HCOB欧元区建筑业采购经理人指数从上月的42.4降至2024年4月的41.9。在监测的类别中，住房下降幅度最大，商业活动和土木工程也明显下降。新订单继续连续第二十五个月收缩，与前一时期相比，下降速度有所放缓，但仍然显著。因此，公司试图减少劳动力、采购和使用分包商。第二季度初，投入品价格仅略有上涨，投入品成本通胀降至七个月低点。展望未来，建筑公司对未来一年的活动前景持悲观态度，只有德国公司持负面看法。法国建筑商自2022年年中以来首次持乐观态度，而意大利建筑业的增长预测达到23个月来的新高。

The HCOB Eurozone Construction PMI dropped to 41.9 in April 2024 from 42.4 in the previous month. Across monitored categories, housing saw the steepest decline, with commercial activity and civil engineering also falling notably. New orders continued to contract for the twenty-fifth consecutive month, with the rate of decline moderated compared to the previous period but remained marked. Consequently, firms sought to reduce their workforce, purchasing, and usage of sub-contractors. At the beginning of the second quarter, there was only a mild increase in input prices, with input cost inflation easing to a seven-month low. Looking ahead, construction firms maintained a pessimistic outlook for activity in the year ahead, with only German companies holding a negative view. French constructors were optimistic for the first time since mid-2022, while growth forecasts in the Italian construction sector reached a 23-month high.

标普全球德国建筑业采购经理人指数从上月的38.3降至2024年4月的37.5，表明建筑业活动持续低迷。房地产行业率先出现整体下降，保持了与上月类似的大幅下降速度。此外，商业活动紧随其后，降幅与3月份相当，而土木工程则经历了四个月来最严重的衰退。与此同时，新工作的下降速度仍然很大，尽管连续第六个月出现放缓迹象。此外，4月份的调查显示，整个建筑业的就业和采购活动都在加速下降。展望未来，建筑商对来年的前景普遍表示悲观，理由是住房活动可能疲软，公共部门预算有限。尽管如此，预期是12个月来最不悲观的。

The S&P Global Germany Construction PMI fell to 37.5 in April 2024 from 38.3 in the preceding month, indicating a persistent downturn in construction activity. The housing sector spearheaded the overall decrease, maintaining a sharp rate of decline similar to the previous month. Moreover, commercial activity followed suit, with a decline mirroring that of March, while civil engineering experienced its most significant downturn in four months. Meanwhile, the pace of decline in new work remained substantial, though it showed signs of moderation for the sixth consecutive month. Also, April's survey revealed accelerated declines in both employment and purchasing activity across the construction sector. Looking ahead, constructors expressed prevailing pessimism regarding the outlook for the forthcoming year, citing potential weakness in housing activity and constrained budgets in the public sector. Nevertheless, expectations were the least pessimistic in 12 months.

周二，DAX指数上涨0.4%，至18250点，连续第三个交易日上涨，创下约一个月来的最高水平，市场受到围绕潜在降息和积极企业业绩的乐观情绪的提振。英飞凌股价飙升超过6%，尽管该芯片制造商第二次下调了2024财年的收入预期。Zalando在经历了三个季度的下跌后，销售额有所上升，随后也上涨了约6.5%。与此同时，在德国邮政宣布季度盈利下降后，该公司股价持平，西门子Healthineers的收入和盈利低于预期，股价下跌近5%。

The DAX rose 0.4% to 18250 on Tuesday, a third consecutive session of gains and the highest level in about a month, as the market was buoyed by optimism surrounding potential rate cuts and positive corporate results. Infineon soared more than 6% even though the chip maker lowered its revenue outlook for fiscal 2024 for a second time. Zalando also jumped around 6.5% after recording a rise in value of goods sold after three quarters of decline. Meanwhile, shares of Deutsche Post were flat to lower after the company announced lower quarterly earnings and Siemens Healthineers lost almost 5% after its revenue and earnings missed estimates.

