Core Viewpoint - The foreign exchange market is experiencing a significant shift as traders bet on a transition from declining global interest rates to rising rates, with the Australian dollar, Norwegian krone, and New Zealand dollar outperforming other major currencies this year [2][3]. Group 1: Currency Performance - The Australian dollar has risen nearly 6% against the US dollar this year, reaching a three-year high, driven by the Reserve Bank of Australia's anticipated new rate hike cycle to combat inflation [2][3]. - The New Zealand dollar has increased by nearly 4%, with traders expecting the country to initiate its first rate hike in the coming months [2]. - The Norwegian krone has appreciated over 5%, spurred by unexpected inflation increases that have led traders to price in potential rate hikes in the first half of the year [2][3]. Group 2: Economic Context - Analysts suggest that these currencies are indicative of a broader hawkish shift among major economies, moving away from years of rate cuts to focus on controlling inflation [3]. - The Australian economy is at the forefront of this rate hike wave, with the trimmed mean inflation rate reported at 3.4%, exceeding analysts' expectations and increasing the likelihood of further rate hikes [3][4]. - The performance of these currencies is also supported by rising prices of commodities such as oil and copper, which are significant for their economies [3]. Group 3: Investor Sentiment - Investors are diversifying away from US dollar assets due to concerns over the unpredictable policies of the Trump administration and rising government debt [4]. - The expectation of rate hikes in other regions has contributed to the weakening of the US dollar, as higher rates elsewhere erode the support for the dollar [4]. - Despite pressure from President Trump for lower borrowing costs, most traders believe the Fed's rate cut cycle is not yet over, with expectations of two to three 25 basis point cuts this year [4]. Group 4: Fiscal Health - The Australian dollar, Norwegian krone, and New Zealand dollar are favored by investors due to the relative fiscal health of their countries, contrasting with concerns over large government deficits and rising debt in currencies like the yen, dollar, and pound [4][5]. - The top-performing G10 currencies are characterized as fiscally sound and commodity-exposed, making them attractive destinations for capital as it rotates out of the US [5][6].

摘要今日周三(2月25日)亚盘时段，现货黄金最新报价为1145.39元/克，较前一交易日上涨9.16元，涨幅 0.81%，日内呈现反弹走势。当日开盘价报1135.87元/克，盘中最高触及1147.51元/克，最低下探至 1132.59元/克。 今日周三(2月25日)亚盘时段，现货黄金最新报价为1145.39元/克，较前一交易日上涨9.16元，涨幅 0.81%，日内呈现反弹走势。当日开盘价报1135.87元/克，盘中最高触及1147.51元/克，最低下探至 1132.59元/克。 【要闻速递】 特朗普表示将在最高法院否决其"对等关税"后，将全球进口税提至15%，市场陷入混乱。一项10%进口 税指令已周二生效，但15%税率时间表未定。 美国贸易伙伴正艰难协调新关税与既有协议，欧盟评估发现部分出口产品关税将超协定上限，令本就紧 张的关系雪上加霜。景顺亚太区客户解决方案主管Hamilton称，关税新闻推高不确定性，对黄金有边际 支撑，但不足以促决定性突破;实际利率与美元坚挺，近期金价或盘整而非大涨。 投资者避险需求下，金价月初历史性暴跌后重上5000美元，投机性买盘曾将多年反弹推向崩溃，从1月 底5595美元历史高位 ...

Core Viewpoint - Gold prices have retreated after a four-day gain driven by uncertainty in US trade policy and heightened tensions in the Middle East, with a notable decline of 1.6% as Chinese traders returned after the Lunar New Year break [2]. Group 1: Market Reactions - Gold had previously climbed over 7% in the four sessions leading up to the retreat, as investors sought safer assets amid geopolitical tensions and changes in US tariff policies [2]. - The market is experiencing confusion following President Trump's announcement to increase a global import levy to 15%, which follows a Supreme Court ruling against his previous tariff regime [4]. - The European Union has assessed that Trump's new tariffs would raise duties on some exports above levels allowed under existing trade agreements, adding strain to international relations [5]. Group 2: Investor Sentiment - Despite the recent volatility, longer-term sentiment remains positive due to ongoing uncertainties in Iran and the US's tariff policies, which are seen as supportive for gold prices [3][6]. - Gold has found support above $5,000 an ounce after a significant drop earlier in the month, recovering more than half of its losses from a record high of over $5,595 in late January [7]. - Major banks, including BNP Paribas, Deutsche Bank, and Goldman Sachs, predict that gold prices will recover, citing persistent concerns about the Federal Reserve's independence and geopolitical risks, particularly in the Middle East [8].

