新华财经柏林11月24日电（记者车云龙）德国慕尼黑经济研究所24日公布的数据显示，经季节调整后， 德国11月商业景气指数从上月的88.4点降至88.1点，继9月出现年内首次下滑之后，该指数本月再度下 行。 数据显示，构成商业景气指数的四项指标中，除服务业指标环比上升外，制造业、建筑业和贸易指标均 下降。慕尼黑经济研究所在声明中说，制造业企业反映订单减少，对未来几个月的预期更趋谨慎；零售 商对圣诞季开局的销售表现也感到失望。 慕尼黑经济研究所所长克莱门斯·菲斯特说，在德企业信心再度走弱，尤其体现在对未来市场发展的预 期更加谨慎。整体来看，德国经济短期内能否复苏仍存疑问。 荷兰国际集团宏观研究主管卡斯滕·布热斯基认为，德国今年年初陆续公布的多项财政措施在落实过程 中进展不及预期，相关乐观情绪持续减弱，并对企业和消费者信心造成影响。同时，美国关税、欧元走 强等因素加剧德国出口压力，年底经济仍呈现停滞态势。 慕尼黑经济研究所商业景气指数被视为德国经济发展的风向标，对观察德国经济形势具有重要参考价 值。 （文章来源：新华社） ...

新华社柏林11月24日电（记者车云龙）德国慕尼黑经济研究所24日公布的数据显示，经季节调整后，德 国11月商业景气指数从上月的88.4点降至88.1点，继9月出现年内首次下滑之后，该指数本月再度下行。 数据显示，构成商业景气指数的四项指标中，除服务业指标环比上升外，制造业、建筑业和贸易指标均 下降。慕尼黑经济研究所在声明中说，制造业企业反映订单减少，对未来几个月的预期更趋谨慎；零售 商对圣诞季开局的销售表现也感到失望。 慕尼黑经济研究所所长克莱门斯·菲斯特说，在德企业信心再度走弱，尤其体现在对未来市场发展的预 期更加谨慎。整体来看，德国经济短期内能否复苏仍存疑问。 荷兰国际集团宏观研究主管卡斯滕·布热斯基认为，德国今年年初陆续公布的多项财政措施在落实过程 中进展不及预期，相关乐观情绪持续减弱，并对企业和消费者信心造成影响。同时，美国关税、欧元走 强等因素加剧德国出口压力，年底经济仍呈现停滞态势。 慕尼黑经济研究所商业景气指数被视为德国经济发展的风向标，对观察德国经济形势具有重要参考价 值。（完） ...

Core Viewpoint - The October business climate index in Germany has increased from 87.7 to 88.4, indicating a slight improvement in economic sentiment despite ongoing challenges in the manufacturing sector [1] Group 1: Business Climate Index - The business climate index, adjusted for seasonal variations, rose to 88.4 in October from 87.7 in the previous month [1] - Among the four components of the business climate index, indicators for manufacturing, services, and trade have shown improvement, while the construction sector has declined [1] - The services sector, particularly tourism, has experienced a notable increase in its index [1] Group 2: Manufacturing Sector - There are signs that the decline in new orders within the manufacturing sector has halted, although the issue of insufficient orders remains significant [1] Group 3: Business Sentiment - Satisfaction regarding current business conditions among German enterprises has decreased for the third consecutive month [1] Group 4: Economic Outlook - The director of the Munich Institute for Economic Research, Clemens Fuest, has stated that Germany is facing a "recession," calling for comprehensive reform measures from the federal government within the next six months to boost the economy [1] - The Munich business climate index is regarded as a key indicator for observing the economic situation in Germany [1]

Group 1 - The 2025 Financial Street Forum Annual Conference will be held from October 27 to 30, featuring keynote speeches from leaders of regulatory bodies [1] - U.S. President Trump is visiting Japan until October 29 [1] - China's industrial enterprises above designated size will report profits for September [1] Group 2 - The Reserve Bank of Australia's Chairman, Philip Lowe, will participate in a fireside chat [1] - Germany's IFO Business Climate Index for October and the Eurozone's M3 money supply for September will be released at 17:00 [1] - A new round of domestic refined oil price adjustments is expected to begin [1] Group 3 - U.S. durable goods orders for September will be announced at 20:30 [1] - The Dallas Federal Reserve's Business Activity Index for October will be released at 22:30 [1]

