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.

在法兰克福，DAX指数周一上涨332点，涨幅1.42%。德国商业银行（5.03%）、安联（3.35%）和德意志银行（3.33%）领涨。

In Frankfurt, the DAX Index rose 332 points or 1.42 percent on Monday. Leading the gains are Commerzbank (5.03%), Allianz (3.35%) and Deutsche Bank (3.33%).

德国10年期国债收益率在上周下跌3.9个基点后稳定在2.7%左右，这是自5月下旬以来的最大单周跌幅。投资者正在权衡低于预期的美国就业数据和欧元区通胀走强对未来货币政策路径的影响。美国经济7月份增加的就业人数低于预期，前几个月大幅下调，促使特朗普总统解雇了一名劳工部高级官员。相比之下，欧元区通胀略强于预期，7月份保持在2.0%，而预测为1.9%。市场目前预计，从9月开始，美联储今年将再降息两次，而欧洲央行预计将暂时保持利率不变。

Germany’s 10-year Bund yield held steady around 2.7%, after falling 3.9 basis points last week—its sharpest weekly drop since late May. Investors are weighing the implications of weaker-than-expected US jobs data and firmer Eurozone inflation on future monetary policy paths. The US economy added fewer jobs than forecast in July, and prior months saw significant downward revisions, prompting President Trump to dismiss a top Labor Department official. In contrast, Eurozone inflation came in slightly stronger than expected, holding at 2.0% in July versus a 1.9% forecast. Markets are now pricing in two more Federal Reserve rate cuts this year, beginning in September, while the European Central Bank is expected to keep rates unchanged for the time being.

法兰克福DAX 40指数周一上涨近1%，至23660点，试图从上周的大幅抛售中恢复过来，该抛售将该指数拖入五周低点。这一下降是由于美国就业数据出乎意料地疲软，这引发了人们对美国经济实力的怀疑，以及特朗普总统宣布新关税后全球增长的担忧。特朗普解雇美国劳工统计局局长进一步加剧了不确定性。在企业新闻中，标准普尔确认了梅赛德斯-奔驰的“A-1”评级，但将其前景修订为“负面”后，梅赛德斯-奔驰股价小幅上涨。展望未来，投资者的注意力正转向繁忙的一周收益和关键经济指标，包括德国工厂订单、工业生产、贸易数据以及欧洲服务业和建筑业PMI读数。

Frankfurt’s DAX 40 climbed nearly 1% to 23,660 points on Monday, attempting to recover from last week’s sharp selloff, which dragged the index to a five-week low. The decline was driven by unexpectedly weak US jobs data, which raised doubts about the strength of the US economy, and renewed global growth concerns following President Trump’s announcement of new tariffs. Uncertainty was further compounded by Trump’s dismissal of the head of the BLS. In corporate news, Mercedes-Benz shares edged higher after S&P affirmed its “A-1” rating for the automaker but revised its outlook to “Negative.” Looking ahead, investor attention is turning to a busy week of earnings and key economic indicators, including German factory orders, industrial production, trade data, and Europe’s services and construction PMI readings.