由于欧盟同意简化财政规则，德国的股票市场上升了新的高度

在欧盟成员国一致同意放松财政规则之后，德国股票市场继续在周四达到新高。

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.

报告称，在欧盟成员国一致同意缓解国防支出的财政规则之后，德国股票市场继续达到新的高位，并按照一般性声明来加强集团的国防支出。

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个成员国达成了一项总体声明协议，以加强集团的国防支出，与欧盟委员会（EC）总裁Ursula von der Leyen的提议保持一致，以激活一种机制，以动员8000亿欧元的特殊资金和额外的资金来源，以提供国防部，并在特殊贷款中延长1500亿欧元。

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.

该声明还呼吁提供额外的资金来源，这可能是指承诺在国防上花费3％或更多的国内生产总值（GDP），而不会触发委员会设定的债务和赤字限制。

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.

该条款将特别支持最近德国放松其财政政策或“债务制动”的努力，以增加国防支出和对更广泛经济的投资。

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.

在过去的十年中，德国一直在为财政限制而苦苦挣扎，因为它在2009年欧洲的主权债务危机之后保持了严格的支出纪律。本周早些时候，在培训的总理弗里德里希·梅尔斯（Friedrich Merz）宣布计划将国防支出增加超过1％的GDP，并应免除债务制动器。

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.

梅尔斯表示，德国必须做“任何需要”来加强其国防。他的保守党（CDU/CSU）和目前正在联盟会谈的SPD也提议提供5000亿欧元的基础设施投资特别基金。

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.

欧盟还忽略了匈牙利总理维克多·奥尔班（ViktorOrbán）对乌克兰的否决权，发表了单独的声明，重申了该集团对支持乌克兰的承诺。

"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.

“欧盟仍然致力于与志趣相投的伙伴和盟友协调，为乌克兰及其人民提供增强的政治，财务，经济，人道主义，军事和外交支持，并加大对俄罗斯的压力，包括通过进一步的制裁和通过进一步的制裁，通过加强现有措施的执行，以削弱其侵略的宣战能力。

The DAX hits a new high as German borrow costs soar

随着德国借入成本飙升，DAX达到了新的高度

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上涨了1.47％，在对德国经济复苏的乐观态度中，新的记录为23,419.48。今年，基准指数上涨了17％以上，表现优于全球同行，因为国防股票的期望飙升。

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.

由于投资者预计会有宽松的财政规则，周三的集会尤其受工业和汽车部门的驱动。此外，美国总统唐纳德·特朗普（Donald Trump）决定推迟对墨西哥和加拿大的汽车关税的决定，这推动了德国汽车制造商。

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.

欧元在周四的四个月高点接近1.08的四个月高点稳定下来，缓解了为期三天的冲刺。德国为期10年的政府债券的收益率（称为借贷成本）跃升至2.88％，是2023年10月以来最高的。基准债券收益率在上一个交易日飙升了30个基点，这是自1990年柏林墙倒塌以来的每日最大增加。

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.

在可能的历史财政改革中，德国政府债券的急剧上升表明投资者要求风险溢价。同时，随着军事支出的增加和特朗普的贸易政策导致通货膨胀不确定性的增加，欧洲中央银行（ECB）可能会降低利率降低的速度。