Core Insights - Eurozone's business activity unexpectedly accelerated in October, driven by new orders, indicating a rebound in economic momentum at the start of the fourth quarter [1] - The Eurozone Composite Purchasing Managers' Index (PMI) rose from 51.2 in September to 52.2 in October, marking the tenth consecutive month of expansion and reaching a 17-month high, significantly surpassing the Reuters survey expectation of 51.0 [1] Economic Performance - Germany's private sector exhibited the strongest growth in nearly two and a half years, primarily supporting robust expansion in the services sector [1] - In contrast, France experienced a decline in demand due to political turmoil, with business activity contracting faster than market expectations [1] Sector Analysis - The services sector continued to lead, with its PMI rising to 52.6, a 14-month high [1] - The manufacturing output index slightly increased to 51.1, and the overall manufacturing PMI returned to 50.0, outperforming expectations [1] Employment Trends - Overall employment showed improvement, with service sector employment growing at the fastest rate since June 2024, while manufacturing layoffs occurred at the fastest pace in four months [1] Pricing and Inflation - Cost growth slightly slowed, but the pace of price increases by businesses picked up marginally [1] - The chief economist at Hamburg Commercial Bank noted that service sector inflation remains moderate, with sales prices rising but close to long-term averages, suggesting the European Central Bank may keep interest rates unchanged [1] Business Confidence - Despite the improvement in business activity, corporate confidence fell to a five-month low, indicating a cautious market outlook [1]

新华财经北京9月11日电因欧洲通胀保持在目标附近，且经济显示出对关税上调的弹性，市场普遍预计 欧洲央行周四（11日）将继续维持基准利率不变。欧债市场当天走势出现分化，其中德债收益率多数上 行，意债收益率涨跌参半，法债收益率多数下行。 欧债市场周四开盘后，德债收益率多数上行，其中2年期德债收益率涨1.5BP至1.97%，10年期德债收益 率涨0.7BP至2.661%，30年期德债收益率跌0.2BP至3.279%。尽管10年期德债和法债收益率利差略有收 窄，但尚未达到系统性压力水平。 近期欧债市场的表面稳定无法掩盖某些脆弱性，尤其是政治脆弱性。法国总理贝鲁的下台，再次引发了 投资者的担忧。尽管法国总统马克龙已经任命了一位新总理，但他仍然需要通过关键的议会投票。因 此，该国政局远未稳定。周四，法债收益率多数下行，2年期法债收益率跌0.6BP至2.069%，10年期法 债收益率跌1.4BP至3.452%，30年期法债收益率跌2.7BP至4.304%。近日，10年期法债收益率一度高于 同期意债收益率，为20年来的首次，这突显出法债的风险溢价更高。 意债当天走势出现分化，投资者小幅卖出6年期以下债券，买入7年期以上债券， ...

Group 1 - The German economy experienced a 0.3% quarter-on-quarter decline in GDP for Q2 2025, revised down by 0.2 percentage points from initial estimates [1] - The decline was attributed to underperformance in the manufacturing and construction sectors, despite increases in private and government consumption [1] - Fixed asset investment and exports of goods and services saw a downturn, with a 0.6% decrease in goods exports linked to fluctuating U.S. trade policies [1] Group 2 - The German central bank's monthly report indicated a bleak global trade outlook, weak order conditions, and underutilized existing capacity, which may continue to suppress corporate investment activities [1] - The construction sector is not expected to provide significant support to the economy, and a poor job market along with slowing wage growth are limiting private consumption [1] - Analysts noted a positive signal with the August composite Purchasing Managers' Index (PMI) rising to 50.9 from 50.6 in July, marking the highest level since March and indicating expansion in business activity [1]