国际金融市场早知道：5月12日

Economic Indicators - In Q1 2025, China's current account surplus reached $165.6 billion, with a goods trade surplus of $237.6 billion and a services trade deficit of $59.3 billion [1] - Japan's national debt has hit a record high for the ninth consecutive year, totaling ¥132.37155 trillion [3] Trade Policies - U.S. Commerce Secretary stated that tariff negotiations with Japan and South Korea are complex and unlikely to reach an agreement in the short term, with a baseline tariff of at least 10% unless partner countries open their economies [1] - U.S. trade advisor emphasized that the EU is a priority in tariff negotiations due to a significant trade deficit, with the EU's VAT system being a focal point [1] Central Bank Perspectives - European Central Bank's Rehn suggested considering interest rate cuts if economic growth slows and inflation decreases due to uncertainties from U.S. tariffs [2] - New York Fed President Williams noted that U.S. trade policies increase economic downside risks, stressing the importance of maintaining stable inflation expectations [1][2] Market Performance - Dow Jones Industrial Average fell by 0.29% to 41,249.38 points, while S&P 500 decreased by 0.07% to 5,659.91 points [4] - COMEX gold futures rose by 0.70% to $3,329.10 per ounce, and silver futures increased by 0.81% to $32.88 per ounce [4] Commodity Prices - U.S. crude oil main contract rose by 1.92% to $61.06 per barrel, while Brent crude oil main contract increased by 1.65% to $63.88 per barrel [5] Bond Market - 2-year U.S. Treasury yield increased by 0.87 basis points to 3.889%, while 10-year yield decreased by 0.98 basis points to 4.382% [6]