法兰克福DAX指数周二收跌早盘涨幅，收于23846.1点，涨幅约0.4%，投资者继续关注财报季，同时也在关注贸易发展，因为美国关税将于8月7日生效。根据美欧协议，大多数欧盟出口商将面临15%的美国关税，这是特朗普此前威胁的30%的一半。作为回报，欧盟承诺在特朗普总统任期的剩余三年半内降低其对某些商品的关税，并将美国的能源采购增加7500亿美元。然而，特朗普警告称，如果布鲁塞尔未能兑现其对美国基础设施6000亿美元的投资承诺，他可能会对欧盟征收35%的关税。在商业头条新闻中，英飞凌科技公司因强劲的季度业绩上涨4.6%。大陆集团股价反弹0.4%，尽管第二季度息税前利润比预期低10%。不利的一面是，费森尤斯医疗在公布低于市场收益后下跌了1.7%以上。

Frankfurt's DAX pared early gains to close about 0.4% up at 23,846.1 on Tuesday, as investors continued to monitor the earnings season while also keeping an eye on trade developments, as US tariffs are set to take effect on August 7. Under the US-EU deal, most EU exporters will face a flat 15% US tariff—half the 30% previously threatened by Trump. In return, the EU committed to lowering its own tariffs on certain goods and increasing US energy purchases by $750 billion over the remaining three and a half years of Trump’s presidency. However, Trump has warned he may impose a 35% tariff on the EU if Brussels fails to meet its $600 billion investment pledge in American infrastructure. In business headlines, Infineon Technologies jumped 4.6% on strong quarterly results. Continental shares rebounded 0.4%, despite Q2 EBIT missing estimates by 10%. On the downside, Fresenius Medical Care dropped over 1.7% after reporting below-market earnings.

HCOB德国服务业采购经理人指数从6月的49.7升至2025年7月的50.6，并从50.1的初步读数上调，这表明在低于50的四个月后将温和恢复增长。然而，这一速度仍低于长期平均水平。复苏得益于轻微的就业增长、新的服务产品和新业务的小幅增长——主要是由国内需求推动的——而外国订单继续下降。在人员增加的帮助下，积压的工作连续第15个月下降，尽管就业增长是今年迄今为止最疲软的。在价格方面，通胀压力进一步缓解，投入成本和产出价格均以2021年初以来的最低速度上涨。受扩张计划和对低利率、高家庭收入和政府刺激的乐观情绪的推动，商业信心连续第三个月改善，达到1月以来的最高水平。

The HCOB Germany Services PMI rose to 50.6 in July 2025 from 49.7 in June and was revised up from a preliminary reading of 50.1, signaling a modest return to growth after four months below 50. However, the pace remained below the long-term average. The recovery was supported by slight job gains, new service offerings, and a marginal increase in new business—mainly driven by domestic demand—while foreign orders continued to decline. Backlogs of work fell for the 15th consecutive month, aided by increased staffing, although employment growth was the weakest recorded so far this year. On the price front, inflationary pressures eased further, with both input costs and output prices rising at the slowest rates since early 2021. Business confidence improved for the third month, reaching its highest level since January, driven by expansion plans and optimism about lower interest rates, higher household income, and government stimulus.

HCOB德国综合采购经理人指数从初步的50.3略微上调至2025年7月的50.6，为四个月来的最高水平，而6月份为50.4。该数据表明，在服务业反弹（50.6比49.7）的带动下，私营部门活动增长更快，而制造业仍处于收缩状态（49.1比49）。服务业新业务的再次好转抵消了制造业新订单扩张的放缓。与此同时，出口总额连续第二个月增长，尽管增长速度比6月份慢。就业人数仅略有下降，是三个月来最慢的。积压显示了15个月来最温和的下降，通胀压力有所缓和，主要反映了服务业成本和产出价格上涨的减弱。最后，服务业带动了商业预期的上升。尽管制造业信心降至4月以来的最低水平，但乐观程度仍处于六个月来的最高水平。

The HCOB Germany Composite PMI was revised slightly higher to 50.6 in July 2025 from a preliminary of 50.3, the highest in four months, compared to 50.4 in June. The reading pointed to a faster increase in private sector activity, led by a rebound in services (50.6 vs 49.7) while the manufacturing sector remained in contraction (49.1 vs 49). A renewed upturn in service sector new business offset a slower expansion in manufacturing new orders. Meanwhile, total export sales were up for the second month running, albeit increasing more slowly than in June. Employment fell only slightly and at the slowest rate in three months. Backlogs showed their softest decline for 15 months and inflationary pressures moderated, principally reflecting weaker cost and output prices increases in the service sector. Lastly, there was a services-led rise in business expectations. The degree of optimism was at a six-month high, despite manufacturing seeing the lowest confidence since April.

德国7月最终服务业采购经理人指数50.6 vs 50.1。“德国正在进入下半年，其增长虽然温和，但在服务业和制造业都是全面的。订单量略有上升，制造业和服务业的出口业务适度改善，共同描绘了一幅经济缓慢但明显摆脱长期疲软的图景。

Germany July final services PMI 50.6 vs 50.1 prelim.“Germany is entering the second half of the year with growth that, while modest, is evident across the board – both in services and manufacturing. Slightly rising order intakes and moderately improved export business across manufacturing and services combined paint the picture of an economy that is slowly but visibly emerging from a prolonged period of weakness.