西班牙52周国债 (Spain52WeekBillYield) 加自选

HCOB西班牙制造业采购经理人指数在2025年6月升至51.4，高于市场预期，5月份为50.5。这标志着今年迄今为止的最高读数，也是连续第二个月温和扩张。这一改善是由生产的强劲增长推动的，这是自去年12月以来最强劲的增长，以及在经历了四个月的收缩后新订单的恢复增长。然而，外国需求仍然疲软，在关税相关的不确定性下，新的出口订单再次下降。就业人数继续上升，但创造的就业机会仍然有限。由于交货延迟和全球贸易的不确定性，公司对采购持谨慎态度，经常使用现有库存。在需求疲软和欧元走强的推动下，投入价格连续第二个月下跌。随着企业削减费用以保持竞争力，产出价格也下降了。尽管存在全球风险，但市场情绪有所改善，对新产品发布和产能投资的预期达到四个月来的最高点。

The HCOB Spain Manufacturing PMI rose to 51.4 in June 2025, compared to market expectations and May’s 50.5 in May. This marked the highest reading so far this year, and the second consecutive month of modest expansion. The improvement was driven by a solid rise in production, the strongest since last December, and a return to growth in new orders after four months of contraction. However, foreign demand remained weak, with new export orders falling again amid tariff-related uncertainty. Employment continued to rise, though job creation stayed modest. Firms were cautious with purchases, often using existing inventories due to delivery delays and global trade uncertainty. Input prices fell for the second month, helped by soft demand and a stronger euro. Output prices also declined as firms cut charges to stay competitive. Despite global risks, sentiment improved, with optimism at a four-month high on expectations of new product launches and capacity investments.

2025年4月，西班牙的经常账户盈余从去年同期的10.1亿欧元扩大到13.6亿欧元。这一增长是由商品和服务盈余的增加推动的，从去年4月的40.6亿欧元增长到55.9亿欧元。这部分被一级和二级收入赤字的急剧增加所抵消，赤字从15.9亿欧元扩大到42.4亿欧元。考虑到今年前四个月，经常账户盈余从去年同期的130.1亿欧元大幅下降至89.1亿欧元。

Spain’s current account surplus widened to €1.36 billion in April 2025 from €1.01 billion in the same month of the previous year. The increase was driven by a rise in the goods and services surplus, which grew to €5.59 billion from €4.06 billion in April last year. This was partly offset by a sharp increase in the primary and secondary income deficit, which widened to €4.24 billion from €1.59 billion. Considering the first four months of the year, the current account surplus narrowed to €8.91 billion, down significantly from €13.01 billion in the corresponding period a year earlier.

2025年6月，西班牙经季节性调整的行业信心指数较上月下降0.9点，至-5.2，达到2月以来的最低水平。6月产出预期明显恶化（-1.6比5月的-0.1），新订单继续减弱（-9.1比-6.8），表明需求压力持续存在。与此同时，成品库存下降（4.9比5.9）。与此同时，受访者表示价格预期更高（8.1比5.8）。

The seasonally adjusted industry confidence indicator in Spain fell by 0.9 points from the previous month to -5.2 in June 2025, reaching the lowest level since February. June saw a marked deterioration in output expectations (-1.6 vs -0.1 in May), with new orders continuing to weaken (-9.1 vs -6.8), pointing to sustained demand pressures. At the same time, stocks of finished products declined (4.9 vs 5.9). Meanwhile, respondents reported stronger price expectations (8.1 vs 5.8).

2025年5月，西班牙的零售额同比增长4.8%，为2022年2月以来的最高水平，高于4月份的4.1%。非食品类商品的销售额从4.3%加速至5.2%，而食品销售额的增长从3.8%加速至4.1%。经季节性调整的月度数据显示，5月份零售贸易增长0.2%，而上个月修正后增长0.8%。

Retail sales in Spain rose by 4.8% year-on-year in May 2025, the most since February 2022, up from a 4.1% rise in April. Sales of non-food items accelerated to 5.2% from 4.3%, while food sales growth advanced to 4.1% from 3.8%. On a seasonally adjusted monthly basis, retail trade grew by 0.2% in May, after a revised 0.8% increase in the previous month.