海外高频 | 中美达成贸易协议，黄金连续两周回调（申万宏观·赵伟团队）

Group 1: Major Assets & Overseas Events & Data - The Nasdaq index reached a new historical high, while gold experienced a decline for two consecutive weeks. The S&P 500 rose by 0.7%, and the Nasdaq increased by 2.2%. The 10-year U.S. Treasury yield rose by 9 basis points to 4.11%. The dollar index increased by 0.8% to 99.7, and offshore RMB strengthened to 7.12. WTI crude oil fell by 0.8% to $61.0 per barrel, while COMEX gold dropped by 2.6% to $3995.7 per ounce [2][4][72]. Group 2: U.S.-China Trade Agreement - On October 30, U.S. and Chinese leaders met in South Korea and reached a consensus. The U.S. will cancel the 10% "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese products will remain suspended for another year. The U.S. will also pause the implementation of the 50% export control rule announced on September 29 for one year. In response, China will adjust its countermeasures accordingly [2][48][72]. Group 3: Federal Reserve Actions - The Federal Reserve lowered the federal funds rate by 25 basis points to a target range of 3.75%-4.00% during its October meeting. The Fed plans to end its balance sheet reduction in December. The European and Japanese central banks chose to maintain their current policies during their October meetings. The Eurozone's GDP growth rate for Q3 was 0.2%, exceeding the market expectation of 0.1% [2][50][54][72].