欧元区10月制造业PMI终值50，德、法持续萎缩，新订单疲软拖累复苏进程

Core Insights - Eurozone manufacturing stagnated in October, with the PMI at the neutral mark of 50.0, slightly above September's 49.8, indicating fragile recovery despite eight months of weak expansion [1][4] - New orders stabilized after over three years of decline, but export orders fell for the fourth consecutive month, leading to increased layoffs in the manufacturing sector [4][5] - The European Central Bank (ECB) is likely to maintain a patient policy stance due to easing inflation pressures, as indicated by stable input costs and a slight increase in factory prices [5][6] Manufacturing Performance - Eurozone manufacturing PMI for October was 50.0, with Germany and France's PMIs at 49.6 and 48.8, respectively, both indicating contraction [1][6] - New orders showed no growth in October, particularly affected by weak external demand, with export orders declining for four months [4][5] - Employment in the manufacturing sector has been contracting for nearly two and a half years, with layoffs accelerating in response to weak demand [4][5] Economic Divergence - There is significant divergence within the Eurozone, with Greece and Spain showing strong manufacturing performance (PMIs of 53.5 and 52.1) while Germany and France continue to struggle [6] - Germany's PMI rose slightly to 49.6, indicating a second consecutive month of improvement but still below the neutral level, with production growth slowing [6] - France's PMI at 48.8 reflects ongoing demand weakness, particularly from domestic markets, with manufacturers expressing negative outlooks for the next 12 months [6][12]