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.

法兰克福DAX指数周二上涨0.7%，连续第二天上涨，因为投资者在8月7日欧洲关税生效之前仍关注收益，同时关注贸易新闻。周一，有消息称，欧盟计划暂停对美国的贸易反制措施六个月。在商业头条新闻中，英飞凌科技公司在取得令人印象深刻的季度业绩后上涨了3.6%。Hugo Boss在公布利润增长并重申其25财年预测后也上涨了2%。不利的一面是，费森尤斯医疗在公布季度业绩低于市场预期后暴跌近7%。大陆集团股价下跌约2%，此前这家德国轮胎和汽车零部件制造商公布的第二季度息税前利润比普遍预期低10%。

Frankfurt's DAX rose 0.7% on Tuesday, heading for a second consecutive day of gains, as investors remained focused on earnings while keeping an eye on trade news ahead of the European tariffs coming into force on August 7. On Monday, news surfaced that the EU plans to pause trade countermeasures against the US for six months. In business headlines, Infineon Technologies gained 3.6% following impressive quarterly results. Hugo Boss also rose 2% after reporting increased profits and reaffirming its FY25 forecast. On the downside, Fresenius Medical Care plunged nearly 7%, after reporting quarterly results below market expectations. Shares in Continental fell around 2% after the German tire and car part maker posted Q2 EBIT 10% below consensus estimates.