标普全球法国建筑业采购经理人指数从上月的41微涨至2024年4月的41.5。尽管出现了这种上升，但这仍然表明法国建筑活动显著下滑，这是连续第23个月下降。住宅和商业项目均出现大幅下滑，反映出需求持续疲软。土木工程活动也有所下降，尽管下降速度明显放缓。新订单量进一步下降，将持续下降的趋势延长了两年多，尽管收缩速度是去年8月以来最慢的。更乐观的是，招聘活动自2023年2月以来首次增加，表明公司对未来持乐观态度。值得注意的是，法国建筑商自2022年7月以来首次对12个月的前景表示乐观。在价格方面，投入通胀只是微不足道的，是八年多来最慢的。

The S&P Global France Construction PMI edged up to 41.5 in April 2024, from 41 in the prior month. Despite this uptick, it remains indicative of a significant downturn in French construction activity, marking the 23rd consecutive month of decline. Both residential and commercial projects experienced sharp declines, reflecting persistently weak demand conditions. Civil engineering activity also declined, although the pace of decrease has slowed down significantly. The volume of new orders decreased further, extending the ongoing decline for over two years, though the rate of contraction was the slowest since August last year. On a brighter note, hiring activity increased for the first time since February 2023, signalling companies’ optimism towards the future. Notably, French constructors registered optimism towards the 12-month outlook for the first time since July 2022. On the price front, input inflation was only marginal and the joint-slowest in over eight years.

2024年4月，HCOB意大利建筑业PMI从上月的50.3降至48.5，这是自去年9月以来活动首次下降。新订单七个月来首次下降，一些小组成员指责需求疲软和不确定性增加。在分部门中，土木工程表现最差，其次是商业活动和住宅活动。4月份，建筑商继续雇佣更多员工，但就业增长是一年多来最慢的。供应商业绩也有所恶化，而投入品采购略有下降。在价格方面，由于原材料和运输成本的上涨，投入价格通胀加速，成本压力加剧。最后，商业信心达到近两年来的最高水平，有报道称新订单和合同即将到来，特别是与国家复苏和恢复计划有关的订单和合同。

The HCOB Italy Construction PMI fell to 48.5 in April 2024, down from 50.3 in the previous month, signaling the first decline in activity since September last year. New orders dropped for the first time in seven months, with some panelists blaming poor demand and increased uncertainty. Among the subsectors, civil engineering was the worst performer, followed by commercial activity and residential activity. Constructors continued to hire more staff in April, however employment growth was the slowest in over a year. Supplier performance also deteriorated, while input buying fell modestly. On prices, cost pressures intensified as input price inflation accelerated, attributed to higher raw material and transport costs. Lastly, business confidence reached its highest in nearly two years, amid reports of incoming new orders and contracts, in particular related to the National Recovery and Resilience Plan.

日本10年期政府债券收益率跌至0.86%左右，创下两周低点，追随美国债券收益率的下跌，人们越来越期待美联储很快开始降息。在国内，日本央行维持债券购买报价不变，无视市场对其可能减少购买报价以缩减货币支持的押注。投资者现在期待着本周晚些时候日本央行的意见摘要，以获得有关国内货币政策的进一步线索。在其他方面，由于日本当局的干预，日元上周上涨超过3%，投资者继续关注货币走势。日本政府拒绝证实是否是日元突然飙升的幕后黑手，尽管日本央行的数据显示，东京花费了约600亿美元来支撑日元。

Japan’s 10-year government bond yield fell to around 0.86%, hitting two-week lows and tracking a decline in US bond yields amid growing expectations that the US Federal Reserve will start cutting interest rates soon. Domestically, the Bank of Japan left bond purchase offers unchanged, defying market bets that it could reduce purchase offers to scale back monetary support. Investors now look ahead to the BOJ’s summary of opinions due later this week for further clues on domestic monetary policy. Elsewhere, investors continued to monitor currency moves after the yen rallied more than 3% last week on a suspected intervention by Japanese authorities. Japan's government refused to confirm whether it was behind the currency’s sudden surge, although BOJ data suggested Tokyo spent about $60 billion to prop up the yen.

在伦敦，富时100指数周二上涨94点，涨幅1.14%。涨幅居前的是Ocado集团（5.24%）、Fresnillo（3.09%）和国际航空集团（3.02%）。

In London, the FTSE 100 Index is up by 94 points or 1.14 percent on Tuesday. Top gainers are Ocado Group (5.24%), Fresnillo (3.09%) and International Airlines Group (3.02%).

