HCOB德国建筑业采购经理人指数从上个月的44.4升至2025年6月的44.8，表明该行业的衰退程度略有减轻。这一温和的改善主要是由于土木工程活动恢复增长，这是自2023年8月以来的首次扩张。此外，商业建筑的下降速度降至两年多来的最低水平。然而，住房部门继续挣扎，活动以三个月来最快的速度急剧收缩。6月份新订单仍在下降，尽管与上月相比收缩率略有放缓。在成本方面，投入价格通胀升至28个月来的最高水平，尽管材料可用性显著改善，但产出费用也有所增加。最终，5月份的乐观情绪在6月份逐渐消退，转变为新的悲观情绪，这主要是由于房地产市场的持续低迷所导致的。

The HCOB Germany Construction PMI rose to 44.8 in June 2025 from 44.4 in the previous month, indicating a slightly less severe downturn in the sector. This modest improvement was largely driven by a return to growth in civil engineering activity—the first expansion since August 2023. Additionally, the decline in commercial construction eased to its slowest pace in more than two years. However, the housing sector continued to struggle, with activity contracting sharply at the fastest rate in three months. New orders remained in decline during June, although the rate of contraction softened slightly compared to the previous month. On the cost front, input price inflation rose to its highest level in 28 months, and output charges also increased, despite a notable improvement in material availability. Finally, the optimism seen in May faded in June, turning into renewed pessimism—largely driven by the deepening downturn in the housing market.

法兰克福DAX指数下跌147点。海德堡水泥（-1.56%）、Zalando（-1.45%）和西门子医疗（-1.32%）领跌。抵消跌幅，涨幅最大的是莱茵金属（0.71%）、E.ON（0.57%）和德国电信（0.32%）。

In Frankfurt, the DAX Index is losing 147 points. Losses were led by HeidelbergCement (-1.56%), Zalando (-1.45%) and Siemens Healthineers (-1.32%). Offsetting the fall, top gainers were Rheinmetall (0.71%), E.ON (0.57%) and Deutsche Telekom (0.32%).

周五，法兰克福DAX指数小幅下跌至23800点，与地区同行持平，因为围绕全球贸易的紧张情绪令投资者感到不安。唐纳德·特朗普总统表示，他计划最早在今天致函有关国家，详细说明新关税，因为关于这一问题的谈判已进入最后阶段。到目前为止，美国政府已与英国和越南达成协议，并同意与中国停战。欧盟正在推动在7月9日之前达成“原则协议”，但承认不太可能在截止日期前达成全面协议。在国内数据方面，德国5月份工业订单下降幅度超过预期。几个行业出现亏损，其中制药股、零售商、建筑材料、科技股和汽车股领涨。在个股中，赛多利斯、西门子医疗、阿迪达斯、Zalando、巴斯夫、大众、保时捷、梅赛德斯-奔驰集团、SAP是最大的落后者。本周，该指数将下跌约1%。

Frankfurt's DAX edged lower toward 23,800 on Friday, aligning with its regional peers, as nervousness surrounding global trade unsettled investors. President Donald Trump has stated that he plans to send letters to the countries concerned detailing the new tariffs as early as today, as negotiations on the subject enter their final stretch. So far, the US administration has struck deals with the UK and Vietnam and agreed to a truce with China. The EU is pushing for an 'agreement in principle' ahead of July 9 but has acknowledged that a comprehensive deal is unlikely to be reached by the deadline. On the domestic data front, German industrial orders fell more than expected in May. Several sectors were in the red, led by pharma stocks, retailers, construction materials, techs and autos. Among individual stocks, Sartorius, Siemens Healthineers, Adidas, Zalando, BASF, Volkswagen, Porsche, Mercedes-Benz Group, SAP were the biggest laggards. For the week, the index is set to fall about 1%.

2025年5月，德国的工厂订单环比下降1.4%，低于市场预测的0.1%的下降，扭转了上个月向上修正的1.6%的增长。这是三个月来的首次下降，主要受计算机、电子和光学产品订单下降17.7%的影响，此前4月份有几笔大规模订单。电气设备（-6.2%）和基本金属（-5.1%）的需求也减弱。相比之下，金属制品（18.2%）和其他运输设备（6.8%）的订单有所增加。资本品订单下降4.1%，中间产品下降3.4%，而消费品增长3.1%。国内订单下降7.8%，抵消了外国需求2.9%的增长，尽管欧元区订单下降了6.5%，但非欧元区订单增长了9.0%，推动了外国需求的增长。剔除大规模订单，整体需求下降3.1%。在波动较小的三个月基础上，2025年3月至5月期间，工厂订单增长了2.1%，部分原因是90天的贸易休战。

Factory orders in Germany dropped by 1.4% month-over-month in May 2025, missing market forecasts of a 0.1% decline and reversing an upwardly revised 1.6% rise in the previous month. It was the first drop in three months, weighed heavily by a 17.7% plunge in orders for computer, electronic, and optical products following several large-scale orders in April. Demand also weakened for electrical equipment (-6.2%) and basic metals (-5.1%). In contrast, orders rose for fabricated metal products (18.2%) and other transport equipment (6.8%). Capital goods orders dropped 4.1%, and intermediate goods fell 3.4%, while consumer goods rose 3.1%. Domestic orders slumped 7.8%, offsetting a 2.9% rise in foreign demand, which was driven by a 9.0% jump in non-euro area orders, despite a 6.5% fall from the eurozone. Excluding large-scale orders, overall demand fell 3.1%. On a less volatile three-month basis, factory orders rose 2.1% during March–May 2025, supported in part by the 90-day trade truce.