<p>（更新价格）</p>
<p>作者：琳达·帕斯奎尼</p>
<p>6 月 10 日（路透社）- 欧元区政府债券收益率周二下跌，但仍接近前一天的水平，市场关注美国和中国之间第二天的贸易谈判。</p>
<p>交易员们还关注本周欧洲中央银行官员的讲话，此前该行上周按预期将利率下调 25 个基点至 2%，但暗示可能比许多人预测的更接近宽松周期的结束。</p>
<p>德国 10 年期收益率（DE10YT=RR），作为欧元区的基准，下降了 4 个基点，报 2.53%。</p>
<p>德国两年期收益率（DE2YT=RR）也下跌 3 个基点，报 1.85%，而 30 年期收益率下跌 4.5 个基点，报 2.99%。</p>
<p>由于投资者对发达国家的债务水平越来越担忧，尤其是今年长期全球债券收益率大幅上升。</p>
<p>“我们仍然有一些关于债务可持续性的新闻流出，” 埃德蒙·德·罗斯柴尔德资产管理公司的投资组合经理纳比尔·米拉利表示，指出由于机构投资者参与较少，更多对冲基金和 “快钱” 投资者进入市场，债券市场的波动性比以前更高。</p>
<p>数据显示，日本投资者在 4 月份出现了十多年来最大规模的德国债券月度抛售，此前德国的借贷成本因债务规则改革而飙升，以增加支出。</p>
<p>“当出现新的风险时，你可以预期债券的波动性将比以前更为重要，因为这些对价格敏感的投资者会更容易根据头条新闻买入或卖出政府债券，” 米拉利说。</p>
<p>10 年期意大利收益率（IT10YT=RR）下跌 4 个基点，报 3.45%，德国和意大利收益率之间的差距（DE10IT10=RR）为 90 个基点。</p>
<p>本周发言的欧洲央行官员包括董事会成员伊莎贝尔·施纳贝尔，政策制定者彼得·卡齐米尔和罗伯特·霍尔茨曼周一的评论支持了利率下调可能接近尾声的观点。</p>
<p>然而，芬兰中央银行行长奥利·雷恩表示，欧洲央行应注意风险，包括价格增长过低于目标的风险。</p>
<p>“我们认为（欧洲央行的）鹰派倾向是错误的。我们认为欧洲的通胀只会朝一个方向发展，那就是向下。我们认为数据最终会说服欧洲央行继续降息，” 米拉利说。</p>
<p>总部位于法兰克福的梅茨勒分析师预计，考虑到欧洲央行对明年通胀达到 1.6% 的预期，收益率曲线的短端和长端都有一定的下行潜力。</p>
<p>此外，日本的超长期政府债券价格周二上涨，此前路透社报道称政府正在考虑回购一些超长期债券，以遏制收益率上升。</p>
<p>投资者还将关注本周美国通胀数据中关税的任何影响。</p>

<p>欧洲债券收益率下跌，市场关注美中贸易谈判的进展。德国 10 年期国债收益率下降 4 个基点，至 2.53%；而两年期收益率降至 1.85%。市场对债务可持续性的担忧以及债券市场波动性加大引起了关注，日本投资者显著抛售德国国债。欧洲央行官员表示可能会结束降息，但一些分析师认为通胀将继续下降，这意味着可能需要进一步降息。投资者还在等待受关税影响的美国通胀数据</p>

