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.

法兰克福DAX指数周五上涨超过1%，收于22800点以上，为3月26日以来的最高水平，这得益于积极的盈利势头和中国表示愿意与美国谈判后对贸易谈判的重新乐观。市场也将注意力转向关键的宏观经济数据，包括4月份欧元区通胀估计、PMI调查和美国关键劳动力市场数据。大多数公司上涨，西门子能源和拜耳领涨，分别上涨5.1%和3.5%。空中客车公司也是表现最好的公司之一，在公布了超过预期的季度业绩并重申了其年度展望后，上涨了3.4%。

Frankfurt's DAX climbed over 1% on Friday to trade above 22,800, its highest level since March 26, buoyed by positive earnings momentum and renewed optimism over trade talks after China indicated a willingness to negotiate with the U.S. Markets are also turning their attention to key macroeconomic data, including eurozone inflation estimates for April, PMI surveys, and critical U.S. labor market figures. The majority of companies posted gains, with Siemens Energy and Bayer leading the way, up 5.1% and 3.5%, respectively. Airbus was also among the top performers, rising 3.4%, after posting quarterly results that topped estimates and reaffirming its annual outlook.