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.

德国5月工业订单下降1.4%，而预计下降0.1%。考虑到4月份强劲的正向修正，5月份的更大跌幅并没有那么糟糕。这主要是在4月份看到数据处理设备、电子和光学产品制造的几笔大额订单之后。

Germany May industrial orders -1.4% vs -0.1% m/m expected.The bigger slump in May is not as bad considering the stronger positive revision in April. That mostly comes after several large orders were seen in April for the manufacture of data processing equipment, electronic, and optical products.

在法兰克福，DAX指数周四上涨144点，涨幅0.61%。德国商业银行（2.44%）、汉高（2.00%）和英飞凌（1.89%）领涨。跌幅最大的是巴斯夫（-2.18%）、莱茵金属（-1.91%）和彪马（-1.61%）。

In Frankfurt, the DAX Index rose 144 points or 0.61 percent on Thursday. Leading the gains are Commerzbank (2.44%), Henkel (2.00%) and Infineon (1.89%). Top losers were BASF (-2.18%), Rheinmetall (-1.91%) and Puma (-1.61%).

由于投资者权衡了强于预期的美国就业报告、最近的贸易发展、对英国公共财政的担忧以及欧洲央行支持持续宽松政策立场的信号，德国10年期国债收益率削减了早些时候的跌幅，收于2.6%左右。美国经济在6月份增加了14.7万个工作岗位，远高于预测的11万个，而失业率意外降至4.1%，加强了对美联储即将降息的预期。与此同时，欧盟表示准备与美国达成贸易协议，但承认各国领导人也在为特朗普总统7月9日最后期限前无法达成协议的可能性做准备。在货币政策方面，市场现在预计欧洲央行在年底前只会再降息一次，因为官员们在对全球贸易不确定性、中东不稳定和欧元近期走强的持续担忧中采取了谨慎、观望的立场。

The yield on the German 10-year Bund pared earlier losses to settle around 2.6%, as investors weighed a stronger-than-expected US jobs report, recent trade developments, concerns over UK public finances, and ECB signals supporting a continued accommodative policy stance. The US economy added 147,000 jobs in June, well above forecasts of 110,000, while the unemployment rate unexpectedly fell to 4.1%, reinforcing expectations of upcoming Federal Reserve rate cuts. Meanwhile, the EU indicated readiness for a trade deal with the US but acknowledged that leaders are also preparing for the possibility of no agreement ahead of President Trump’s July 9 deadline. On the monetary policy front, markets are now pricing in just one more ECB rate cut before year-end, as officials adopt a cautious, wait-and-see stance amid persistent concerns over global trade uncertainty, Middle East instability, and the euro’s recent strength.