西班牙IBEX35指数 (IBEX35) 加自选

HCOB西班牙服务业采购经理人指数从上个月的53.4降至2025年5月的51.3，低于市场预期的52.9。虽然这标志着该行业连续第21个月扩张，但这标志着自2023年11月以来增长速度最慢。新业务增长放缓，为18个月来最慢，主要归因于持续的不确定性，这抑制了需求，尤其是来自国际客户的需求。与此同时，就业率继续上升，使服务提供商在减少工作积压方面取得了适度进展。在定价方面，由于工资和供应商费用上涨，投入成本继续以高于平均水平的速度增长。相比之下，在竞争压力加剧的情况下，产出价格跌至六个月低点。最后，对未来经济活动的信心降至2023年11月以来的最低水平，企业对日益严峻的经济环境表示越来越担忧。

The HCOB Spain Services PMI fell to 51.3 in May 2025 from 53.4 in the previous month, missing market expectations of 52.9. While this marked the twenty-first consecutive month of expansion in the sector, it signaled the slowest pace of growth since November 2023. The increase in new business softened, registering the weakest pace in eighteen months, largely attributed to persistent uncertainty, which dampened demand—particularly from international clients. Meanwhile, employment continued to rise, enabling service providers to make modest progress in reducing their work backlogs. On the pricing front, input costs continued to increase at an above-average rate, driven by higher wages and supplier charges. In contrast, output prices fell to a six-month low amid intensifying competitive pressures. Lastly, sentiment regarding future activity dropped to its lowest level since November 2023, with firms expressing growing concern over the increasingly challenging economic environment.

HCOB西班牙综合采购经理人指数从4月份的52.5降至2025年5月的51.4，标志着自2023年12月开始当前增长序列以来的最弱扩张。服务业活动大幅放缓（51.3比53.4），达到2023年11月以来的最低水平，因为不确定性加剧，尤其是国际客户的不确定性，对需求造成了压力。然而，制造业产出小幅增长（50.5比48.1），从4月份的收缩中略有回升。与关税相关的不确定性继续阻碍商业决策和市场活动，导致新工作仅略有增长，为2023年12月以来的最低水平。尽管如此，公司仍在继续招聘，并能够略微减少积压。就价格而言，5月份投入成本和产出费用的增长速度都较慢，尽管通货膨胀率仍高于历史平均水平。

The HCOB Spain Composite PMI fell to 51.4 in May 2025 from 52.5 in April, marking the weakest expansion since the current growth sequence began in December 2023. Service sector activity slowed sharply (51.3 vs 53.4), hitting its lowest level since November 2023, as heightened uncertainty—particularly among international clients—weighed on demand. Manufacturing, however, posted modest output gains (50.5 vs 48.1), recovering slightly from April’s contraction. Tariff-related uncertainty continued to hinder business decisions and market activity, leading to only marginal growth in new work—the weakest since December 2023. Nonetheless, firms continued hiring and were able to slightly reduce backlogs. In terms of prices, input costs and output charges both rose at a slower pace in May, though inflation rates remained above their historical averages.

2025年4月，西班牙工业生产同比增长0.6%，较前一个月向下修正的0.9%有所缓解，能源产出明显放缓（3月份为0.6%对6.3%）。中间产品的增长也有所放缓（0.6%对1%）。然而，消费品出现反弹，在下跌1.3%后上涨1.4%，而资本品的增长速度略快（0.6%对0.1%）。经季节性调整的月度数据显示，4月份工业产出下降0.8%，而前一个月增长0.9%。

Spain's industrial production rose by 0.6% year-on-year in April 2025, easing from a downwardly revised 0.9% advance in the prior month, with a noticeable slowdown observed in energy output (0.6% vs 6.3% in March). Growth also eased for intermediate goods (0.6% vs 1%). However, consumer goods staged a rebound, rising 1.4% after a 1.3% drop, while capital goods grew at a slightly faster pace (0.6% vs 0.1%). On a seasonally adjusted monthly basis, industrial output fell by 0.8% in April, after a 0.9% increase in the prior month.

5月份，西班牙HCOB服务业采购经理人指数为51.3，低于预期（52.9）。5月份，西班牙HCOB服务业采购经理人指数为51.3，低于预期（52.9）

Spain HCOB Services PMI came in at 51.3, below expectations (52.9) in May.Spain HCOB Services PMI came in at 51.3, below expectations (52.9) in May