格的支出紀律。本週早些時候，在培訓的總理弗里德里希·梅爾斯（Friedrich Merz）宣布計劃將國防支出增加超過1％的GDP，並應免除債務制動器。

Merz stated that Germany must do "whatever it takes" to strengthen its national defence. His conservative party (CDU/CSU) and the SPD, currently in coalition talks, have also proposed a €500 billion special fund for infrastructure investment.

梅爾斯表示，德國必須做“任何需要”來加強其國防。他的保守黨（CDU/CSU）和目前正在聯盟會談的SPD也提議提供5000億歐元的基礎設施投資特別基金。

The EU also ignored Hungarian Prime Minister Viktor Orbán's veto on aid to Ukraine, issuing a separate statement that reaffirmed the bloc's commitment to supporting Ukraine.

歐盟還忽略了匈牙利總理維克多·奧爾班（ViktorOrbán）對烏克蘭的否決權，發表了單獨的聲明，重申了該集團對支持烏克蘭的承諾。

"The European Union remains committed, in coordination with like-minded partners and allies, to providing enhanced political, financial, economic, humanitarian, military and diplomatic support to Ukraine and its people, and to stepping up pressure on Russia, including through further sanctions and by strengthening the enforcement of existing measures, in order to weaken its ability to continue waging its war of aggression," the statement declared.

“歐盟仍然致力於與志趣相投的伙伴和盟友協調，為烏克蘭及其人民提供增強的政治，財務，經濟，人道主義，軍事和外交支持，並加大對俄羅斯的壓力，包括通過進一步的製裁和通過進一步的製裁，通過加強現有措施的執行，以削弱其侵略的宣戰能力。

The DAX hits a new high as German borrow costs soar

隨著德國借入成本飆升，DAX達到了新的高度

The DAX rose 1.47% to a new record of 23,419.48 amid optimism about Germany's economic recovery. The benchmark index rose more than 17% this year, outperforming global peers, as the defence stocks skyrocketed on expectations of growing military spending.

DAX上漲了1.47％，在對德國經濟復甦的樂觀態度中，新的記錄為23,419.48。今年，基準指數上漲了17％以上，表現不佳，因為國防股票隨著軍事支出日益增長的期望而飛漲。

Wednesday's rally was particularly driven by the industrial and auto sectors as investors anticipated looser fiscal rules. Additionally, US President Donald Trump's decision to delay auto tariffs on Mexico and Canada provided a boost to German car manufacturers.

由於投資者預計會有寬鬆的財政規則，週三的集會尤其受工業和汽車部門的驅動。此外，美國總統唐納德·特朗普（Donald Trump）決定推遲對墨西哥和加拿大的汽車關稅的決定，這推動了德國汽車製造商。

The euro steadied against the US dollar at a four-month high of near 1.08 on Thursday, easing a three-day surging streak. The yield on Germany's 10-year government bond, known as borrowing cost, jumped to 2.88%, the highest since October 2023. The benchmark bond yield surged 30 basis points in the previous trading day, making the biggest daily increase since the fall of the Berlin Wall in 1990.

歐元在周四的四個月高點接近1.08的四個月高點穩定下來，緩解了為期三天的衝刺。德國為期10年的政府債券的收益率（稱為藉貸成本）躍升至2.88％，是2023年10月以來最高的。基準債券收益率在上一個交易日飆升了30個基點，這是自1990年柏林牆倒塌以來的每日最大增加。

The sharp rise in Germany's government bond yields signals that investors demand a risk premium amid the possible historic fiscal reform. Meanwhile, the European Central Bank (ECB) may slow the pace of interest rate cuts, as increased military spending and Trump's trade policies contribute to heightened inflationary uncertainty.

在可能的歷史財政改革中，德國政府債券的急劇上升表明投資者要求風險溢價。同時，隨著軍事支出的增加和特朗普的貿易政策導致通貨膨脹不確定性的增加，歐洲中央銀行（ECB）可能會降低利率降低的速度。