本周在股市舞台上，制药巨头辉瑞（Pfizer Inc.）以6.79%的涨幅耀眼登场，已连续四天保持上涨态势， 累计涨幅达到15.30%。这只百年老牌药企的股价，不仅在10月1日再创2025年1月以来的价格新高，还 带动了一批医药股也随之上涨。阿斯利康、赛诺菲、葛兰素史克、礼来、渤健和默沙东等公司股价同样 水涨船高。 辉瑞最新的股价上扬，与其近期一项重大的关税协议不无关系。公司首席执行官阿尔伯特·布尔拉宣 布，辉瑞已与美国政府达成了一项长达三年的药品关税豁免协议。这项不仅仅是避开了前任总统特朗普 提出的关税风险，辉瑞还承诺以高达85%的优惠价格向美国患者提供多种药品，包括偏头痛、类风湿性 关节炎等常见病的治疗药物。作为协议的一部分，辉瑞参与的政府专有平价购药平台"TrumpRx"，将确 保患者能够通过直接渠道以优惠价购买药物，而政府则承诺不再对辉瑞征收三年关税。特朗普表示，这 项协议是他为改善美国医疗保健的重要一步，并补充说政府还在与其他制药公司洽谈类似合作，计划在 短期内达成一致。 来源：市场资讯 （来源：美股情报站） 这种博弈背后，不仅涉及到辉瑞自身的战略调整，也折射出制药行业面临的宏观环境压力。在特朗普新 ...

加拿大与墨西哥领导人承诺，将在明年与美国进行高风险贸易协定审议前保持密切协调。当前美国总统 特朗普的关税威胁使该协定面临风险。在墨西哥国家宫举行的联合新闻发布会上，加拿大总理卡尼与墨 西哥总统辛鲍姆共同肯定了能提升北美竞争力的进展——该地区不仅拥有高度整合的汽车产业，还在能 源、农业等领域存在大量跨境贸易。这是两国领导人首次在墨西哥城举行峰会，标志着近期加墨关系加 强的新动态：此前双方在对美贸易谈判策略上存在分歧，如今加墨两国正共同寻求说服特朗普降低对钢 铁、汽车和农产品等商品的进口关税。此次会晤展现了加墨团结一致的立场，扭转了前总理特鲁多与墨 西哥前总统洛佩斯执政时期时而冷淡的双边关系 日期 COMEX黄金库存量(吨) 增持（吨） 2025-09-18 1221.76 1.52 2025-09-17 1220.24 2.01 【要闻回顾】 摘要9月18日，COMEX黄金库存录得1220.24吨，较上一交易日增加1.52吨；COMEX黄金周四（9月18 日）收3678.20美元/盎司，下跌0.44%，comex黄金价格日内最高上探至3707.30美元/盎司，最低触及 3660.50美元/盎司。 9月18日，C ...

Group 1 - Trump's recent claim of imposing a 200% tariff on China for magnetic materials is seen as a performative threat rather than a feasible policy [1][3] - The exaggerated tariff figures, such as 500% on Russian oil and gas purchases, indicate a lack of actionable policy and are more about gaining attention [3][4] - China's export regulations on rare earth materials are focused on compliance and traceability rather than outright restrictions, aimed at preventing military misuse [3][4] Group 2 - China's Ministry of Foreign Affairs has firmly stated that Trump's threats do not alter China's established principles regarding trade [4][6] - The ongoing trade war has not led to the anticipated economic collapse of China, which has shown resilience, while the U.S. faces rising inflation and debt [6][8] - The rhetoric from U.S. leaders, including extreme tariff claims, is increasingly viewed as empty threats, diminishing America's credibility on the global stage [6][8]

Group 1 - The three major U.S. stock indices closed higher, with the Dow Jones up 0.32%, Nasdaq up 0.21%, and S&P 500 up 0.24%, reaching both intraday and closing historical highs [1] - Technology stocks showed mixed performance, with Intel rising over 2%, while Nvidia fell 0.09% and dropped over 5% in after-hours trading due to disappointing data center revenue [1] - The probability of a Federal Reserve rate cut in September increased to 88.7%, as the New York Fed President stated the need to observe data before making decisions [1] Group 2 - The Nasdaq China Golden Dragon Index fell sharply by 2.58%, with Meituan experiencing a significant drop of 9.7% post-earnings [1] - The electric vehicle sector saw declines across the board, with Li Auto down over 8%, Xpeng down nearly 7%, and NIO down over 5% [1] - Major e-commerce players also faced losses, with JD.com down over 3% and Alibaba down 1.58% [1] Group 3 - Nvidia's weak data center revenue may dampen sentiment in the tech sector, although its Q3 revenue guidance of $54 billion exceeded expectations [1] - Despite high expectations for a Federal Reserve rate cut, tariff threats and geopolitical risks continue to disrupt the market [1]

