荷兰6个月期国债 (Netherlands6MonthBillYield) 加自选

继3月份修正后增长0.5%后，荷兰制造业产量在2025年4月环比下降1%。这是今年迄今为止的首次收缩和最大跌幅，主要原因是饮料（-6.7%对3月份的0%）、服装（-1.1%对3.4%）、石油产品（-6.9%对17.7%）和化学品（-4.5%对2.1%）的产量下降。此外，药品生产（-26.9%对16.8%）、电气设备（-2.9%对4.6%）、家具（-2.8%对0.4%）以及机械维修和安装（-2.3%对-1.8%）均出现显著下降。按年计算，制造业产出下降0.5%，扭转了上一时期1.4%的增长。

Manufacturing production in the Netherlands declined by 1% month-over-month in April 2025, following a revised 0.5% increase in March. This marked the first contraction and the steepest drop so far this year, primarily driven by decreases in the output of beverages (-6.7% vs 0% in March), clothing (-1.1% vs 3.4%), petroleum products (-6.9% vs 17.7%), and chemicals (-4.5% vs 2.1%). Additionally, notable declines were observed in the production of pharmaceuticals (-26.9% vs 16.8%), electrical equipment (-2.9% vs 4.6%), furniture (-2.8% vs 0.4%), as well as the repair and installation of machinery (-2.3% vs -1.8%). On an annual basis, manufacturing output shrank by 0.5%, reversing a 1.4% increase recorded in the previous period.

荷兰4月份制造业产出（月环比）从之前的-0.6%降至-1%。荷兰4月份制造业产出（月环比）从之前的-0.6%降至-1%

Netherlands, The Manufacturing Output (MoM) down to -1% in April from previous -0.6%.Netherlands, The Manufacturing Output (MoM) down to -1% in April from previous -0.6%

2025年4月，荷兰家庭消费同比增长0.2%，低于3月份上调的1.2%。这标志着自2024年6月下降以来个人支出的最疲软增长，因为商品消费下降（-0.6%对1.5%），这是由于食品、饮料和烟草（-0.7%对2.3%）以及其他商品（-4.9%对-0.1%）的购买减少造成的。这些下降被耐用消费品的增长（1.9%对1.7%）部分抵消。与此同时，服务相关支出的增长也有所放缓（0.8%对1.1%），尽管对交通和通信的需求有所增加。服务业占该国家庭总消费的一半以上。

Household consumption in the Netherlands rose 0.2% year-on-year in April 2025, easing from an upwardly revised 1.2% increase in March. This marks the softest growth in personal outlays since a decline in June 2024, as goods consumption fell (-0.6% vs 1.5%), driven by reduced purchases of food, beverages, and tobacco (-0.7% vs 2.3%) as well as other goods (-4.9% vs -0.1%). These declines were partially offset by a rise in durable consumer goods (1.9% vs 1.7%). Meanwhile, growth in service-related outlays also moderated (0.8% vs 1.1%), though there was higher demand for transport and communication. Services account for more than half of total household consumption in the country.

荷兰AEX指数周二下跌0.5%，至914点，触及5月9日以来的最低水平，荷兰政府垮台后政治不确定性加剧。在移民政策分歧促使极右翼领导人Geert Wilders将其政党退出联盟后，执政联盟解体。在经合组织以贸易紧张局势升级的影响为由下调了2025年和2026年的预测后，全球增长担忧再次出现，加剧了看跌情绪。在欧洲央行周四做出政策决定之前，投资者也变得谨慎。人们普遍预计，欧洲央行将降息25个基点，并在评估美国近期关税和通胀动态的影响时，标志着其宽松周期的暂停。在企业方面，包括安赛乐米塔尔、NN集团、ING、ASML控股、任仕达和飞利浦在内的荷兰主要股票均下跌了1%至2%，导致该指数下跌。

The Dutch AEX index fell 0.5% to 914 points on Tuesday, hitting its lowest level since May 9, as political uncertainty intensified following the collapse of the Dutch government. The ruling coalition unraveled after disagreements over immigration policy prompted far-right leader Geert Wilders to pull his party out of the alliance. Adding to the bearish sentiment, global growth concerns resurfaced after the OECD cut its forecasts for 2025 and 2026, citing the impact of escalating trade tensions. Investors also turned cautious ahead of the European Central Bank’s policy decision on Thursday. The ECB is widely expected to cut interest rates by 25 basis points and signal a pause in its easing cycle as it assesses the impact of recent US tariffs and inflation dynamics. On the corporate front, major Dutch stocks including ArcelorMittal, NN Group, ING, ASML Holding, Randstad, and Philips all declined between 1% and 2%, contributing to the index’s drop.