责任编辑：王许宁 责任编辑：王许宁 法国巴黎银行分析师William Bratton表示，最高法院的裁决虽使特朗普总统的贸易政策复杂化，但不会 缓解贸易摩擦。"政府提高进口关税的目标并未改变，并将寻求通过其他措施实现这一宏观雄 心，"Bratton指出。他补充称，这将导致政策日益复杂且更具针对性，鉴于亚太地区贸易顺差规模庞 大，该地区生产商将成为焦点。长远来看，随着美国贸易流对亚太经济的重要性持续减弱，该地区贸易 活动可能呈现更强的区域化特征。 法国巴黎银行分析师William Bratton表示，最高法院的裁决虽使特朗普总统的贸易政策复杂化，但不会 缓解贸易摩擦。"政府提高进口关税的目标并未改变，并将寻求通过其他措施实现这一宏观雄 心，"Bratton指出。他补充称，这将导致政策日益复杂且更具针对性，鉴于亚太地区贸易顺差规模庞 大，该地区生产商将成为焦点。长远来看，随着美国贸易流对亚太经济的重要性持续减弱，该地区贸易 活动可能呈现更强的区域化特征。 ...

Core Viewpoint - BNP Paribas Asset Management has initiated a tokenisation effort by issuing a tokenised share class of a French-domiciled money market fund on the Ethereum network, marking a significant step in the integration of traditional finance with blockchain technology [1][2]. Group 1: Tokenisation Efforts - The tokenised fund shares were issued on the public Ethereum network, utilizing permissioned tokens to ensure that only eligible participants can hold and transfer them, while leveraging the advantages of public blockchain infrastructure [2]. - This marks BNP Paribas's second trial of tokenising money market funds, with the first trial conducted in 2025 using a private blockchain [2]. - The chief digital and data officer of BNP Paribas Asset Management stated that this initiative supports ongoing efforts to enhance operational efficiency and security within a regulated framework [3]. Group 2: Industry Trends - Other major asset managers, such as BlackRock and Franklin Templeton, have also been exploring tokenisation using public blockchains like Ethereum, Arbitrum, and Avalanche for money fund tokenisation [4]. - BlackRock's BUIDL is currently the largest tokenised Treasury product, primarily operating on Ethereum [4]. - WisdomTree, another asset manager, has also launched a fund on Ethereum and expanded its tokenised products to the Solana network in January [5]. Group 3: Future Outlook - BlackRock's CEO has been advocating for the tokenisation of all assets since 2022, indicating a growing trend among Wall Street firms towards mainstream crypto applications [6]. - The tokenisation market is projected to reach a market value of $35 trillion by 2030, as the practice of placing various assets on the blockchain becomes increasingly common [7].

Core Insights - BNP Paribas has launched a tokenized share class of a French-domiciled money market fund on the public Ethereum blockchain, marking a significant step in the migration of traditional finance to distributed ledger technology [1][2] - The initiative allows BNP Paribas to test the integration of public blockchains into regulated fund structures while maintaining strict control over digital assets [2][3] Group 1: Tokenization and Compliance - The tokenized shares utilize a permissioned access model, restricting holdings and transfers to a whitelist of authorized participants who meet compliance standards [3] - The initiative was described as a limited intra-group experiment to test new processes within a controlled and regulated framework [3] Group 2: Institutional Trends - There is a growing consensus among institutional asset managers to utilize the settlement infrastructure of public networks like Ethereum while demanding strict access controls [4] - The initiative follows a previous pilot using a private blockchain, indicating a cautious shift toward public networks for broader interoperability [5] Group 3: Operational Efficiency - Tokenization offers a regulated, yield-bearing alternative to fiat-backed stablecoins, with money market funds serving as a primary testing ground for blockchain ambitions [5] - Traditional fund processing relies on slow, batch-based settlement systems, while tokenization introduces the possibility of nearly instantaneous settlement, improving capital efficiency [6] Group 4: Industry Participation - BNP Paribas joins other major financial institutions like BlackRock, JPMorgan Chase & Co., and Fidelity Investments in deploying tokenized money market funds on Ethereum [8]

