意大利10年期英国国债收益率微涨至3.59%，因投资者消化了强于预期的欧元区通胀数据以及强劲的美国就业报告。4月份欧元区总体通胀率稳定在2.2%，略高于2.1%的预测，而核心通胀率从2.4%加速至2.7%，超出预期。这些数据强化了市场对欧洲央行年底前降息60个基点的预期。在美国，4月份非农就业人数增加了17.7万人，超过了预期的13万人，尽管有经济降温的迹象，包括最近的GDP收缩。这些好坏参半的信号可能会使美联储6月份的政策决定复杂化。与此同时，在北京表示正在“评估”华盛顿关于重启谈判的最新提议后，全球风险情绪因美中贸易紧张局势缓和的迹象而有所改善。

The yield on Italy’s 10-year BTP inched up to 3.59% as investors digested stronger-than-expected Eurozone inflation data alongside a robust U.S. jobs report. Headline inflation in the Euro Area held steady at 2.2% in April, slightly above the 2.1% forecast, while core inflation accelerated to 2.7% from 2.4%, surpassing expectations. The data reinforced market expectations for 60 basis points of rate cuts from the European Central Bank by year-end. In the U.S., non-farm payrolls rose by 177,000 in April, outpacing the expected 130,000 increase despite signs of a cooling economy, including a recent GDP contraction. The mixed signals could complicate the Federal Reserve’s policy decision in June. Meanwhile, global risk sentiment improved on signs of easing U.S.–China trade tensions after Beijing said it is “evaluating” Washington’s latest proposals for renewed negotiations.

周五，意大利10年期英国国债收益率稳定在3.58%，投资者权衡了强于预期的欧元区通胀数据，并等待美国最新的就业报告。4月份，欧元区整体通胀率保持在2.2%，略高于2.1%的预测，而核心通胀率从2.4%加速至2.7%，超过了2.5%的预期。这些数据强化了市场对欧洲央行将在年底前降息60个基点的预期。在美国，预计4月份就业增长将放缓，这是特朗普总统宣布关税以来的第一个完整月，这加剧了人们对疲软的GDP数据的担忧，并可能影响美联储的政策前景。与此同时，在北京表示正在“评估”美国最近提出的重启谈判的建议后，全球风险情绪有所改善，有迹象表明美中贸易紧张局势有所缓和。

The yield on Italy’s 10-year BTP held steady at 3.58% on Friday, as investors weighed stronger-than-expected Eurozone inflation data and awaited the latest U.S. jobs report. Headline inflation in the bloc remained at 2.2% in April, slightly above the forecast of 2.1%, while core inflation accelerated to 2.7% from 2.4%, exceeding expectations of 2.5%. The figures reinforced market expectations that the European Central Bank will deliver 60 basis points of rate cuts by year-end. In the U.S., job growth is expected to have slowed in April—the first full month since President Trump’s tariff announcements—adding to concerns following weak GDP data and potentially influencing the Federal Reserve’s policy outlook. Meanwhile, global risk sentiment improved amid signs of easing U.S.–China trade tensions, after Beijing said it is "evaluating" recent U.S. proposals for renewed negotiations.

意大利的失业率从2月份的近18年低点5.9%微升至2025年3月的6%，符合市场预期。失业人数较上月增加3.2万人，达到155.5万人，而就业人数下降1.6万人，至2430.7万人。与此同时，劳动力参与率稳定在67.1%，保持在2004年该系列开始以来的第二高水平。15-24岁年轻人的失业率从2月份的17.3%的历史低点攀升至19%。

The unemployment rate in Italy edged up to 6% in March 2025 from a nearly 18-year low of 5.9% in February, in line with market expectations. The number of unemployed rose by 32 thousand from a month earlier to 1.555 million, while the number of employed declined by 16 thousand to 24.307 million. Meanwhile, the labor force participation rate held steady at 67.1%, remaining at its second highest since the series began in 2004. The youth unemployment rate for those aged 15–24 climbed to 19%, up from a record low of 17.3% in February.

HCOB意大利制造业采购经理人指数从上个月的46.6升至2025年4月的49.3，高于市场预测的47，表明工厂活动出现了八个月来最温和的收缩。4月份新订单小幅下降，为过去13个月来最低降幅。出口订单也再次下降，部分原因是持续的关税不确定性，尽管与3月份相比下降速度有所放缓。与此同时，就业人数连续第七个月下降，但裁员率并不高。

The HCOB Italy Manufacturing PMI rose to 49.3 in April 2025, from 46.6 in the prior month and above market forecasts of 47, pointing to the softest contraction in factory activity in eight months. New orders declined at a marginal pace in April, marking the slowest decline in the past 13 months. Export orders also fell again, partly due to ongoing tariff uncertainty, though the rate of decline eased compared to March. Meanwhile, employment continued to fall for the seventh month running, but the rate of job shedding was only modest.