意大利10年期政府债券收益率扭转早盘涨势，降至3.52%，为7月23日以来的最低水平，此前美国就业报告弱于预期，加剧了人们对劳动力市场疲软的担忧。7月份的数据显示，美国经济仅增加了73000个工作岗位，远低于10万个预测，而5月和6月的就业数据也大幅下调。作为回应，市场将美联储9月份降息的可能性从发布前的45%大幅提高到75%。相比之下，对欧洲央行进一步放松货币政策的预期仍然相对温和。尽管欧元区通胀率预计仍将高于欧洲央行的近期预测，但市场目前认为，到12月降息25个基点的可能性为60%，高于美国报告前的50%。7月份欧元区消费者通胀率稳定在2.0%，略高于1.9%的市场预期。投资者还权衡了新宣布的美国关税的经济影响，其中包括对来自欧盟的进口商品征收15%的关税。

Italy’s 10-year government bond yield reversed early gains to fall to 3.52%, its lowest level since July 23, after a weaker-than-expected US jobs report intensified concerns over labor market softness. The July data showed the US economy added just 73,000 jobs, well below the 100,000 forecast, while May and June’s job numbers were also revised sharply lower. In response, markets raised the probability of a Fed rate cut in September to 75%, up sharply from 45% prior to the release. In contrast, expectations for further monetary easing by the ECB remain relatively muted. While eurozone inflation is projected to remain above the ECB’s near-term forecasts, markets now price in a 60% chance of a 25 basis point rate cut by December—up from 50% before the US report. Euro area consumer inflation held steady at 2.0% in July, slightly above the 1.9% market estimate. Investors also weighed the economic implications of newly announced US tariffs, which include a 15% duty on imports from the EU.