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.

德国ZEW调查-11月经济情绪低于预期（40）：实际（38.5）。德国ZEW调查-11月经济情绪低于预期（40）：实际（38.5）

Germany ZEW Survey – Economic Sentiment below forecasts (40) in November: Actual (38.5).Germany ZEW Survey – Economic Sentiment below forecasts (40) in November: Actual (38.5)

德国DAX指数周二上涨0.2%，突破24000点大关，延续了前一天的涨幅，因为人们对美国政府关门结束的希望越来越大。在一些民主党人加入共和党人之后，参议院周一晚些时候通过了一项妥协预算，该法案预计将在众议院获得通过，并送达特朗普总统的办公桌，可能在周五前重新开放政府。交易员还关注了新的经济数据，包括德国ZEW情绪指数和企业更新。海德堡材料、西门子能源和德国电信是表现最好的公司之一，各自上涨了1%以上。另一方面，Rheinmetall（-1.6%）领跌，追随Hensoldt 6%的跌幅，此前摩根士丹利质疑其在资本市场日（CMD）上提出的中期指导和长期收入计划。慕尼黑再保险紧随其后，尽管第三季度利润高于预期，但因收入下降和部分指导下调而下跌1.6%。

Germany's DAX rose 0.2% to surpass the 24,000 mark on Tuesday, extending gains from the prior day, as hopes grew for an end to the US government shutdown. The Senate passed a compromise budget late Monday after some Democrats joined Republicans, and the Bill is expected to clear the House and reach President Trump’s desk, potentially reopening the government by Friday. Traders also eyed fresh economic data, including the German ZEW sentiment index and corporate updates. Heidelberg Materials, Siemens Energy and Deutsche Telekom were among the top performers, each rising more than 1%. On the flip side, Rheinmetall (-1.6%) led losses, tracking Hensoldt’s 6% drop after Morgan Stanley questioned its medium-term guidance and long-term revenue plans presented at the company's Capital Markets Day (CMD). Munich Re followed suit, down 1.6%, following a revenue miss and a partial guidance cut, despite higher-than-expected Q3 profits.