周五，欧元区通胀数据高于预期后，德国10年期国债收益率微升至2.46%。4月份，年通货膨胀率稳定在2.2%，略高于2.1%的预测，因为服务和未加工食品价格的大幅上涨抵消了能源成本的大幅下降。核心通胀率从2.4%升至2.7%，也超过了2.5%的预期，促使投资者保持对欧洲央行年底前降息60个基点的预期。在全球范围内，人们的注意力转向了即将发布的美国就业报告——这是自特朗普政府4月初宣布关税以来的第一份——以进一步了解美联储的下一步行动。与此同时，在北京表示正在“评估”美国最近提出的重启谈判的建议后，有迹象表明美中贸易紧张局势可能缓和，市场情绪有所改善。

The yield on Germany’s 10-year Bund edged up to 2.46% on Friday after Eurozone inflation data came in above expectations. Annual inflation held steady at 2.2% in April, slightly above the forecast of 2.1%, as sharp increases in services and unprocessed food prices offset a steeper drop in energy costs. Core inflation rose to 2.7% from 2.4%, also beating estimates of 2.5%, prompting investors to maintain expectations of 60 basis points in European Central Bank rate cuts by the end of the year. Globally, attention turned to the upcoming U.S. employment report—the first since the Trump administration's early April tariff announcement—for further insight into the Federal Reserve’s next move. Meanwhile, sentiment improved on signs of a potential easing in U.S.–China trade tensions, after Beijing said it is “evaluating” recent American proposals for renewed talks.

HCOB德国制造业采购经理人指数在2025年4月被上调至48.4，初步读数为48，3月份为48.3。最新读数是两年半以来的最高记录，这主要归功于产出的稳步加速增长。受出口订单回升的支撑，德国4月份制造业生产水平以三年多来的最快速度增长。然而，商品生产商对前景不那么乐观，他们继续减少劳动力数量，尽管速度较慢。值得注意的是，最新数据显示，德国制造商的平均价格近两年来首次上涨。尽管投入成本急剧加速下降。

The HCOB Germany Manufacturing PMI was revised higher to 48.4 in April 2025, from a preliminary reading of 48 and March's 48.3. The latest reading was the highest recorded for more than two-and-a-half years, which principally owed to a solid and accelerated increase in output. German manufacturing production levels rose at the quickest rate for more than three years in April, supported by an upturn in export orders. Goods producers were less optimistic about the outlook, however, and they continued to reduce workforce numbers, albeit at a slower pace. Notably, latest data showed a rise in average prices charged by German manufacturers for the first time in almost two years. This was despite input costs recording a sharp and accelerated decline.

德国HCOB 4月制造业PMI高于预期（48）：实际（48.4）。德国HCOB 4月制造业PMI高于预期（48）：实际（48.4）

Germany HCOB Manufacturing PMI above expectations (48) in April: Actual (48.4).Germany HCOB Manufacturing PMI above expectations (48) in April: Actual (48.4)

德国4月最终制造业采购经理人指数48.4 vs 48.0。“随着整体采购经理人指数接近中性50大关，人们可能会认为德国工业正在逐渐摆脱持续近三年的衰退。毕竟，制造商已经连续第二个月扩大生产。

Germany April final manufacturing PMI 48.4 vs 48.0 prelim.“With the headline PMI moving closer to the neutral 50 mark, one might think that German industry is gradually emerging from a downturn that has lasted almost three years. After all, manufacturers have expanded production for the second month in a row.