德国11月制造业PMI预览48.4，而预期为49.5。“这些数字对德国来说是一个重大挫折。在制造业，整体采购经理人指数已进一步陷入收缩区间，现在表明这部分经济放缓。

Germany November flash manufacturing PMI 48.4 vs 49.5 expected.“These figures are a major setback for Germany. In the manufacturing sector, the headline PMI has fallen deeper into contraction territory and now signals a slowdown in this part of the economy.

德国30年期债券拍卖从之前的3.17%上涨至3.26%。德国30年期债券拍卖从之前的3.17%上涨至3.26%

Germany 30-y Bond Auction up to 3.26% from previous 3.17%.Germany 30-y Bond Auction up to 3.26% from previous 3.17%

2025年11月，德国ZEW经济景气指数降至38.5，低于10月份的三个月高点39.3，也低于市场预期的40，反映出人们对政府实施有效经济政策的能力的信心减弱。ZEW总裁Achim Wambach教授表示：“投资计划应该提供经济刺激，但结构性问题依然存在。”。化工和金属行业的前景尤其疲软，而银行和保险业也较上月有所下降。相比之下，私人消费有了显著改善，增长了13.3个百分点，电气工程、服务、电信和IT行业略有增长。与此同时，11月当前经济状况指数上涨1.3点，至-78.7。

Germany’s ZEW Indicator of Economic Sentiment slipped to 38.5 in November 2025, down from October’s three-month high of 39.3 and below market expectations of 40, reflecting waning confidence in the government’s ability to implement effective economic policies. “The investment program should provide an economic stimulus, but structural problems persist,” said ZEW President Prof. Achim Wambach. The outlook is particularly weak for the chemical and metal industries, while the banking and insurance sectors also registered declines compared with last month. In contrast, private consumption saw a notable improvement, rising 13.3 points, and the electrical engineering, service, telecommunications, and IT sectors posted modest gains. Meanwhile, the current economic conditions index rose 1.3 points to -78.7 in November.

德国ZEW降至38.5，但欧元区有所改善。11月，投资者对德国的信心略有减弱，表明尽管有迹象表明该地区整体有所改善，但对欧洲最大经济体仍持谨慎态度。德国ZEW经济景气指数从39.3降至38.5，低于预期的42.5。

German ZEW falls to 38.5, but Eurozone improves.Investor confidence in Germany softened slightly in November, signaling continued caution about Europe's largest economy despite signs of broader regional improvement. German ZEW Economic Sentiment Index slipped to 38.5 from 39.3, missing expectations of 42.5.