HCOB德国制造业采购经理人指数于2025年6月确认为49，为2022年8月以来的最高水平，尽管这仍表明整体制造业商业状况略有收缩。受国内外需求增加的带动，新订单以2022年3月以来的最快速度增长。此外，制造商第四次扩大生产，采购活动三年来首次增加。即便如此，采购库存和生产后库存仍在下降。此外，就业人数继续减少，积压工作减少，这表明产能利用不足，而供应商交货时间有所改善。在价格方面，由于供应商之间的竞争和美元走软，德国制造商为投入品支付的平均价格下降。工厂大门费用连续第二个月下降。最后，信心达到2022年2月以来的最高水平，反映了增加公共部门支出的计划和更广泛的经济好转的希望。

The HCOB Germany Manufacturing PMI was confirmed at 49 in June 2025, the highest since August 2022, though it still signals a slight contraction in overall manufacturing business conditions. New orders rose at the strongest pace since March 2022, led by increased demand both at home and abroad. Also, manufacturers scaled up production for the fourth time and purchasing activity increased for first time in three years. Even so, stocks of purchases and post-production inventories continued to fall. Also, employment continued to be scaled back and backlogs of work fell in a sign of underutilised capacity while supplier delivery times improved. On the price front, average prices paid by German manufacturers for inputs fell amid competition among suppliers and a weaker US dollar. Factory gate charges fell for a second straight month. Lastly, confidence was the highest since February 2022, reflecting the plans for increased public sector spending and hopes of a wider economic upturn.

德国6月份经季节性调整的失业率稳定在6.3%，低于6.4%的市场预期，但仍处于2020年9月以来的最高水平。失业人数增加了11000人，达到297.2万人，低于预期的15000人。尽管如此，失业人数十年来首次接近300万大关。劳工办公室主任Andrea Nahles表示：“劳动力市场继续显示出经济疲软的迹象。失业率继续不利发展。公司仍然不愿意招聘。”。职位空缺数量降至63.2万个，比去年同期减少6.9万个，表明招聘需求放缓。

Germany’s seasonally adjusted unemployment rate held steady at 6.3% in June, below market expectations of 6.4% but remaining at the highest since September 2020. The number of unemployed rose by 11,000 to 2.972 million, less than the 15,000 increase expected. Still, the number of unemployed people is close to the 3 million mark for the first time in a decade. "The labour market continues to show signs of economic weakness. Unemployment continues to develop unfavourably. And companies remain reluctant to hire," said labour office head Andrea Nahles. The number of job openings fell to 632,000 , down 69,000 from a year earlier, signaling slower hiring demand.

周二，DAX指数在23900点附近几乎没有波动，其他欧洲指数表现喜忧参半，因为美国关税的不确定性使投资者情绪脆弱。据报道，欧盟对美国的一项贸易协议持开放态度，该协议涉及对其许多出口产品征收10%的统一关税，前提是制药、酒精、半导体和商用飞机等关键行业免征关税。欧盟贸易负责人本周将在华盛顿举行谈判，希望推动谈判向前发展。与此同时，欧洲央行的年度论坛今天在辛特拉开幕，吸引了投资者的注意力，因为央行行长们准备分享对政策和经济前景的见解。在数据方面，德国劳动力市场数据和欧元区通胀数据将受到密切关注。汽车股面临抛售压力，保时捷和梅赛德斯-奔驰集团各下跌2%以上，宝马和大众也出现亏损。相反，阿迪达斯和德国商业银行领涨，均上涨1.6%。

The DAX saw little movement around 23,900 on Tuesday, with other European indexes showing mixed performance, as uncertainty about US tariffs kept investor sentiment fragile. The European Union is reportedly open to a US trade deal that involves a uniform 10% tariff on many of its exports—provided that critical sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft are exempted. The EU’s trade chief is set to hold negotiations in Washington this week, hoping to move negotiations forward. Meanwhile, the ECB’s annual forum kicks off today in Sintra, drawing investor attention as central bankers prepare to share insights on policy and the economic outlook. On the data front, German labor market data and Eurozone inflation figures will be closely watched. Auto stocks came under selling pressure, with Porsche and Mercedes-Benz Group each falling over 2%, while BMW and Volkswagen also posted losses. Conversely, Adidas and Commerzbank led the gains, both up 1.6%.

周一，法兰克福DAX指数收于23910点，下跌约0.5%，暂停了两个交易日的上涨，交易员们权衡了国内喜忧参半的数据，并等待贸易谈判的明确结果。德国通胀率意外下跌，从5月份的2.1%降至6月份的2%，而市场预测为2.2%。另一份报告显示，继上个月下降0.6%之后，5月份零售额下降了1.6%，突显出消费者持续疲软。在贸易方面，特朗普总统表示，贸易协议正在进行中，并补充说，他不打算在7月9日之后延长对大多数国家关税的90天暂停期，因为他设定的谈判期将于7月9号到期。Symrise领跌，下跌近7%，紧随其后的是拜耳，在美国最高法院要求政府就涉及其子公司孟山都的除草剂诉讼发表意见后，拜耳下跌5.4%。当月，DAX指数下跌近0.4%。

Frankfurt's DAX closed about 0.5% down at 23,910 on Monday, halting two sessions of advances, as traders weighed mixed domestic data and awaited clarity on trade negotiations. German inflation surprised on the downside, falling to 2% year-on-year in June, from 2.1% in May and against market forecasts of 2.2%. A separate report showed retail sales dropped by 1.6% in May, following a 0.6% fall in the prior month, underscoring continued consumer weakness. On the trade front, President Trump stated trade deals are underway, adding he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9, when the negotiating period he set would expire. Symrise led the losses, falling nearly 7%, followed by Bayer, which dropped 5.4% after the U.S. Supreme Court requested the government’s opinion on ongoing weedkiller litigation involving its subsidiary, Monsanto. For the month, the DAX recorded a loss of nearly 0.4%.