瑞典银行2025年1月的制造业采购经理人指数从12月的52.4升至52.9。增长主要得益于新订单（54.1比12月的50.4）和就业（54.4比53.6）的改善。然而，负面贡献来自交付绩效（50.6比53.8）和生产（52.1比52.3）。与此同时，工业企业保持乐观，生产计划达到两年来的最高点（65.2比64.4），似乎不受更高关税威胁的影响。在价格方面，由于全球经济疲软和供应链中断，原材料和投入价格指数从55.7降至54.3。

The Swedbank Manufacturing PMI for Sweden rose to 52.9 in January 2025, up from 52.4 in December. The growth was primarily driven by improvements in new orders (54.1 vs. 50.4 in December) and employment (54.4 vs. 53.6). However, negative contributions came from delivery performance (50.6 vs. 53.8) and production (52.1 vs. 52.3). Meanwhile, industrial companies remained optimistic, with production plans reaching a two-year high (65.2 vs 64.4) and appeared unaffected by the threat of higher tariffs. On the price front, the raw and input prices index dropped to 54.3 from 55.7, amid sluggish global economy and disruptions in supply chains.

1月份瑞典制造业采购经理人指数（MoM）从之前的52.4升至52.9。1月份瑞典制造业采购经理人指数（MoM）从之前的52.4升至52.9

Sweden Purchasing Managers Index Manufacturing (MoM) increased to 52.9 in January from previous 52.4.Sweden Purchasing Managers Index Manufacturing (MoM) increased to 52.9 in January from previous 52.4

瑞典央行在2025年1月的会议上将政策利率下调25个基点至2.25%，符合市场预期，理由是通胀接近2%的目标，但经济持续疲软。这是连续第五次降息，也是自5月以来的第六次降息，总计降息175个基点。此前的降息使家庭和企业受益，尽管其对需求的全面影响尚待观察。董事会12月的评估预计，2025年上半年将再次削减，这一预测基本成立。然而，如果经济状况发生变化，瑞典央行仍准备调整政策。

The Swedish Riksbank cut the policy rate by 25 bps to 2.25% during its January 2025 meeting, in line with market expectations, citing inflation near the 2% target but continued economic weakness. This marks the fifth consecutive rate cut and the sixth since May, totaling a 175 bps reduction. Previous rate cuts have benefited households and businesses, though their full impact on demand is yet to be seen. The Board’s December assessment anticipated one more cut in the first half of 2025, and that forecast largely holds. However, the Riksbank remains prepared to adjust policy if economic conditions change.

SEK：瑞典央行将降息，但最终利率接近——ING。ING外汇分析师Francesco Pesole指出，自去年5月以来，瑞典央行已经将利率下调了150个基点，这些降息开始显示出成功的早期迹象，高频指标和房地产市场最近明显反弹。

SEK: Riksbank to cut, but terminal rate close – ING.The Riksbank has already reduced rates by 150bp since last May, and these cuts are starting to show early signs of success, with high-frequency indicators and the housing market having rebounded quite markedly of late, ING's FX analyst Francesco Pesole notes.