周二，欧洲股市连续第三个交易日上涨，泛欧STOXX 50和STOXX 600指数均上涨0.5%，达到四周来的最高水平。交易员对可能的降息保持乐观，并消化最新的企业业绩。尽管英国石油公司第一季度利润下降幅度超过预期，但其股票回购步伐仍保持不变。瑞银的利润是市场预期的两倍多，在线零售商Zalando在经历了三个季度的下跌后，销售额有所上升。此外，在收入和利润双双受挫后，联合信贷提高了今年的指导值。另一方面，德意志邮政宣布季度收益下降，利润下降，法国布伊格公司报告第一季度亏损更大。

European stocks rose for a third consecutive session on Tuesday, with both the pan-European STOXX 50 and the STOXX 600 adding 0.5% to trade at levels not seen in over four weeks. Traders remain upbeat about potential cuts to interest rates and digest fresh corporate results. BP maintained the pace of its share buybacks even though its first quarter profit fell more than expected. UBS profit more than doubled the market estimate and online retailer Zalando recorded a rise in value of goods sold after three quarters of decline. Also, Unicredit raised its guidance for the year after beating on both revenue and profit. On the other hand, Deutsche Post announced lower quarterly earnings and a profit fall and French Bouygues reported a bigger loss in Q1.

澳大利亚10年期政府债券收益率跌至4.3%，跌至两周来的最低水平，因为澳大利亚储备银行将现金利率保持在4.35%不变，这是一个普遍预期的举措，但没有提供市场预期的明确鹰派信息。自去年11月加息以来，央行已第四次保持利率稳定。尽管如此，澳大利亚储备银行承认，最近在降低通胀方面的进展已经停滞，并保持了“不排除任何可能性”的前瞻性指导。澳大利亚的通胀率从上一季度的4.1%降至第一季度的3.6%，连续第五个季度放缓，但高于3.4%的预测。该国的月度CPI指标也从2月份的3.4%加速至3月份的3.5%，这违背了市场对不变的预期。

Australia’s 10-year government bond yield fell toward 4.3%, sliding to its lowest levels in two weeks as the Reserve Bank of Australia kept the cash rate unchanged at 4.35% in a widely expected move, but offered no explicit hawkish message that markets were anticipating. The central bank has now held rates steady for the fourth time since it was last raised in November. Still, the RBA acknowledged that the recent progress on bringing down inflation has stalled and maintained their forward guidance of “not ruling anything in or out.” Australia’s inflation rate fell to 3.6% in the first quarter from 4.1% in the previous quarter, slowing for the fifth straight quarter but coming in above forecasts of 3.4%. The country's monthly CPI indicator also accelerated to 3.5% in March from 3.4% in February, defying market expectations for no change.

本周第一个交易日，富时100指数飙升1.2%，徘徊在8320点以上的新纪录，追随欧洲股市过去两个交易日的涨幅，市场继续受益于主要央行即将降息的预期。权重工业采矿板块在上周表现不佳后涨幅居前，Fresnillo上涨3.5%，力拓和嘉能可均上涨2%，因为中国在劳动节期间承诺的刺激和降息提振了对贱金属和黑色金属的信心。与此同时，在沙特阿美石油公司6月提价后，壳牌石油公司股价上涨超过1%，预示着欧佩克减产的延长。另一家在伦敦交易的石油巨头英国石油公司（BP）公布了第一季度的利润损失，但在其股票回购计划的持续进行中，其股价保持在接近持平的水平。

The FTSE 100 index soared 1.2% to hover at a fresh record of over 8,320 on the first trading day of the week, tracking the gains of European stocks in the past two sessions as markets continued to benefit from expectations of incoming rate cuts by major central banks. The heavyweight industrial mining sector was among the top gainers after some underperformances last week, with Fresnillo surging by 3.5% and both Rio Tinto and Glencore adding 2% as pledges of stimulus and rate cuts in China over its Labor holiday lifted sentiment for base and ferrous metals. In the meantime, Shell jumped over 1% following Saudi Aramco’s price hike for June, foreshadowing and extension to OPEC’s output cut. BP, the other oil giant traded in London, divulged a profit miss for the first quarter but its shares maintained close to the flatline amid the continuance of its share buyback plan.