Core Viewpoint - The gold market experienced a significant drop, with international gold prices falling below the psychological threshold of $5000 per ounce, impacting domestic gold prices and raising concerns among investors who bought at higher prices [1][4]. Price Movement - As of February 17, 2026, international gold prices were reported between $4990 and $4992 per ounce, marking a nearly 1% decline from the previous day, which was around $5030 [4]. - Domestic gold prices also reflected this downward trend, with the main gold contract (Au9999) closing at 1108.5 yuan per gram, down 16.55 yuan, a decrease of 1.47% [4]. Price Discrepancy - The gold recycling price in formal channels ranged from 1045 to 1065 yuan per gram, while retail prices at major gold stores like Chow Tai Fook and Lao Feng Xiang were between 1529 and 1560 yuan per gram, indicating a nearly 500 yuan difference per gram due to costs associated with branding, design, and retail operations [3][6]. Market Influences - Geopolitical tensions eased with the commencement of indirect nuclear negotiations between the U.S. and Iran, leading to a withdrawal of safe-haven investments from gold [7]. - Confusion regarding the timing of potential interest rate cuts by the Federal Reserve has also contributed to the decline in gold prices, with expectations for a rate cut being pushed back from June to July or later [9]. - Technical adjustments were necessary after a rapid increase in gold prices, which surged over 13% from late 2025 to early 2026, prompting a market correction [10]. Central Bank Activity - The pace of gold purchases by central banks, particularly the People's Bank of China, has slowed significantly, with only a minor increase in reserves, indicating a more cautious approach to high gold prices [10]. Investment Outlook - Major investment banks have raised their future gold price targets despite the recent drop, with UBS projecting prices to reach $6200 per ounce by mid-2026, while Goldman Sachs has increased its target for December 2026 to $5400 [12][13]. - Analysts emphasize that structural factors such as concerns over the dollar's credibility and global de-dollarization efforts will continue to support gold prices in the long term [13].

这波行情的直接引爆点，来自全球两大热点地区同时传来的紧张消息。 中东方面，美国与伊朗的博弈 到了剑拔弩张的边缘。 当地时间2月17日，双方在瑞士日内瓦结束了第二轮间接谈判。 尽管伊朗外长表 示已就"指导原则"达成共识，美国副总统也称会谈在部分议题上进展顺利，但核心分歧丝毫未解。 伊 朗坚持其和平利用核能的权利和导弹自卫权，而美国则要求伊朗必须彻底放弃核武器计划、大幅削减弹 道导弹项目并停止支持地区武装组织。 谈判桌上的僵局，伴随着军事上的极限施压。 多家媒体报道指 出，美军已做好"最早于本周末对伊朗发动军事打击"的准备，特朗普总统正在就军事行动的利弊进行最 终评估。 以色列媒体更是放出消息，称美国对伊朗军事打击的"时间表正在缩短"。 作为回应，伊朗革 命卫队在霍尔木兹海峡启动了军事演习，并威胁若遭攻击将报复美国在该地区的军事基地。 霍尔木兹 海峡是全球约20%原油运输的咽喉要道，任何风吹草动都牵动着全球能源市场和避险情绪的神经。 2026年2月19日，贵金属市场给所有投资者上演了一出"明跌暗涨"的好戏。 表面上看，黄金价格比昨天 收盘时微跌了一点，但如果你仔细对比昨天同一时间的价格，会发现它其实悄悄涨了超过1 ...

Core Viewpoint - The Issuer has announced amendments to the Severe Disruption Event Threshold for certain classes of ETP Securities, which are not materially prejudicial to the interests of ETP Securityholders [2]. Group 1: Amendments to Severe Disruption Event Threshold - BNP Paribas Financial Markets acts as the Swap Provider for the affected securities and has agreed to amend the Severe Disruption Event Threshold [2]. - The amended thresholds for the affected securities are as follows: - WisdomTree Brent Crude Oil 3x Daily Short: 30% - WisdomTree Natural Gas 3x Daily Short: 30% - WisdomTree WTI Crude Oil: 100% - WisdomTree Brent Crude Oil: 100% [2]. - The effective date of the amendments is the date of the notice [2].

金价连续第三日上涨，突破每盎司 5000 美元关口，因交易商评估中东地区不断升温的地缘政治风险。 美国总统唐纳德・特朗普表示，与伊朗就核协议谈判的时间 "差不多" 只剩 10 至 15 天，与此同时，美 国正在该地区部署自 2003 年伊拉克战争前以来规模最大的军事力量。此前两个交易日，金价已上涨超 2%，部分亚洲市场因农历新年假期休市。 美国若对伊朗发动大规模打击，可能使华盛顿陷入自 1991 年以来在该地区的第三场主动战争，从而进 一步推高避险资产需求。伊朗领导层正因国内大范围动荡担忧政权稳定。随着交易商密切关注局势紧 张，油价已触及六个月高位。 本月初，全球黄金市场经历历史性暴跌，金价在短短两天内从每盎司 5595 美元以上的历史峰值大幅回 落至近 4400 美元，此后市场一直异常震荡。1 月加速涌入的一波投机买盘，将持续多年的涨势推向临 界点，但支撑此前金价上涨的因素基本未变，包括全球范围内减持主权债券与货币的大趋势。 法国巴黎银行、高盛集团等多家银行均表示，预计金价将重拾涨势。高盛分析师莉娜・托马斯、丹・斯 特鲁伊文在报告中指出，作为金价上涨主要推手的各国央行，仍热衷于增持黄金以对冲地缘政治与金融 ...