HCOB Flash德国制造业PMI从3月的41.9增至2024年4月的42.2，略低于42.8的预测。数据继续表明，制造业经营状况急剧恶化，新订单下降幅度为五个月来最大，交货时间加快，这进一步证明了需求疲软。另一方面，产量下降速度较慢，裁员有所缓解，出厂价格创2009年9月以来最大跌幅，对未来产量的乐观情绪有所改善。然而，仍然没有迹象表明，在全球库存周期中观察到的暂时好转已经到达德国。

The HCOB Flash Germany Manufacturing PMI increased to 42.2 in April 2024 from 41.9 in March, slightly below forecasts of 42.8. The reading continues to point to a sharp deterioration in manufacturing business conditions, with incoming orders falling the most in five months and quicker delivery times serving as further evidence of weakening demand. On the other hand, production fell at a slower pace, job shedding eased, factory gate prices fell the most since September 2009 and optimism with respect to future output improved. However, there are still no indications that the tentative turnaround observed in the global inventory cycle has reached Germany.

2024年4月，HCOB德国服务业采购经理人指数飙升至53.3，远高于预期的50.6，高于3月的50.1。这标志着自2023年6月以来的最大扩张，这是由客户兴趣增强的需求条件推动的。此外，就业略有增长，积压的工作也有所增加。与此同时，新订单出现了5个月来的最大降幅，新业务继续减少，尽管速度在近一年内有所放缓。在价格方面，投入成本较前三个月低点略有上升，与历史平均水平一致。同样，产出成本也在加速，在3月份创下37个月新低后，几乎与长期平均水平持平。最后，整体商业信心略有下降，反映出乐观情绪较3月份25个月高点有所降温。

The HCOB Germany Services PMI surged to 53.3 in April 2024, well above the expected 50.6 and up from 50.1 in March. This marked the sharpest expansion since June 2023, driven by rising demand conditions, buoyed by heightened client interest. Moreover, employment grew slightly, as well as the backlogs of work. Meanwhile, new orders saw the steepest decline in 5 months and new business continued to decrease, albeit at a slower rate in almost a year. On the price front, input costs rose slightly from the previous 3-month low, aligning with historical averages. Similarly, output costs accelerated, nearly matching long-run averages after hitting a 37-month low in March. Finally, the overall business confidence dipped slightly, reflecting a cooling of optimism from March's 25-month high.

初步估计显示，2024年4月，HCOB德国综合采购经理人指数从上月的47.7升至50.5，轻松超过市场预期的48.6。最新数据自2023年6月以来首次超过50.0不变阈值，表明私营部门商业活动的适度扩张速度，服务业产出大幅反弹。然而，制造业生产继续收缩，尽管速度较慢。新业务总量和积压工作的收缩是近一年来最小的，而就业人数继上月下降后略有增加。在价格方面，投入成本和产出费用都以更快的速度增长。最后，随着服务业的乐观程度从3月份的25个月高点回落，整体商业信心略有下降。

The HCOB Germany Composite PMI rose to 50.5 in April 2024 from 47.7 in the previous month, easily beating market expectations of 48.6, a preliminary estimate showed. The latest reading was above the 50.0 no-change threshold for the first time since June 2023, signaling a modest rate of expansion in private sector business activity, led by a sharp rebound in service sector output. However, manufacturing production continued to contract, although at a slower pace. Total new business and backlogs of work contracted the least in nearly a year, while employment increased fractionally following a decrease the month before. On the price front, both input costs and output charges rose at a faster pace. Finally, overall business confidence ticked down slightly, as the degree of optimism in the service sector cooled from March’s 25-month high.

在法兰克福，DAX指数周一上涨了150点，涨幅为0.84%。涨幅居前的是费森尤斯医疗（6.24%）、拜耳（3.97%）和Qiagen NV（2.52%）。损失最大的是Zalando（-2.27%）、Infineon（-1.11%）和RWE（-1.08%）。

In Frankfurt, the DAX Index went up by 150 points or 0.84 percent on Monday. Top gainers were Fresenius Medical Care (6.24%), Bayer (3.97%) and Qiagen NV (2.52%). Biggest losses came from Zalando (-2.27%), Infineon (-1.11%) and RWE (-1.08%).