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） 慕尼黑经济研究所所长克莱门斯·菲斯特说，在德企业对业务现状满意度整体下降，对未来几个月的前 景预期也明显趋于谨慎，这反映了它们对德国经济复苏的信心在下降。荷兰国际集团宏观研究主管卡斯 滕·布热斯基说，此前的乐观情绪正在消退。一方面，美国加征关税和欧元走强进一步加大德国出口压 力；另一方面，被寄予厚望的财政刺激措施尚未如期显现成效，德国仍缺乏提升竞争力的结构性改革。 新华财经柏林9月24日电（记者车云龙张毅荣）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9月商业景气指数从上月的88.9点降至87.7点，为今年1月以来首次下滑。 数据显示，构成商业景气指数的四项指标中，除建筑业指标环比上升外，制造业、服务业和贸易指标均 出现下降。其中，服务业指标降幅明显，尤其体现在运输和物流行业；制造业领域新订单持续减少。 ...

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]