降息传导至存贷款，稳息差信号明确

Market Overview - Chinese markets experienced a rebound, with the Hang Seng Index ending a three-day decline, driven by a surge in the pharmaceutical sector and a 16.4% increase in Ningde Times on its debut[3][11] - European stocks continued to rise, supported by easing tariff concerns and a reduction in geopolitical tensions, with the Stoxx 600 index up 0.73%[9] - U.S. stocks fell, with the S&P 500 halting a six-day winning streak, as economic concerns weighed on dollar assets[9] Interest Rates and Monetary Policy - The one-year Loan Prime Rate (LPR) in mainland China was lowered to 3.0%, and the five-year LPR to 3.5%, both down by 10 basis points from the previous month[5] - Major Chinese banks collectively reduced deposit rates, with savings rates cut by 5 basis points and term deposit rates by 15-25 basis points, indicating a clear signal of stabilizing interest margins[5] - The recent interest rate cuts are expected to maintain stable loan demand, with social financing growth potentially rising due to government bonds[5] Commodity and Currency Movements - WTI crude oil futures surged by 3.5% amid uncertainties surrounding U.S.-Iran negotiations and potential Israeli military actions against Iran's nuclear facilities[4][26] - The Japanese yen appreciated against the dollar, reflecting market reactions to geopolitical developments[4] - Gold prices rose by 1.6%, reaching $3,284.6 per ounce, as traders covered short positions[26] Stock Performance - In the U.S., the Dow Jones fell by 114 points (0.27%) to 42,677, while the S&P 500 dropped 0.39% to 5,940[9] - The Hang Seng Index and the National Enterprises Index both increased by approximately 1.5%[11] - Notable stock movements included a 32% rise in Sanofi Pharmaceuticals following a licensing agreement with Pfizer, marking a record for Chinese innovative drug licensing[15] Bond Market Insights - U.S. Treasury yields showed mixed results, with the yield curve steepening significantly, while long-term bonds in Japan, Canada, and Europe faced selling pressure[4][29] - Asian bond markets showed improved sentiment, with spreads narrowing by 1-3 basis points[4][29] - The upcoming auction of 30-year U.S. Treasuries is anticipated to attract attention amid ongoing market uncertainties[4][29]