芬敏说，让德国恢复增长是当务之急。德国财政部长Lars Klingbeil周四表示，德国政府的首要任务是使欧洲最大的经济体重回增长轨道。

Getting Germany back to growth is the top priority, finmin says.The German government's top priority is to bring Europe's biggest economy back on track for growth, German Finance Minister Lars Klingbeil said on Thursday.

HCOB德国服务业采购经理人指数从5月份的47.1升至2025年6月的49.7，高于49.4的初步读数，表明该行业接近稳定。新业务连续第十个月下降，但速度是当前序列中最慢的。就业人数连续第六个月增加，创造就业机会略有加快，但增长速度仍然温和。此外，积压的工作连续第14个月下降，但枯竭率在四个月内第三次放缓，达到去年5月以来的最低水平。在价格方面，通胀压力继续缓解，投入成本和产出价格均以较慢的速度上涨。最后，继4月份显著下降后，商业信心连续第二个月改善，尽管仍低于长期平均水平。

The HCOB Germany Services PMI rose to 49.7 in June 2025 from 47.1 in May, revised up from a preliminary reading of 49.4, signaling near-stabilization in the sector. New business declined for the tenth consecutive month, but at the slowest pace in the current sequence. Employment increased for the sixth straight month, with job creation accelerating slightly, though the pace of growth remained modest. Additionally, backlogs of work fell for the fourteenth consecutive month, but the rate of depletion slowed for the third time in four months, reaching its weakest level since May of last year. On the price front, inflationary pressures continued to ease, with both input costs and output prices rising at slower rates. Finally, business confidence improved for the second month in a row following a notable drop in April, though it remains below the long-run average.

HCOB德国综合采购经理人指数于2025年6月确认为50.4，标志着私营部门活动在5月收缩（48.5）后恢复增长。然而，由于制造业生产的增加被服务业活动的下降部分抵消，扩张只是有限的。与此同时，由于对制成品需求的增强，新订单在一年多以来首次出现增长，尽管幅度不大。此外，企业对未来一年的前景越来越乐观，对这两个受监测行业的信心都有所改善。尽管如此，就业人数仍在继续下降，与去年6月以来每月的趋势一致。积压工作的广泛减少表明运营能力缺乏压力。在价格方面，最新数据显示通胀压力继续缓解。投入成本和商品及服务平均价格均以去年10月以来的最低速度上涨。

The HCOB Germany Composite PMI was confirmed at 50.4 in June 2025, marking a return to growth in private sector activity after a contraction in May (48.5). However, the expansion was only limited as an increase in manufacturing production was partly offset by a decline in services activity. Meanwhile, new orders rose for the first time in over a year, albeit marginally, buoyed by stronger demand for manufactured goods. Furthermore, firms grew increasingly optimistic about the year-ahead outlook, with confidence improving in both monitored sectors. Still, employment continued falling, in line with the trend seen in each month since June last year. A broad-based decrease in backlogs of work pointed to a lack of pressure on operating capacity. On the price front, latest data showed inflationary pressures continuing to ease. Both input costs and average prices charged for goods and services rose at the slowest rate since October last year.

周四，法兰克福DAX指数上涨0.4%，收于23900点，延续了昨日的涨幅，受科技股和汽车股的支撑，贸易谈判的乐观情绪日益增强。美国解除对中国部分芯片设计出口管制的消息提振了市场情绪，标志着紧张局势缓和和潜在贸易休战的又一迹象。越南周二与美国达成的贸易协定取消了对美国商品的关税，提振了美国与欧盟达成类似协议的希望。与此同时，欧洲央行会议纪要和美国劳动力市场数据今天将成为焦点，两者都可能影响经济前景和降息预期。在企业方面，英飞凌科技公司开盘上涨2.9%。西门子公司股价上涨1.5%，此前该公司表示将恢复中国客户对其软件和技术的访问。大陆集团上涨1.2%，大众、保时捷、梅赛德斯-奔驰集团和宝马也上涨。

Frankfurt's DAX rose 0.4% toward 23,900 on Thursday, extending yesterday’s gains, supported by tech and auto stocks amid growing optimism on trade negotiations. News of the US lifting some chip design export controls on China lifted sentiment, marking another sign of easing tensions and a prospective trade truce. Vietnam’s Tuesday trade agreement with the US eliminated tariffs on American goods, boosting hopes for a similar US-EU deal. Meanwhile, ECB minutes and US labor market data will take center stage today, with both likely to impact the economic outlook and rate cut expectations. On the corporate front, Infineon Technologies jumped 2.9% at the open. Siemens AG rose 1.5% after saying it was restoring access to its software and technology for Chinese costumers. Continental AG added 1.2%, while Volkswagen, Porsche, Mercedes-Benz Group, and BMW also posted gains.