<p>(Updates prices)</p>
<div class="lb-trans"><p>（更新价格）</p>
</div><p>By Linda Pasquini</p>
<div class="lb-trans"><p>作者：琳达·帕斯奎尼</p>
</div><p>June 10 (Reuters) - Euro zone government bond yields fell on Tuesday but hovered not far from the previous day’s levels, as markets monitored a second day of trade talks between the United States and China.</p>
<div class="lb-trans"><p>6 月 10 日（路透社）- 欧元区政府债券收益率周二下跌，但仍接近前一天的水平，市场关注美国和中国之间第二天的贸易谈判。</p>
</div><p>Traders were also focusing on a host of European Central Bank officials speaking this week after the central bank cut interest rates last week by 25 basis points to 2%, as expected, but signalled it may be closer to the end of its easing cycle than many had predicted.</p>
<div class="lb-trans"><p>交易员们还关注本周欧洲中央银行官员的讲话，此前该行上周按预期将利率下调 25 个基点至 2%，但暗示可能比许多人预测的更接近宽松周期的结束。</p>
</div><p>Germany’s 10-year yield (DE10YT=RR) , the benchmark for the euro zone, was down 4 basis points at 2.53%.</p>
<div class="lb-trans"><p>德国 10 年期收益率（DE10YT=RR），作为欧元区的基准，下降了 4 个基点，报 2.53%。</p>
</div><p>Two-year German yields (DE2YT=RR) also fell 3 bps to 1.85%, while 30-year yields were down 4.5 bps at 2.99%.</p>
<div class="lb-trans"><p>德国两年期收益率（DE2YT=RR）也下跌 3 个基点，报 1.85%，而 30 年期收益率下跌 4.5 个基点，报 2.99%。</p>
</div><p>Longer-dated global bond yields have risen sharply this year, as investors everywhere have grown more concerned about debt levels in developed countries, in particular.</p>
<div class="lb-trans"><p>由于投资者对发达国家的债务水平越来越担忧，尤其是今年长期全球债券收益率大幅上升。</p>
</div><p>“We still have some news flow about debt sustainability,” said Nabil Milali, portfolio manager at Edmond de Rothschild Asset Management, pointing to higher volatility than before in the bond markets as institutional investors are less involved and more hedge funds and “fast money” players enter the picture.</p>
<div class="lb-trans"><p>“我们仍然有一些关于债务可持续性的新闻流出，” 埃德蒙·德·罗斯柴尔德资产管理公司的投资组合经理纳比尔·米拉利表示，指出由于机构投资者参与较少，更多对冲基金和 “快钱” 投资者进入市场，债券市场的波动性比以前更高。</p>
</div><p>Japanese investors had their largest monthly sell-off of German bonds in more than a decade in April, data showed on Monday, a month after Germany’s borrowing costs shot up in reaction to a debt-rule overhaul to ramp up spending.</p>
<div class="lb-trans"><p>数据显示，日本投资者在 4 月份出现了十多年来最大规模的德国债券月度抛售，此前德国的借贷成本因债务规则改革而飙升，以增加支出。</p>
</div><p>“When you have a new risk emerging, you can expect now the volatility of bonds to be more important than before, just because these price-sensitive investors will more easily sell or buy, depending on the headline, government bonds,” Milali said.</p>
<div class="lb-trans"><p>“当出现新的风险时，你可以预期债券的波动性将比以前更为重要，因为这些对价格敏感的投资者会更容易根据头条新闻买入或卖出政府债券，” 米拉利说。</p>
</div><p>The 10-year Italian yield (IT10YT=RR) dropped 4 bps to 3.45%, leaving the gap between German and Italian yields (DE10IT10=RR) at 90 bps.</p>
<div class="lb-trans"><p>10 年期意大利收益率（IT10YT=RR）下跌 4 个基点，报 3.45%，德国和意大利收益率之间的差距（DE10IT10=RR）为 90 个基点。</p>
</div><p>ECB officials speaking this week include board member Isabel Schnabel, with comments from policymakers Peter Kazimir and Robert Holzmann on Monday supporting the view that an end to rate cuts may be approaching.</p>
<div class="lb-trans"><p>本周发言的欧洲央行官员包括董事会成员伊莎贝尔·施纳贝尔，政策制定者彼得·卡齐米尔和罗伯特·霍尔茨曼周一的评论支持了利率下调可能接近尾声的观点。</p>
</div><p>However, Finnish central bank chief Olli Rehn said the ECB should be mindful of risks, including that of price growth going too far below its target.</p>
<div class="lb-trans"><p>然而，芬兰中央银行行长奥利·雷恩表示，欧洲央行应注意风险，包括价格增长过低于目标的风险。</p>
</div><p>“We think (the ECB’s) hawkish bias is misplaced. We think that inflation in Europe is only going in one direction, which is downward. And we think that data will eventually convince the ECB to continue rate cuts,” Milali said.</p>
<div class="lb-trans"><p>“我们认为（欧洲央行的）鹰派倾向是错误的。我们认为欧洲的通胀只会朝一个方向发展，那就是向下。我们认为数据最终会说服欧洲央行继续降息，” 米拉利说。</p>
</div><p>Analysts at Frankfurt-based Metzler expected some downside potential at both the short and long ends of the yield curve for the time being, given the ECB’s own expectations for inflation to reach 1.6% next year.</p>
<div class="lb-trans"><p>总部位于法兰克福的梅茨勒分析师预计，考虑到欧洲央行对明年通胀达到 1.6% 的预期，收益率曲线的短端和长端都有一定的下行潜力。</p>
</div><p>Elsewhere, Japan’s super-long government bond prices rose on Tuesday, after Reuters reported the government was considering buying back some super-long-dated bonds in a move to contain rising yields.</p>
<div class="lb-trans"><p>此外，日本的超长期政府债券价格周二上涨，此前路透社报道称政府正在考虑回购一些超长期债券，以遏制收益率上升。</p>
</div><p>Investors will also be looking for any impact from tariffs in inflation data out of the U.S. this week.</p>
<div class="lb-trans"><p>投资者还将关注本周美国通胀数据中关税的任何影响。</p>
</div>

随着美中贸易谈判进入第二天，欧洲债券收益率下滑