Group 1 - The international gold price experienced a decline due to a stronger dollar, but concerns over the independence of the Federal Reserve, triggered by President Trump's threats, provided some support for gold [3] - Trump's new round of tariffs against China and a 50% tariff on India are raising economic growth concerns, which may weaken the attractiveness of the dollar and other U.S. assets, benefiting gold [3] - Technical analysis indicates that gold still has bullish potential as long as the 14-day Relative Strength Index (RSI) remains above 50, with a "golden cross" formation observed between the 21-day and 50-day moving averages [5] Group 2 - The suggested trading strategy for gold includes buying near 3376 with a stop loss at 3365 and targets at 3393 and 3400, while selling near 3401 with a stop loss at 3410 and a target at 3380 [6] - Despite a late surge in gold prices, the market remains cautious due to the potential for a bearish daily close, indicating a need for flexible trading positions [6]

Core Viewpoint - The Indian stock market is experiencing significant pressure due to escalating tariff threats from the U.S., leading to a pessimistic sentiment among investors [1][3]. Group 1: Tariff Impact - The U.S. Department of Homeland Security announced a 50% tariff on all Indian goods starting August 27, which is a response to India's purchase of Russian oil [1]. - This tariff increase is part of a broader strategy by the Trump administration to compel Russia to engage in peace talks regarding Ukraine [2]. - The new tariffs are expected to directly impact India's already slowing economic growth, potentially reducing the annual growth rate by 0.6 to 0.8 percentage points according to Citigroup [5]. Group 2: Market Reaction - The MSCI India Index has underperformed the MSCI Emerging Markets Index for four consecutive months, lagging by over 15 percentage points this year, heading towards its worst annual performance in over two decades [1]. - Foreign investors are accelerating their exit from the Indian market, with net selling of Indian stocks for the second consecutive month in August [3]. - Concerns over fiscal deficit expansion are also pressuring the Indian bond market, with the yield on the benchmark 10-year government bond rising by 22 basis points this month [4]. Group 3: Economic Outlook - Analysts warn that if the 50% tariff persists, the impact on India's GDP could be as high as 1%, affecting monetary policy and bond yields [5]. - Despite recent tax cuts introduced by Prime Minister Modi aimed at boosting the economy, sectors like banking and IT are expected to face continued pressure on profitability [5]. - The Reserve Bank of India has indicated that the impact of tariffs may be minimal, and the ongoing monetary easing could support economic growth [6].

Consumption - Travel and tourism activity remains high, with significant recovery in urban and intercity population movement, reflected in increased subway ridership and flight operations[7] - Retail and wholesale volumes for automobiles have slightly declined, indicating a weakening effect of promotional activities and subsidies[7] - Movie attendance and box office revenues have significantly decreased post-summer, indicating a drop in consumer interest[7] Investment - New special bonds issued reached CNY 3.08 trillion as of August 16, with a recent acceleration in issuance[20] - Real estate transaction volumes remain subdued, with new home sales in 30 cities showing a slight recovery but still down year-on-year[20] - Construction activity is marginally improving, with asphalt operating rates increasing and cement shipment rates recovering seasonally[20] Trade and Prices - Import and export volumes are showing divergence, with a 11.1% decline in imports from China to South Korea and a 4.3% drop in global exports[26] - Domestic export freight rates have decreased for seven consecutive weeks, reflecting a retreat from previous shipping surges due to tariff concerns[26] - The Producer Price Index (PPI) remains flat overall, with industrial prices showing little change except for a notable 15% increase in lithium carbonate prices[44] Liquidity - The 10-year government bond yield rose by 5.7 basis points to 1.75%, indicating a tightening liquidity environment[47] - The US dollar index fell by 42 basis points, influenced by moderate inflation data from July, which strengthened expectations for a potential interest rate cut in September[47]

