西班牙10年期国债 (Spain10Y) 加自选

西班牙6个月期Letras拍卖会从之前的2.115%降至1.937%。西班牙6个月期Letras拍卖会从之前的2.115%降至1.937%

Spain 6-Month Letras Auction dipped from previous 2.115% to 1.937%.Spain 6-Month Letras Auction dipped from previous 2.115% to 1.937%

西班牙12个月Letras拍卖会：1.886%比之前的2.007%。西班牙12个月Letras拍卖会：1.886%比之前的2.007%

Spain 12-Month Letras Auction: 1.886% vs previous 2.007%.Spain 12-Month Letras Auction: 1.886% vs previous 2.007%

HCOB西班牙综合采购经理人指数从上个月的54降至2025年4月的52.5，这是增长放缓的第二个月，也是自2024年1月以来最明显的减速。服务业增长放缓（3月份PMI为53.4对54.7），而制造业连续第三个月收缩（PMI为48.1对49.5），因为关税和其他市场不确定性加剧了日益严峻的商业环境。私营部门的新工作仅小幅增长，为2024年1月以来的最低水平，因为4月份商品生产商的新订单大幅下降，而服务提供商的增长再次放缓。就业率继续上升，但速度较慢，仍高于平均水平。然而，商业预期处于去年8月以来的最低水平。投入成本再次大幅上升，但增速为去年11月以来的最低水平，产出费用也出现了类似的模式。

The HCOB Spain Composite PMI fell to 52.5 in April 2025, from 54 in the prior month, indicating the second month of slowing growth and the most notable deceleration since January 2024. Service sector growth moderated (PMI at 53.4 vs 54.7 in March), while manufacturing experienced its third consecutive month of contraction (PMI at 48.1 vs 49.5), amid an increasingly challenging business environment exacerbated by tariffs and other market uncertainties. Private sector new work rose only modestly and to the weakest extent since January 2024, as new orders for goods producers dropped significantly in April, while service providers saw slower growth again. Employment continued to rise, though at a slower pace, remaining above average. Business expectations, however, were at their lowest since last August. Input costs increased sharply once again, but at the weakest rate since last November, with a similar pattern seen in output charges.

HCOB西班牙服务业采购经理人指数从上个月的53.9降至2025年4月的53.4，低于市场预期的53.9。虽然这标志着该行业连续第二十个月扩张，但也标志着自2024年11月以来最慢的增长速度。增长放缓的主要原因是新业务放缓，在充满挑战的商业环境中，新业务以去年11月以来的最低速度增长。此外，海外销售额仅略有增长，增速为三个月来最低。与此同时，服务业的就业人数继续上升。在价格方面，投入成本以五个月来最慢的速度上涨，而产出价格则以2月份以来的最低速度上涨。展望未来，服务提供商普遍乐观地认为，在商业活动增加和新项目启动的预期的支持下，商业活动将有所回升。

The HCOB Spain Services PMI dropped to 53.4 in April 2025 from 53.9 in the previous month, falling short of market expectations of 53.9. While this marked the twentieth consecutive month of expansion in the sector, it also signaled the slowest pace of growth since November 2024. The moderation was primarily driven by a slowdown in new business, which grew at its weakest rate since last November amid a challenging business environment. In addition, foreign sales saw only marginal growth, expanding at the slowest pace in three months. Meanwhile, employment in the services sector continued to rise.On the price front, input costs rose at the slowest pace in five months, while output prices increased at its weakest rate since February. Looking ahead, service providers remained generally optimistic that business activity would pick up, supported by expectations of increased commercial activity and the launch of new projects.