Ifo研究所在最新的展望更新中大幅下调了德国经济增长预测。Ifo研究所目前预计，德国经济今年仅小幅增长0.2%，较之前预测的0.3%有所下调。与此同时，他们预计2026年经济将增长1.3%，但这也低于他们之前从夏季预测的1.5%。

Ifo institute slashes German economic growth forecasts in latest outlook update.The Ifo institute now expects the German economy to only expand marginally by 0.2% this year, revised lower from their previous projection of 0.3%. Meanwhile, they see the economy expanding by 1.3% in 2026 but that is also lower than their previous estimate from the summer of 1.5%.

HCOB德国建筑业采购经理人指数从7月份的29个月高点46.3微降至2025年8月的46.0，表明行业收缩再次加速。商业活动自3月以来跌幅最大，而房地产活动仍然疲软，但回落至两年半以来的最低跌幅。基础设施工作提供了一个难得的亮点，三个月来第二次稳步扩张。尽管如此，在经济疲软和成本上升的压力下，整体新订单继续萎缩。在劳动力方面，裁员连续第三个月放缓，导致就业人数仅略有下降，这是自2022年4月开始裁员以来的最温和降幅。投入价格通胀有所缓解，但分包商费用以一年多来的最快速度攀升。与此同时，商业情绪恶化至四个月低点。

The HCOB Germany Construction PMI edged down to 46.0 in August 2025 from July’s 29-month high of 46.3, signaling a renewed acceleration in sector contraction. Commercial activity fell the most since March, while housing activity remained weak but eased to its slowest rate of decline in two-and-a-half years. Infrastructure work provided a rare bright spot, expanding solidly for the second time in three months. Still, overall new orders continued to shrink under pressure from sluggish economic conditions and elevated costs. On the labor front, job cuts slowed for the third straight month, resulting in only a marginal fall in employment—the mildest reduction since staffing declines began in April 2022. Input price inflation eased, but subcontractor charges climbed at their fastest pace in over a year. Meanwhile, business sentiment deteriorated to a four-month low.

周四，法兰克福DAX指数连续第二天上涨，涨幅约0.2%，超过23600点，债券市场趋于平静。然而，随着投资者展望美国就业数据，以寻求美联储下一步行动的指导，人们普遍持谨慎态度。贸易政策也引起了人们的关注，因为特朗普总统要求最高法院迅速听取他对上周决定的上诉，该决定使他的大部分关税无效。在股票中，Zalando领涨，上涨1.8%，其次是拜耳、RWE、海德堡材料和大陆集团，各上涨约1%。与此同时，保时捷股份公司和医疗保健集团赛多利斯分别下跌1%和0.5%，因为他们准备在最新的季度重组中退出DAX指数，Scout24和GEA集团将从9月22日起接替他们的位置。自2022年12月以来一直是DAX成员的保时捷股份公司和2021年9月加入的赛多利斯最近都在苦苦挣扎，保时捷的股价在过去一年中下跌了约三分之一。

The DAX in Frankfurt was up for a second day on Thursday, rising about 0.2% to surpass 23,600, amid calmer bond markets. Caution, however, prevailed as investors looked ahead to US jobs numbers for guidance on the Fed’s next moves. Trade policy also drew attention as President Trump asked the Supreme Court to swiftly hear his appeal of last week’s decision, which invalidated most of his tariffs. Among equities, Zalando led the gains, rising 1.8%, followed by Bayer, RWE, Heidelberg Materials and Continental, each adding around 1%. Meanwhile, Porsche AG and healthcare group Sartorius lost 1% and 0.5%, respectively, as they prepare to leave the DAX in the latest quarterly reshuffle, with Scout24 and GEA Group taking their places from September 22. Both Porsche AG, a DAX member since December 2022, and Sartorius, added in September 2021, have struggled recently, with Porsche’s shares down around a third over the past year.

德国经济2025年仅增长0.1%-IfW。该研究所预计，德国经济今年将增长0.1%，在经历了两年的收缩后略有回升。他们认为，在政府支出增加的帮助下，商业预期的改善有助于提升经济前景。

German economy set to only grow by 0.1% in 2025 - IfW.The institute sees the German economy expanding by 0.1% this year, edging back up after two years of contraction. They see improved business expectations as being one to lift economic prospects, helped by higher government spending.