海外高频 | 美欧日制造业PMI反弹、美国扩大钢铝关税（申万宏观·赵伟团队）

Group 1 - The article highlights a rebound in manufacturing PMIs for the US, Eurozone, and Japan, indicating a recovery in overseas manufacturing demand, potentially linked to reduced tariff uncertainties [64][61] - The US expanded tariffs on steel and aluminum derivatives, affecting 407 product categories with a 50% tariff, impacting approximately $138 billion in imports [42][48] - The article notes that the S&P 500 and other developed market indices saw increases, while emerging markets showed mixed results, with the UK FTSE 100 rising by 2.0% [2][3] Group 2 - The article reports that the US 10-year Treasury yield decreased by 7.0 basis points to 4.3%, while emerging market yields generally increased, particularly in Turkey, which rose by 208.0 basis points to 31.3% [16][18] - The article mentions that commodity prices mostly declined, with WTI crude oil rising by 1.4% to $63.7 per barrel, while coking coal fell by 5.5% to 1162 yuan per ton [32][37] - The article indicates that the US fiscal deficit for 2025 reached $1.1 trillion, with total expenditures of $5.19 trillion and total revenues of $3.21 trillion [48] Group 3 - The article discusses the dovish stance taken by Federal Reserve Chair Powell during the Jackson Hole meeting, suggesting a potential adjustment in policy due to risks in the labor market [57][59] - The article notes that the US initial jobless claims exceeded market expectations, with 235,000 claims reported, indicating potential labor market weaknesses [68] - The article highlights that the Eurozone and US manufacturing sectors are experiencing inflationary pressures, with the US manufacturing PMI price component continuing to rise [64][61]