作者 亚历山大·韦伯德国工厂订单自一月以来下降最多，制造部门在试图实现持续反弹时遇到了挫折。
German factory orders fell the most since January, a stumble for the manufacturing sector as it tries to mount a sustained turnaround.
8月份需求下降了10.6%，7月份出现了3.2%的增长。根据彭博社调查的中位数预测，经浗者预计下降幅度仅为1%。
Demand dropped 10.6% in August, following a 3.2% gain in July. Economists had predicted a decline of just 1%, according to the median forecast in a Bloomberg survey.
下降主要是由于大订单的减少。剔除该部分后，整体指标仅下降了0.1%。从波动性更小的三个月基期来看，整体指标仍显示了1.3%的增长。
The drop was predominantly because of a decline in major orders. Stripping out that component, the overall gauge fell just 0.1%. The overall measure, on a less volatile three-month basis, still showed a 1.3% gain.
尽管如此，这一结果仍然给近期显示出欧洲最大经浗体在中东冲突引发的通胀冲击下展现出韧性的数据蒙上了阴影。乐观情绪促使该国领先的研究机构将今年的增长预期从之前的预测提高到1.3%。
The outcome still casts a shadow over recent data that signaled resilience in Europe’s biggest economy to the inflation shock triggered by conflict in the Middle East. Optimism on that score prompted the country’s leading research institutes to more than double their forecast for this year to 1.3% expansion.
德国在更强劲的出口和政府在基础设施和国防上的支出方面受益匪浅。强劲的全球需求和人工智能热潮抵消了上半年的疲弱投资和消费，此后各项指标均显示出持续的动力。
Germany has particularly benefited from stronger exports and public spending on infrastructure and defense. Robust global demand and the artificial intelligence boom offset weak investment and consumption in the first half of the year, and indicators since then have pointed to continued momentum.
展望中最大的风险之一是伊朗战争，如果冲突 escalate，德国可能面临更高的能源成本。
Among the biggest risks for the outlook are the Iran war, with Germany vulnerable to higher energy costs if the conflict intensifies.
与中国的竞争仍然激烈，欧洲央行计划进一步加息以遏制通胀压力。
Competition with China also remains fierce and the European Central Bank is set to raise interest rates further to contain inflation pressures.
针对北京的挑战对德国尤其令人担忧。周一，柏林和巴黎联合致信欧洲委员会主席冯德莱恩，表示敦促欧盟采纳新权力，使欧盟能够切断对诸如中国等国家的单一市场准入。
The Beijing challenge is particularly troubling for Germany. In a letter to European Commission President Ursula von der Leyen on Monday, Berlin and Paris jointly urged the European Union to adopt new powers enabling the bloc to cut off access to the single market to countries such as China.