欧洲服务业分化加剧：德西意扩张提速 法国连续14个月收缩

Core Insights - The service sector in the Eurozone shows significant divergence, with Germany, Spain, and Italy experiencing expansion, while France remains in contraction for the 14th consecutive month [1][2][3][4] Service Sector Performance - France's October service PMI is at 48.0, below September's 48.5, indicating ongoing contraction due to weak demand and political uncertainty [1] - Germany's service PMI rose to 54.6, the highest since May 2023, driven by increased domestic demand and new business growth [2] - Italy's service PMI increased to 54.0, marking the strongest expansion in 17 months, supported by strong output and new orders [3] - Spain's service PMI surged to 56.6, the highest in ten months, with business activity boosted by marketing efforts and new contracts [3] Manufacturing Sector Performance - The Eurozone manufacturing sector shows fragile recovery, with output growing for the eighth consecutive month but new orders remaining flat [4] - Germany's manufacturing sector continues to show signs of contraction, with a significant slowdown in output growth [4] - France's manufacturing PMI remains below the 50 mark for 34 months, affected by domestic political instability and weak customer demand [4] - Greece's manufacturing PMI remains in expansion for the 12th month, driven by robust domestic demand [5] Overall Economic Outlook - The Eurozone exhibits a "strong South, weak North" pattern in the service sector, with Southern European countries benefiting from improved domestic demand and stable policy environments [6] - The manufacturing sector reflects a similar "strong South, weak North" dynamic, with Southern countries emerging as growth drivers amid challenges faced by traditional industrial engines like Germany and France [6]