分项来看，印度服务业PMI终值从初值59.1下修至58.0，低于市场预测的59.3及11月终值59.8。这是自 2025年1月以来服务业最疲弱的扩张表现。新业务与产出增速均放缓至11个月低点。 新华财经北京1月6日电汇丰印度采购经理人指数（PMI）数据显示，印度2025年12月经济活动扩张速度 明显减弱。综合PMI终值由初值58.9下修至57.8，低于11月的59.7，为2025年以来最低水平。 根据报告，制造业与服务业同步放缓，构成整体动能减弱的主要原因。新订单增速降至过去25个月以来 最慢，商品生产商与服务企业的增长动力均有所减弱。同时，综合就业创造陷入停滞，其中制造业招聘 活动疲软，服务业就业人数则略有减少。 在价格方面，投入成本与产出收费继续小幅上涨，通胀率大体相近，且仍低于其长期平均水平。 企业对未来经营活动的预期虽维持乐观，但信心指数已下滑至41个月低点，反映出在整体扩张背景下， 市场主体情绪趋于谨慎。 值得注意的是，尽管内需疲软，新出口订单却以显著速度增长，且增速快于11月。就业方面，服务业自 2025年5月以来首次出现下降，尽管幅度很小，绝大多数公司报告自11月以来员工人数未变。 价格压力保持 ...

Core Viewpoint - The survey indicates that CFOs in the U.S. expect a significant price increase of 4.2% by 2026, which challenges the Federal Reserve's prediction of inflation returning to around 2% [1][3][4] Group 1: Inflation Expectations - CFOs anticipate a price increase of 4.2% by 2026, with half of the surveyed companies expecting a rise of 3.5% or more [4] - The current inflation level is nearly 1 percentage point above the Federal Reserve's target, suggesting persistent inflationary pressures [3][4] Group 2: Concerns Over Tariffs and Costs - Tariffs and trade policies remain the top concern for CFOs, despite a slight easing of anxiety compared to earlier in the year [5][6] - CFOs expect unit costs to rise slightly more than prices, indicating that a 4.2% price increase may only barely cover rising costs [6] Group 3: Business Confidence and Economic Growth - Business optimism has declined, with the U.S. economic optimism index dropping from 62.9 to 60.2 [7] - Companies predict a modest employment increase of 1.7% and an economic growth rate of approximately 1.9% for 2026 [7] - Less than half of the companies are hiring new positions, with about 20% having no hiring plans and around 9% expecting layoffs [8]

Core Insights - CFOs in the U.S. expect significant price increases in 2026, averaging a 4.2% rise, challenging the Federal Reserve's inflation targets [1][2] - Concerns over tariffs remain a primary risk for businesses, with many CFOs indicating that inflation pressures may persist longer than anticipated [1][3] Group 1: Inflation Expectations - The survey conducted among 548 CFOs revealed an average expected price increase of 4.2% for 2026, with half of the respondents anticipating increases of 3.5% or more [2] - This expectation contrasts sharply with the Federal Reserve's forecast, which suggests inflation could slow to within 0.5 percentage points of its 2% target by 2026 [2] Group 2: Tariff and Cost Pressures - Tariffs and trade policies remain the top concern for CFOs, despite a slight decrease in anxiety compared to earlier in the year [3] - CFOs expect unit costs to rise slightly above price increases, indicating that a 4.2% price hike may only marginally cover rising costs [3] Group 3: Business Confidence and Economic Outlook - Business optimism has declined, with the U.S. economic optimism index dropping from 62.9 to 60.2 [4] - Companies project a modest economic growth rate of approximately 1.9% for 2026, with employment expected to increase by 1.7% [4] - Less than half of the surveyed companies are actively hiring, with a notable percentage indicating no hiring plans or potential layoffs [4]

（文章来源：21世纪经济报道） 12月9日，中国英国商会正式发布《在华英国企业：2025-26年度商业信心调查报告》（以下简称报 告）。报告表明，英国企业总体对其在中国市场的前景日趋乐观，多个重点行业认为明年有望成为疫情 以来业务表现最为强劲的一年。 "目前，约三分之一的受访企业计划扩大投资，略超40%的企业保持现状，仅有极少数考虑缩减。市场 规模与完善的基础设施是重要支撑。更重要的是，在全球充满不确定性的环境下，中国展现出更强的可 预测性与稳定性，这对英国企业极具吸引力。" 中国英国商会主席陶克瑞(Chris Torrens)在北京接受21世 纪经济报道记者专访时说道。 ...

中新网北京12月2日电 (记者苏婧欣)2日下午，中国德国商会发布《商业信心调查报告2025|26》。报告 显示，在华德国企业的经济和行业情绪较去年略有回升，尽管面临日益激烈的市场竞争与全球地缘政治 不确定性，绝大多数德国企业仍将中国市场视为不可或缺的长期战略要地。 调查结果显示，超过九成(93%)的德国企业明确表示未来两年没有离开中国市场的计划。尽管面临多重 挑战，超过半数的受访企业计划在未来两年维持或增加在华投资，这一比例虽较历史高点有所回落，但 仍处于稳健区间。 值得注意的是，报告指出，高达60%的受访德国企业认为，中国企业将在行业创新中占据领导地位。同 时，超过半数的德国公司正积极考虑或已加强与中国企业的战略合作，以扩大在华业务规模并适应"中 国速度"。 中国德国商会目前拥有约2000家会员企业，是连接德国企业与中国及本地商业社群的重要桥梁。(完) （文章来源：中国新闻网） 中国德国商会华北及东北地区主席霍飞明(Dr. Martin Hofmann)表示，"与中国企业建立更加深度的合作 关系，并推动以研发与产业化速度为核心的第三轮本地化进程，已成为在华德企强化市场竞争力、推动 本地及全球创新的重要应对机 ...

