DAX指数从早盘下跌中恢复，周五收于19323点，上涨1%，欧洲和北美的风险情绪有所改善，尽管PMI数据低于预期，加剧了人们对欧洲经济前景日益黯淡的担忧。初步PMI数据显示，欧元区私营部门活动再次收缩，服务业也加入了制造业衰退。德国和法国成为该地区表现最差的国家。此外，德国第三季度GDP增长下调至0.1%，而最初估计为0.2%。医疗保健行业大幅上涨，赛多利斯和默克分别上涨3.5%和2.5%。科技股也表现良好，英飞凌和Zalando分别上涨3.5%和6.4%。另一方面，银行业落后，德意志银行和德国商业银行分别下跌3%和1.5%。

The DAX recovered from early losses and closed 1% higher at 19,323 on Friday, carried by improved risk sentiment across Europe and North America, despite weaker-than-expected PMI data heightening concerns about the increasingly bleak economic outlook in Europe. Preliminary PMI data indicated a return to contraction in Eurozone private sector activity, with the services sector joining the manufacturing downturn. Germany and France emerged as the weakest performers in the region. In addition, Germany's Q3 GDP growth was revised downward to 0.1%, compared to the initial estimate of a 0.2% increase. Healthcare advanced sharply, with Sartorius and Merck advancing 3.5% and 2.5%, respectively. Tech also performed, well, with Infineon and Zalando gaining 3.5% and 6.4%. On the other hand, banks lagged with Deutsche Bank and Commerzbank dropping 3% and 1.5%.

在法兰克福，DAX指数周五上涨176点，涨幅0.92%。Zalando（6.18%）、Vonovia（4.79%）和Brenntag（4.41%）领涨。跌幅最大的是德意志银行（-2.84%）、德国商业银行（-1.76%）和空中客车公司（-1.18%）。

In Frankfurt, the DAX Index gained 176 points or 0.92 percent on Friday. Gains were led by Zalando (6.18%), Vonovia (4.79%) and Brenntag (4.41%). Biggest losers were Deutsche Bank (-2.84%), Commerzbank (-1.76%) and Airbus (-1.18%).

2024年第三季度，德国经济环比增长0.1%，较最初估计的0.2%有所下调，较前一时期0.3%的收缩略有反弹。家庭消费增长0.3%，从第二季度0.5%的下降中恢复，而政府支出增长从1.6%放缓至0.4%。固定投资也以较温和的速度下降（-0.1%对-2.1%），主要原因是建筑业（-0.3%对-2.2%）和机械设备（-0.2%对-3.4%）的跌幅较小。与此同时，净贸易对GDP产生了负面影响，进口增长0.2%（对1.2%），出口下降1.9%（对0.2%）。按年计算，经济下降0.3%，与上一时期持平，跌幅超过最初估计的0.2%。

The German economy expanded by 0.1% quarter-on-quarter in Q3 2024, revised down from an initial estimate of a 0.2% rise, and slightly rebounding from a 0.3% contraction in the previous period. Household consumption grew by 0.3%, recovering from a 0.5% decline in Q2, while government spending growth slowed to 0.4% from 1.6%. Fixed investments also fell at a softer pace (-0.1% vs. -2.1%), driven by smaller declines in construction (-0.3% vs. -2.2%) and machinery and equipment (-0.2% vs. -3.4%). Meanwhile, net trade contributed negatively to GDP, as imports rose 0.2% (vs. 1.2%) while exports dropped 1.9% (vs. 0.2%). On a yearly basis, the economy fell 0.3%, matching the same pace as in the previous period, and coming more than the initial estimates of a 0.2% drop.

德国11月制造业采购经理人指数（PMI）为43.2，而预期为43.0。制造业采购经理人指数xx与预期的43.0和之前的43.0相比。服务业采购经理人指数xx与预期的51.6和之前的51.6相比。

Germany November flash manufacturing PMI 43.2 vs 43.0 expected.Manufacturing PMI xx vs 43.0 expected and 43.0 prior. Services PMI xx vs 51.6 expected and 51.6 prior.