欧元区制造业PMI创34个月新高，德国延续复苏势头，法国承压

Core Insights - Eurozone manufacturing shows signs of stabilization in June, with PMI rising to 49.5, the highest level since August 2022, marking the fourth consecutive month of output growth [1][4] - New orders stabilized in June, ending a 37-month decline, while export orders also showed signs of recovery [4] - Germany's manufacturing PMI reached a 34-month high, with new orders growing at the fastest rate in 39 months, indicating a continued recovery [6][9] - France's manufacturing PMI fell to 48.1, marking the largest decline since February, primarily due to a sharp drop in new orders [11][14] Eurozone Manufacturing Overview - Eurozone manufacturing PMI increased from 49.4 in May to 49.5 in June, approaching the critical 50 mark, although still in contraction territory [4] - Output index decreased from 51.5 in May to 50.8 in June, indicating a slowdown in growth but remaining in the expansion zone [4] - Employment numbers continued to decline for the 25th consecutive month, with layoffs accelerating slightly in June [4] Country-Specific Performance - Germany's manufacturing PMI rose from 48.3 in May to 49.0 in June, with output index reaching 51.9, indicating a two-month high [6][9] - New orders in Germany increased for the third time in four months, reflecting improved domestic and international demand [9] - In contrast, France's manufacturing sector faced further deterioration, with new orders declining at the fastest rate in four months, leading to reduced production activity [11][14] Employment and Pricing Trends - German manufacturers reported a slight increase in purchasing activity for the first time in three years, despite ongoing declines in inventory levels [9] - French manufacturers continued to face rising input prices, with inflation slightly accelerating compared to May, while also reducing selling prices to compete for new business [14]