据报道，2025年8月，HCOB德国服务业采购经理人指数为49.3，比7月份的50.6有显著下降，低于初步估计的50.1。这一下降表明，在新工作岗位再次减少和招聘停滞的推动下，德国服务业已重新陷入收缩状态。在价格方面，投入成本通胀从7月份的53个月低点加速，企业称工资压力。因此，8月份产出价格的增长率也有所上升，从2021年4月以来的上个月最低水平回升。尽管如此，商业预期仍然相对稳定，公司对未来增长的前景略高于历史平均水平。

The HCOB Germany Services PMI was reported at 49.3 in August 2025, a notable drop from July's 50.6 and below the preliminary estimate of 50.1. This decline signals that the German service sector has fallen back into contraction territory, driven by a renewed decrease in new work and a stagnation in hiring. On the price front, input cost inflation accelerated from July's 53-month low, with firms citing wage pressures. Consequently, the rate of increase in output prices also ticked up in August, recovering from the previous month's lowest level since April 2021. Despite this, business expectations remained relatively stable, with companies maintaining a slightly more optimistic outlook on future growth than the historical average.

法兰克福DAX指数周三微涨0.2%，突破23500点，试图扭转前一交易日的大幅下跌，与其他欧洲同行保持一致。周二，由于对美国、英国、法国和日本等主要经济体债务可持续性的担忧，全球债券市场出现抛售，股市下跌。与此同时，投资者关注了一批PMI调查，根据最终数据，德国私营部门在8月份连续第三个月显示出商业活动的边际增长率。在企业方面，阿迪达斯领涨，涨幅超过3%，此前经纪公司杰富瑞将这家德国运动服装品牌的评级从“持有”上调至“购买”，并指出支持其业务的增长动力日益多样化。其他表现最好的公司包括Zalando、拜耳、空中客车、默克、SAP和大众，涨幅在1%至2%之间。

The DAX in Frankfurt edged up 0.2% to surpass 23,500 on Wednesday, attempting to reverse sharp losses in the prior session, in line with other European peers. On Tuesday, equities retreated due to a global selloff in bond markets linked to concerns over debt sustainability in major economies such as the US, the UK, France and Japan. Meanwhile, investors eyed a batch of PMI surveys, with Germany's private sector showing a marginal rate of business activity growth for a third straight month in August, according to final data. On the corporate front, Adidas led the gains, rising over 3%, after brokerage Jefferies raised its rating on the German sportswear brand to "buy" from "hold", noting increasingly diverse growth drivers supporting its business. Other top performers included Zalando, Bayer, Airbus, Merck, SAP and Volkswagen, adding between 1% and 2%.

HCOB德国综合采购经理人指数从初步的50.9下调至2025年8月的50.5，而7月份为50.6。该数据表明，商业活动连续第三个月出现边际增长，制造业接近停滞（49.8比49.1），而服务业则再次陷入收缩（49.3比50.6）。此外，制造业生产的强劲增长与服务业的再次衰退形成鲜明对比。由于服务业的拖累，新订单也略有下降。与此同时，就业率以六个月来最快的速度下降，但在这种情况下，下降主要集中在制造业。商品生产部门也导致商业预期略有下降。在价格方面，整体投入成本以3月以来的最快速度上涨。产出费用通胀率同样有所上升，但由于制造业的贴现，其继续低于长期平均水平。

The HCOB Germany Composite PMI was revised lower to 50.5 in August 2025 from a preliminary of 50.9, and compared to 50.6 in July. The reading signalled a marginal rate of business activity growth for a third straight month, with manufacturing getting close to stagnation (49.8 vs 49.1), while the services sector fell back into contraction (49.3 vs 50.6). Also, a stronger increase in manufacturing production contrasted with a renewed decline in the service sector. New orders were also down slightly thanks to the drag from services. Employment meanwhile fell at the quickest rate for six months, but in this case the decline was centred on manufacturing. The goods-producing sector also led a slight drop in business expectations. On the price front, overall inputs costs rose at the quickest rate since March. The rate of output charge inflation likewise ticked up, but it continued to run below its long-run average due to discounting in the manufacturing sector.

法兰克福DAX指数周二延续下跌，收于23487点，跌幅约2.3%，为8月1日以来的最低水平，追随政府债券收益率攀升推动的全球广泛抛售。与此同时，投资者消化了大西洋两岸的新经济数据。在欧洲，欧元区的年通胀率从7月份的2%微升至8月份的2.1%，超过了欧洲央行的目标和市场预期，并支持了政策制定者下周将保持利率不变的预期。与此同时，地缘政治紧张局势、法国政治不确定性和关税担忧继续打压市场情绪。在企业方面，所有行业均出现下跌。在股票中，Vonovia（-6.1%）、西门子能源（-5.8%）、费森尤斯医疗（-5.3%）、英飞凌科技（-4.5%）、Siemens（-4.4%）和Sartorius（-3.9%）的跌幅最大。

The DAX in Frankfurt extended losses to close about 2.3% lower at 23, 487 on Tuesday, the lowest level since August 1, tracking a broad global selloff fueled by climbing government bond yields. Meanwhile, investors digested fresh economic data from both sides of the Atlantic. In Europe, the annual inflation rate in the Eurozone inched up to 2.1% in August, from 2% in July, topping the ECB’s target and market expectations, and supporting expectations that policymakers will keep rates unchanged next week. At the same time, geopolitical tensions, political uncertainty in France and tariff worries continued to weigh on market sentiment. On the corporate front, all sectors finished in the red. Among equities, Vonovia (-6.1%), Siemens Energy (-5.8%), Fresenius Medical Care (-5.3%), Infineon Technologies (-4.5%), Siemens (-4.4%) and Sartorius (-3.9%) posted the sharpest declines.