Core Viewpoint - The German business climate index has declined for the first time since January, indicating a decrease in confidence regarding economic recovery [1] Group 1: Business Climate Index - The Munich Economic Institute reported that the adjusted business climate index for September fell from 88.9 to 87.7 [1] - This decline is attributed to decreases in manufacturing, services, and trade indicators, with only the construction sector showing an increase [1] - The significant drop in the services sector is particularly noted in the transportation and logistics industries [1] Group 2: Economic Sentiment - There is a general decline in satisfaction with current business conditions among German companies, leading to a more cautious outlook for the coming months [1] - The optimism previously held by businesses is fading due to increased export pressures from U.S. tariffs and a stronger euro [1] - The anticipated fiscal stimulus measures have not yet shown expected results, highlighting a lack of structural reforms needed to enhance competitiveness [1] Group 3: Importance of the Index - The Munich Economic Institute's business climate index is considered a key indicator for observing the economic situation in Germany [1]

Core Viewpoint - The August business climate index in Germany has improved for the eighth consecutive month, rising from 88.6 to 89, indicating a slight optimism among businesses regarding future prospects despite a negative assessment of current conditions [1] Group 1: Business Climate Index - The Munich-based Ifo Institute reported that the seasonally adjusted business climate index for August increased to 89 points [1] - The index reflects a mixed sentiment, with current performance indicators in manufacturing, services, construction, and trade showing a decline [1] Group 2: Economic Recovery - The director of the Ifo Institute, Clemens Fuest, noted that the data suggests a weak economic recovery in Germany, with businesses being relatively optimistic about the future but negative about current business conditions [1] - ING's head of macro research, Carsten Brzeski, indicated that the improvement in business confidence may be linked to recent fiscal stimulus measures announced in Germany [1] Group 3: Economic Outlook - The German economy's ability to maintain momentum remains uncertain, especially considering a 0.3% quarter-on-quarter decline in GDP in Q2 and ongoing impacts from U.S. tariff policies on exports [1] - The business climate index is regarded as a key indicator for observing the economic situation in Germany [1]

Core Viewpoint - The German business climate index improved for the eighth consecutive month, rising from 88.6 to 89 in August, indicating a slight optimism among businesses regarding future prospects despite current performance indicators showing a decline [1] Group 1: Business Climate Index - The Munich-based Ifo Institute reported that the business climate index for August increased, reflecting improved expectations among companies for the coming months [1] - The index's components, including manufacturing, services, construction, and trade, showed a month-on-month decline in current performance indicators [1] Group 2: Economic Outlook - The director of the Ifo Institute, Clemens Fuest, noted that the data suggests a weak economic recovery in Germany, with businesses expressing a more negative view of current conditions despite optimistic future outlooks [1] - ING's head of macro research, Carsten Brzeski, suggested that the improvement in business confidence may be linked to recent fiscal stimulus measures announced in Germany [1] - The uncertainty surrounding Germany's economic momentum is highlighted by a 0.3% quarter-on-quarter decline in GDP in Q2 and ongoing impacts from U.S. tariff policies affecting exports [1]

Group 1 - The Summer Davos Forum is scheduled to take place [1] - NATO heads of state and government will hold a summit [1] - Germany's IFO Business Climate Index for June will be released at 16:00 [3] Group 2 - The UK CBI Industrial Order Expectations for June will be announced at 18:00 [4] - The US current account for Q1 and Canada's CPI for May will be reported at 20:30 [5] - The US FHFA House Price Index for April and the S&P/CS 20-City Composite Home Price Index for April will be released at 21:00 [6] Group 3 - ECB President Lagarde will deliver a speech at 21:00 [6] - Federal Reserve's Harker will discuss monetary policy at 21:15 [7] - The US Consumer Confidence Index and Richmond Fed Manufacturing Index for June will be published at 22:00 [8] Group 4 - Fed Chair Powell will present the semi-annual monetary policy report at 22:00 [8] - Bank of England Governor Bailey will attend the House of Lords Economic Affairs Committee meeting at 22:00 [8] - Fed's Harker will participate in a panel discussion at 22:15 [9] Group 5 - Fed's Williams will speak the following day at 00:30 [10] - API crude oil inventory data for the week ending June 20 will be released at 04:30 [11]

Economic Events and Data Summary - The National Office will hold a press conference regarding technology finance policies at 15:00 [1] - France's preliminary manufacturing PMI for May will be released at 15:15 [1] - Germany's preliminary manufacturing PMI for May will be available at 15:30 [1] - The Eurozone's preliminary manufacturing PMI for May will be published at 16:00 [1] - The UK's preliminary manufacturing PMI and services PMI for May will be announced at 16:30 [1] - Germany's IFO Business Climate Index for May will be released at 16:00 [1] - The European Central Bank will publish the minutes of the April monetary policy meeting at 19:30 [1] - Initial jobless claims in the U.S. for the week ending May 17 will be reported at 20:30 [1] - The preliminary manufacturing PMI for May from S&P Global in the U.S. will be available at 21:45 [1] - The annualized total of existing home sales in the U.S. for April will be released at 22:00 [1] - The EIA natural gas inventory for the week ending May 16 will be published at 22:30 [1]