葡萄牙2年期国债 (Portugal2Y) 加自选

葡萄牙工业生产者价格指数在2025年6月同比下跌3%，与5月份修订后的跌幅一致，并将通缩持续时间延长至6个月。下行压力主要来自能源成本（-5.5%对5月份的-7.2%）；消费品（5月份为-3.1%对-3.3%），其中非耐用品（-3.7%对-4%）和中间产品（-3.4%对-2.4%）。相反，耐用消费品（2.8%对3.1%）和资本品（1.2%对0.9%）的价格上涨。不包括能源，工业生产价格在5月份下跌2.2%后下跌2.5%。按月计算，6月份生产者价格在上月下跌0.1%后上涨0.9%。

Portugal's industrial producer prices slipped by 3% year-on-year in June 2025, in line with May’s revised drop and extending the deflation streak to six months. Downward pressure came primarily from the costs of energy (-5.5% vs -7.2% in May); consumer goods (-3.1% vs -3.3% in May), of which non-durable (-3.7% vs -4%), and intermediate goods (-3.4% vs -2.4%). Conversely, prices increased for durable consumer goods (2.8% vs 3.1%) and capital goods (1.2% vs 0.9%). Excluding energy, industrial production prices declined 2.5%, after falling 2.2% in May. On a monthly basis, producer prices rose by 0.9% in June, after a 0.1% decrease in the prior month.

2025年5月，葡萄牙的贸易逆差从一年前的22.82亿欧元扩大到32.17亿欧元，进口激增12.1%，达到102.31亿欧元，而出口仅增长2.5%，达到70.14亿欧元。进口增长主要是由工业用品（+31.3%）推动的，特别是来自爱尔兰和荷兰的化学产品。除此之外，工业供应仅增长1.5%。运输设备进口也大幅增长（+26.3%），尤其是乘用车。相比之下，尽管数量稳定，但由于原油价格下跌（-27.7%），燃料进口大幅下降（-28.1%）。在出口方面，资本货物（+13.7%）和运输设备（+11.3%）引领增长，尤其是对西班牙和德国。然而，燃料和润滑油出口下降（-31.6%），尤其是对美国的出口。值得注意的是，对西班牙和德国的出口分别增长了7.1%和12.7%，主要是由于对资本货物和运输设备的强劲需求。

Portugal’s trade deficit widened to €3.217 billion in May 2025, up from €2.282 billion a year earlier, as imports surged 12.1% to €10.231 billion while exports rose just 2.5% to €7.014 billion. The increase in imports was driven mainly by industrial supplies (+31.3%), particularly chemical products from Ireland and the Netherlands. Excluding these, industrial supplies rose only 1.5%. Transport equipment imports also jumped (+26.3%), especially passenger cars. In contrast, fuel imports dropped sharply (-28.1%) due to lower crude oil prices (-27.7%), despite stable volumes. On the export side, capital goods (+13.7%) and transport equipment (+11.3%) led the growth, especially to Spain and Germany. However, fuel and lubricant exports fell (-31.6%), particularly to the US. Notably, exports to Spain and Germany rose 7.1% and 12.7% respectively, led by strong demand for capital goods and transport equipment.

葡萄牙的年通货膨胀率从上个月的3.2%上升到2025年6月的2.4%，为2月以来的最高水平，与初步估计一致。食品和非酒精饮料（5月份为3.1%对2.6%）、交通（1.8%对1%）以及餐馆和酒店（6.8%对6.1%）的通货膨胀率较高。另一方面，住房和公用事业的通货膨胀放缓（2.1%对4.2%）。与此同时，欧盟统一通胀率为2.1%，高于上月的1.7%，略高于欧洲央行2%的目标。与上月相比，葡萄牙消费者价格小幅上涨0.1%，也与初步估计一致。

The annual inflation rate in Portugal rose to 2.4% in June of 2025 from 3.2% in the previous month, the highest since February, and aligned with preliminary estimates. Inflation was higher for food and non-alcoholic beverages (3.1% vs 2.6% in May), transportation (1.8% vs 1%), and restaurants and hotels (6.8% vs 6.1%). On the other hand, inflation slowed for housing and utilities (2.1% vs 4.2%). In the meantime, the EU-harmonized inflation rate was at 2.1%, picking up from the 1.7% rate from the previous month to marginally surpass the European Central Bank's target of 2%. From the previous month, Portuguese consumer prices edged higher by 0.1%, also aligned with the preliminary estimate.

PSI 20指数升至7799.00点，为2011年5月以来的最高点。在过去的4周里，PSI 20上涨了4.24%，在过去的12个月里，它上涨了14.62%。

PSI 20 increased to 7799.00 Index Points, the highest since May 2011. Over the past 4 weeks, PSI 20 gained 4.24%, and in the last 12 months, it increased 14.62%.