初步估计显示，2024年第一季度，法国私营部门的工资就业人数增加了50.5万人，即0.2%，达到2116万人，从前三个月0.1%的下降中反弹，超过了市场预计的0%。这一增长主要是由于工业部门（+64万）和非市场服务业（+64千）的就业岗位增加。另一方面，农业（减少了1000个）和建筑业（减少了79000个）的就业岗位减少了。与去年同期相比，就业人数增加了0.5%，即10.11万人。

Payroll employment in the French private sector rose by 50.5 thousand, or 0.2%, to 21.16 million in the first quarter of 2024, rebounding from a 0.1% fall in the previous three-month period and surpassing market estimates of 0%, a preliminary estimate showed. This upturn was mainly due to increased jobs in both industrial sector (+6.4 thousand) and non-market services (+6.4 thousand). On the other hand, the jobs dropped in agriculture (-1 thousand) and construction (-7.9 thousand). Year-on-year, payrolls went up by 0.5% or 101.1 thousand.

在中国，上海综合指数周一上涨36点，涨幅1.16%。涨幅居前的是中航沈飞（2.98%）和中航发动机（2.49%）。

In China, the Shangai Composite Index went up by 36 points or 1.16 percent on Monday. Top gainers were Avic Shenyang Aircraft (2.98%) and Avic Aviation Engine (2.49%).

2024年3月，法国经常账户盈余从上月下调的3亿欧元扩大至13亿欧元。货物赤字从2月份的43亿欧元大幅下降至26亿欧元。与此同时，服务业盈余从39亿欧元降至32亿欧元。与此同时，一级收入盈余保持在42亿欧元不变，二级收入缺口也稳定在35亿欧元。

France’s current account surplus widened to EUR 1.3 billion in March 2024, from a downwardly revised EUR 0.3 billion in the previous month. The goods deficit decreased significantly to EUR 2.6 billion from EUR 4.3 billion in February. Meanwhile, the services surplus edged down to EUR 3.2 billion from EUR 3.9 billion. At the same time, the primary income surplus remained unchanged at EUR 4.2 billion, and the secondary income shortfall also steadied at EUR 3.5 billion.

2024年3月，法国的贸易赤字从上月上调的56亿欧元收窄至55亿欧元，但高于市场预测的50亿欧元。这是自2021年1月以来的最低贸易赤字，出口环比增长2.8%，达到522亿欧元的八个月高点，而进口增长2.3%，达到577亿欧元。与此同时，能源缺口从2月份的41亿欧元扩大到44亿欧元。在制造业，投资品的贸易逆差减少了21亿欧元，达到10亿欧元，而中间品的逆差增加了8亿欧元，为17亿欧元。此外，消费品贸易顺差减少了5亿欧元，降至2亿欧元。考虑到今年第一季度，贸易赤字从前三个月的202亿欧元降至176亿欧元。

France’s trade deficit narrowed to €5.5 billion in March 2024 from an upwardly revised €5.6 billion in the previous month but coming more than market forecasts of €5.0 billion. It marked the lowest trade deficit since January 2021, as exports advanced 2.8% month-on-month to an eight-month high of €52.2 billion, while imports rose at a softer 2.3% to €57.7 billion. Meanwhile, the energy shortfall widened to €4.4 billion compared to €4.1 billion in February. In the manufacturing sector, the trade gap for investment goods declined by €2.1 billion, reaching €1.0 billion, while the deficit for intermediate goods rose by €0.8 billion, standing at €1.7 billion. Also, the trade surplus for consumer goods dropped by €0.5 billion to €0.2 billion. Considering the first quarter of the year, the trade deficit fell to €17.6 billion from €20.2 billion in the prior three-month period.

DE40指数升至4周高点18265.00点。过去4周，德国股市指数（DE40）下跌0.49%，过去12个月上涨14.27%。

DE40 increased to a 4-week high of 18265.00 Index Points. Over the past 4 weeks, Germany Stock Market Index (DE40) lost 0.49%, and in the last 12 months, it increased 14.27%.