荷兰10年期国债 (Netherlands10Y) 加自选

Nevi Netherlands制造业采购经理人指数从3月份的49.6降至4月份的49.2，标志着连续第二个月收缩，为1月份以来的最低水平。这些数据反映出需求持续疲软，新订单以三个月来最快的速度下降。产出仅小幅增长，增速低于上月。就业人数连续第九个月下降，失业率加速至2023年12月以来的最快水平，总体保持稳定。采购活动也有所下降，而交货时间略有延长，这归因于库存短缺和供应商维护相关的中断。在价格方面，由于原材料价格上涨和工资上涨，投入成本上升，尽管通货膨胀率降至1月以来的最低水平。产出价格通胀也有所放缓，降至三个月低点。最后，由于地缘政治不确定性加剧，商业信心降至四个月低点。

The Nevi Netherlands Manufacturing PMI declined to 49.2 in April from 49.6 in March, marking the second straight month of contraction and the lowest reading since January. The data reflected ongoing weakness in demand, with new orders falling at the fastest pace in three months. Output rose only marginally and at a slower pace than in the previous month. Employment declined for the ninth consecutive month, with the rate of job losses accelerating to the fastest since December 2023 and remaining solid overall. Purchasing activity also fell, while delivery times lengthened slightly, attributed to stock shortages and maintenance-related disruptions at suppliers. On prices, input costs rose due to higher raw material prices and wage increases, although the rate of inflation eased to its softest since January. Output price inflation also moderated, slowing to a three-month low. Finally, business confidence weakened to a four-month low, weighed down by heightened geopolitical uncertainty.

荷兰，4月份Nevi制造业PMI从之前的49.6降至49.2。荷兰，4月份Nevi制造业PMI从之前的49.6降至49.2

Netherlands, The Nevi Manufacturing PMI dipped from previous 49.6 to 49.2 in April.Netherlands, The Nevi Manufacturing PMI dipped from previous 49.6 to 49.2 in April

据初步估计，荷兰的年通货膨胀率从3月份的3.7%上升到2025年4月的4.1%。最近的数据与12月的峰值相吻合，这是一年半以来的最高点。这一增长主要是由于服务成本的跃升（5.6%对4.7%），而食品、饮料和烟草（7.2%对7.1%）以及工业品（1.6%对1.5%）的通货膨胀也有所上升。另一方面，包括汽车燃料在内的能源价格继续下跌（-3.2%对-3.3%）。在3月份上涨0.4%之后，CPI预计每月上涨1.0%。与此同时，用于欧盟比较的统一消费者价格指数预计将同比增长4.1%，高于此前的3.4%。

The annual inflation rate in the Netherlands rose to 4.1% in April 2025 from 3.7% in March, according to preliminary estimates. The recent figures match December’s peak—the highest in over a year and a half. The increase was mainly driven by a jump in service costs (5.6% vs 4.7%), while inflation also edged up for food, beverages, and tobacco (7.2% vs 7.1%) and industrial goods (1.6% vs 1.5%). On the other hand, energy prices, including motor fuels, continued to decline (-3.2% vs -3.3%). On a monthly basis, CPI is expected to rise 1.0%, following a 0.4% gain in March. Meanwhile, the harmonized index of consumer prices used for EU comparisons, is projected to climb 4.1% year-on-year, up from 3.4% previously.

2025年3月，荷兰零售额同比增长3.4%，高于上个月上调后的2.2%。这标志着零售活动连续第九个月增长，主要得益于非食品类产品的销售增长（2月份为4.4%对2.7%），特别是鞋类和皮革制品（10.6%对-0.9%）、娱乐用品（5.7%对7.1%）、药店（5.7%对7.1%）、服装（3.8%对-0.4%）以及DIY、厨房和地板（3.3%对0.8%）。此外，食品贸易增长了1.5%，与2月份的增长速度相匹配，因为专卖店（1.8%对3.8%）和超市（1.4%对1.2%）的销售额继续增长。经季节性调整的月度数据显示，3月份零售活动增长0.8%，较前一时期下调的0.4%有所反弹。

Retail sales in the Netherlands rose by 3.4% year-on-year in March 2025, accelerating from an upwardly revised 2.2% increase in the previous month. This marked the ninth consecutive month of growth in retail activity, driven by higher sales of non-food products (4.4% vs 2.7% in February), particularly for shoes and leather goods (10.6% vs -0.9%), recreational items (5.7% vs 7.1%), drugstores (5.7% vs 7.1%), clothing (3.8% vs -0.4%), and DIY, kitchens, and floors (3.3% vs 0.8%). Additionally, trade of food products went up by 1.5%, matching February’s pace, as sales continued to increase in specialty shops (1.8% vs 3.8%) and supermarkets (1.4% vs 1.2%). On a seasonally adjusted monthly basis, retail activity advanced by 0.8% in March, rebounding from a downwardly revised 0.4% drop in the preceding period.