Group 1 - Modi's speech during India's Independence Day emphasized a strong stance against US-India trade tensions, particularly in response to Trump's tariff threats, asserting that India will not compromise its national interests [1] - The core reason for Modi's firm attitude is Trump's aggressive tariff demands and unacceptable requests, particularly regarding agricultural market access, which threatens the livelihoods of approximately 42% of India's population [2][3] - Modi's government is politically constrained from yielding to Trump's demands due to the potential backlash from domestic farmers, a crucial voter base [3] Group 2 - India has taken countermeasures, such as canceling the defense minister's visit to the US and pausing planned military purchases, which could impact US economic interests [3] - Modi is actively seeking international support through multilateral cooperation, focusing on organizations like BRICS and the Shanghai Cooperation Organization to mitigate the negative effects of US tariffs [5] - The strategy of strengthening ties with other nations is aimed at enhancing India's negotiating position with the US, indicating a potential temporary shift in foreign policy [7] Group 3 - Modi's actions not only seek to gain international support but also aim to showcase his leadership domestically, thereby maintaining political stability amid external pressures [9]

Core Viewpoint - The recent trade agreements between Europe and the U.S. have not mitigated the damaging impacts of U.S. tariffs, leading to a significant increase in France's trade deficit and raising concerns about the competitiveness of French exports [1][2]. Trade Deficit and Economic Impact - In June, France's trade deficit expanded to approximately 7.7 billion euros, with imports rising by 400 million euros to 57.6 billion euros and exports increasing by 300 million euros to 49.9 billion euros [1]. - For the first half of 2025, France's cumulative trade deficit reached 43 billion euros, an increase of about 4.4 billion euros compared to the second half of 2024 [1]. - The trade deficit for the second quarter of 2025 was 22.9 billion euros, widening by approximately 2.8 billion euros from the first quarter [1]. Structural Issues in Trade Agreements - The framework agreement between the U.S. and Europe reveals significant structural differences, particularly regarding tariff exemptions, with the U.S. interpreting a 15% tariff as broadly applicable to European goods, while Europe seeks exemptions for key industries [2]. - French officials emphasize the need to advocate for exemptions beyond the aviation sector, including pharmaceuticals and food processing [2]. Agriculture and Food Sector Concerns - French agricultural products, including wine and cheese, are excluded from tariff exemptions, with potential additional tariffs of 800 million euros if wine and spirits do not receive exemptions [3]. - The U.S. demands simplification of health certifications for meat and dairy, which could impact food safety standards in France and Europe [3]. Digital Services and Technology - The U.S. claims that Europe has committed to exempting American companies from certain taxes, while Europe has only stated it will coordinate further [3]. - France views the digital services sector as a critical area for exerting pressure on the U.S. and aims to implement a digital tax on American tech giants [3]. Military and Energy Procurement - The U.S. has indicated that Europe will significantly purchase American military equipment by 2026, but European officials argue that military procurement was never formally on the agenda [4]. - France is pushing for exemptions in energy and pharmaceuticals to protect domestic jobs and industries, criticizing the reliance on U.S. fossil fuels [4]. France's Position and Strategy - France expresses dissatisfaction with compromises made in negotiations with the U.S. and vows to maintain its competitiveness through "strategic autonomy" [5]. - French officials argue that the U.S. tariffs will lead to a "lose-lose" situation, affecting both American consumers and exports [5]. - The French government aims to strengthen its position in trade negotiations by focusing on collective unity within the EU and addressing structural imbalances in service trade [6]. Future Coordination and Policy Recommendations - Experts suggest that France should enhance coordination in trade strategy, avoid unilateral actions, and utilize "anti-coercion tools" against U.S. threats [6]. - Policy recommendations include targeted subsidies, diversifying export markets, and increasing investments in innovation and green development to counteract U.S. tariff impacts [6].

Group 1 - The core viewpoint of the article highlights market skepticism regarding U.S. tariff threats, leading to reduced focus on tariff announcements [1] - The U.S. has imposed tariffs of 50% on imports from India, 39% on imports from Switzerland, and 35% on certain products from Canada, along with tariffs on other trade partners [1] - Market attention is shifting towards the impact of tariffs on economic data and expectations of interest rate cuts by the Federal Reserve [1] Group 2 - The overall market remains orderly, partly due to skepticism about some of President Trump's more extreme threats [1]