Core Insights - Spain's private sector activity accelerated significantly in October, with the composite Purchasing Managers' Index (PMI) rising from 53.8 in September to 56.0, marking the fastest expansion since December 2024 and the highest level since 2025 [1] Group 1: PMI and Sector Performance - The services PMI surged from 54.3 to 56.6, exceeding market expectations of 54.8, and has remained above the neutral line for 26 consecutive months, recording the strongest growth in ten months [1] - The manufacturing PMI also improved, rising to 52.1, contributing to the overall expansion of the private sector [1] Group 2: Drivers of Growth - The acceleration in business activity was primarily driven by an increase in new orders, with companies enhancing marketing efforts, executing existing contracts, and acquiring new business, leading to a notable rise in output [1] - Companies expanded hiring at the fastest pace in three months due to increased workloads and ongoing capacity pressures, continuing a growth trend in employment that has lasted over three years [1] Group 3: Price and Confidence Trends - Input cost inflation pressures eased, dropping to a three-month low, while output prices showed stronger increases, indicating enhanced pricing power for businesses [1] - Business confidence also improved, with the services business confidence index reaching its highest level since March, and the composite business confidence index hitting a nine-month high, slightly above the long-term average [1]

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]

Core Viewpoint - South Africa's composite leading business cycle indicator increased by 1.6% month-on-month in August, marking a significant acceleration from the previous value of 0.9%, and reaching the highest growth rate in 16 months since April 2024 [1] Group 1: Leading Indicator Components - The leading indicator is composed of ten sub-components, with eight contributing positively to the monthly growth [1] - Key factors driving the increase in the leading indicator include a rise in approved residential building plans and an accelerated six-month smoothed growth rate in job advertisements, both of which are seen as leading signals for future economic activity and labor market expansion [1] Group 2: Negative Contributions - Some components negatively impacted the leading indicator, notably the deterioration of the Rand/BER business confidence index and a narrowing interest rate spread, which were the main adverse factors for the month [1] Group 3: Current Economic Activity - The composite coincident indicator rose by 0.4% month-on-month in July 2025, primarily driven by growth in actual sales in wholesale, retail, and automotive trade, indicating ongoing economic expansion [1] - The lagging indicator, however, decreased by 0.1% month-on-month, with specific components and impacts not disclosed [1] Group 4: Economic Outlook - The continuous improvement of the composite leading indicator suggests a moderate recovery in the economy over the coming months, although structural challenges such as weak business confidence remain a concern [1]

Core Insights - The current U.S. trade policies are causing significant instability in domestic and global supply chains, impacting port operations, goods exports, and business confidence [1][2] - The Port of Los Angeles has seen a year-on-year increase of approximately 5% in cargo volume, but this is overshadowed by over 100 trade and tariff announcements from the U.S. government causing chaotic fluctuations [1] - High tariff policies have led to a "stop-and-go" effect in trade, with businesses awaiting clarity on regulations before making decisions [1][2] Trade and Tariff Impact - The recent trade policies have resulted in a decrease in demand for U.S. exports, as traditional trading partners are shifting to other countries for procurement [1] - For instance, countries are sourcing soybeans from Brazil and Argentina, and almonds from Australia instead of the U.S. [1] Business Confidence and Investment - Business confidence across the U.S. is fragile due to the impact of trade policies, leading to a slowdown in capital investment and hiring processes [2] - Companies are reportedly pausing long-term decisions and investments while waiting for trade policy stability [2]

Group 1: Manufacturing and Services PMI Data - The initial reading of the Markit Manufacturing PMI for September is 52, indicating expansion for the second consecutive month, with a previous value of 53 in August and a year-on-year figure of 47.3 [2] - The initial reading of the Markit Services PMI for September is 53.9, the lowest since June 2025, down from 54.5 in August and 55.2 a year ago [2] - The initial reading of the Composite PMI for September is 53.6, also the lowest since June 2025, with a decline from 54.6 in August [2] Group 2: Employment and Pricing Indices - The employment index in the manufacturing sector decreased from 53.1 in August to 52.6 in September [2] - The employment index in the services sector fell to 51.6, the lowest since April 2025, down from 52 in August [2] - The price index in the services sector decreased, marking the lowest level since April 2025 [2] Group 3: Future Outlook and Economic Growth - Businesses' expectations for output over the next year rose to a four-month high, although still below the long-term average for both manufacturing and services [2] - The third quarter of 2023 is projected to show a year-on-year economic growth rate of 2.2% for the U.S. economy [2] - Business confidence improved in September, partly due to expectations of lower interest rates having a positive impact [5] Group 4: Inventory and Inflation Concerns - There are signs of disappointing sales growth in manufacturing leading to unprecedented inventory accumulation, which may help ease inflation in the coming months [5] - Despite the inventory buildup, there are concerns about potential downward risks to future production [5] - Consumer inflation is expected to remain above the central bank's 2% target in the coming months [5]