A股创业板指涨逾1%，人形机器人、军工、黄金等板块涨幅居前。

Chancellor Merz on Thursday unveiled a 34-point package of pension, tax and labour reforms, aiming for parliamentary approval of the main elements by year-end. On pensions, the plan implements recommendations to add capital-market-based elements to the state pension system and to gradually raise the retirement age over the coming decades. Tax changes raise allowances and ease progressivity for middle incomes; two-child working families would receive more than €600 (about $685) in annual income-tax relief. The measures are projected to cut household tax burdens by roughly €10bn a year and would be partly financed by lifting the top marginal rate from 45% to 47% on annual taxable income above €280,000. Industrial and technology support will target autos, chemicals and pharma, cleantech, machinery, batteries, semiconductors and AI, and the Germany Fund investment framework will be expanded into a strategic vehicle focused on resilience, energy and raw materials.

US nonfarm payrolls rose 57,000 while the unemployment rate fell to 4.2%, producing a contradictory print. The 4.2% jobless rate undershot consensus (4.3%) and the five-bank Wall Street consensus; payrolls ended a three-month run of 100k+ gains, sat closer to Citigroup’s 25,000 estimate and were below mainstream banks’ 90,000–130,000 forecasts.