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2023年11月HCOB德國綜合PMI上調至47.8,高於初值47.1和10月的數值45.9。
儘管該指數仍低於50, 顯示整體經濟繼續收縮,但下降速度為四個月來最慢。特別是服務業出現穩定跡象。製造業產出降幅也是五月以來最小。 此外, 新業務總量和外國新增業務分別出現五個月和七個月以來最輕降幅,與此同時就業市場稍微下滑。在定價方面,輸出價格通膨持穩在10月所創之32個月低點。然而,投入成本通膨有所加速。 最後, 商業信心連續第二個月有所改善,但整體仍較為反覆。

(德國綜合PMI,HCOB)
鑑於通膨「顯著」下降,歐洲央行可能完全排除升息,歐洲央行董事會成員伊莎貝爾·施納貝爾(Isabel Schnabel),其代表保守派政策制定陣營中最具影響力的聲音,在最近對路透社發表評論時態度轉變鴿派。
施納貝爾亦點評政策制定者不應指導利率在 2024 年中期保持穩定不變。 她的言論推高了週二市場的降息預期,因投資人現在期待歐洲央行即將扭轉該行四分之一世紀中歷史上最大幅度的利率上漲。 在此之前,施納貝爾倡議以升息打擊高通膨環境。
受到 11 月美國就業人數增幅低於估值,進而點燃各國央行提前降息期待, 週三法蘭克福 DAX 指數觸及 16,656 點的歷史最高點,收漲 0.75%。

(德國DAX指數歷史表現)
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