针对来自中国的投资，欧盟也设置了许多附加条件，包括强制技术转让、使用本地劳动力等等，马克龙来华的时候就谈到了希望中方共享电动车技术的相关 事宜。此外，对中资参与公共采购和市场准入，欧盟同样设置了诸多条条框框，例如禁止中国医疗设备商参与欧盟500万欧元以上的公共采购项目；审查在 欧经营企业是否接受过"外国补贴"，并根据结果处以罚款、禁止交易或强制退还补贴；还有利用严格的环保、安全、数字法规，指控中国产品"不合格"。 这些所谓的"经济杠杆"，不过是为了服务于欧盟对华"去风险"战略，马克龙放话要消除对华贸易逆差，本质上也是为了这个目的。好在欧盟的另一位"话事 人"德国并不这么想，马克龙威胁话音刚落，德国外长瓦德富尔就来了，他听说了马克龙的言论后，在北京当面表态"对此持怀疑态度"，他还给中方了一 颗"定心丸"，称"原则上，德国不奉行保护主义政策"。 近日，法德政要接连访华，法国总统马克龙回国后就翻脸，威胁要对华加税，德国默茨政府对华政策看似强硬，在这件事情上却和法国态度截然相反，访华 时还特地送来了"定心丸"，对比一个月之前对华恶语相向，德国的态度为什么会出现这么大的变化？ 日前， 法国总统马克龙来中国访问的三天，受 ...

Core Insights - Bosnia and Herzegovina's imports are heavily reliant on former Yugoslav countries, with over one-third of total imports coming from these nations, indicating a significant trade imbalance [2][3] - The total import value for the first eleven months of the year reached 28.97 billion marks, with imports from Croatia, Serbia, and Slovenia making up a substantial portion [2] - Exports to these countries totaled 6.82 billion marks, resulting in a trade deficit with all but Montenegro, highlighting the need for improved export strategies and economic competitiveness [2][3] Import and Export Analysis - Imports from Croatia amounted to 5.41 billion marks, Serbia 3.83 billion marks, and Slovenia 2.39 billion marks, collectively accounting for approximately 41.52% of total imports [2] - The highest import category was machinery and equipment, totaling 2.56 billion marks, while the leading export category was electrical equipment, valued at around 1.48 billion marks [2] - The trade deficit with Croatia was 2.5 billion marks, with Serbia and Slovenia also showing significant deficits of 2.1 billion marks and 0.95 billion marks, respectively [2] Economic Insights - Economist Igor Gavran noted that a significant portion of imports from Serbia and Croatia actually originates from third countries, suggesting that the import figures could be misleading [3] - He emphasized the need for Bosnia to improve its business environment and economic competitiveness to enhance export potential and reduce reliance on imports [3] - Recommendations include stricter supervision in areas with evident gaps in import control and efforts to boost domestic production capabilities [3]

黄金撑起的短期幻觉 小李注意到，近期美国贸易领域传来一则捷报，9月贸易逆差骤降11%至528亿美元，创下五年来最低水 平，这一数据远超市场预期，瞬间成为白宫宣传"美国优先"贸易议程的有力注脚。 但拨开数据的迷雾不难发现，这场狂欢的核心推手并非制造业复苏或出口结构优化，而是非货币性黄金出 口的反常暴涨，单月黄金出货增量就占据出口总增量的七成以上。 在全球经济不确定性加剧的背景下，黄金作为传统避险资产，其出口激增往往与国际资本的避险情绪直接 相关，而非美国本土产业竞争力的实质性提升。 这种短期的出口红利更像是一笔意外之财，难以形成可持续的增长动力。 最近美国贸易圈炸出大新闻：贸易逆差直接降到五年最低，按说这该是经济向好的信号，可小李发现，全 球多个国家却接连陷入经济困境，有的产业停滞，有的就业锐减。 一边是美国的"贸易捷报"，一边是多国的"经济寒冬"，这看似矛盾的两件事，真的有关联吗？ 美国逆差大降的背后，到底藏着什么不为人知的操作？为啥偏偏在这个节点，多国经济会集中遭重创？ 今天小李就带大家扒一扒这背后的核心逻辑，看看这场贸易数据的狂欢，到底是谁的红利，又是谁的劫 难。 在小李看来，白宫将这份暂时性数据归功于关 ...

今日周五(12月12日)亚盘时段，白银td目前交投于14731一线上方，今日开盘于14482元/千克，截至发 稿，白银td暂报14885元/千克，上涨2.85%，最高触及15010元/千克，最低下探14464元/千克，目前来 看，白银td盘内短线偏向震荡走势。 【要闻速递】 因出口增加，美国9月贸易逆差意外收窄，降至2020年年中以来最小水平。 美国商务部周四公布的数据显示，商品和服务贸易逆差较前月缩小近11%，至528亿美元，市场预期为 631亿美元。出口额增长3%，达到有记录以来第二高水平，主要受非货币黄金和药品制剂推动。 进口仅微增0.6%。今年因美国实施关税措施，贸易数据出现大幅月度波动，也导致GDP出现类似波 动。9月贸易数据将帮助经济学家进一步修正对第三季度GDP的估算。 另外根据市场调查显示的工具数据显示，目前市场认为下月维持利率不变的概率已升至约78%。与此同 时，市场对于区域局势缓和的讨论也引起部分投资者对传统避险需求的重新评估。 【最新白银td行情解析】 日图来看，已连续两日收阳，白银td开盘持续走涨，到达高点后小幅回落，价格处于正值区间，目前有 望再度拉升，布林带开口扩大显示上涨空间充足 ...

Core Viewpoint - The U.S. trade deficit narrowed in September more than expected, reaching its lowest level in over five years, which has raised market expectations for net exports to boost economic growth in the third quarter [1][3]. Group 1: Trade Data - The trade deficit decreased by 11% from the previous month to $52.8 billion, marking the smallest deficit since June 2020 and lower than the $63.3 billion predicted by economists [3]. - Exports increased by 3% from August to $289.3 billion, primarily driven by non-monetary gold, while imports rose by 0.6% [3]. Group 2: Economic Growth Projections - The Atlanta Federal Reserve estimates that the actual GDP growth rate for the three months ending September 30 will reach 3.6%, an upward revision of 0.1 percentage points from its previous forecast [4]. - Economists surveyed by Reuters had anticipated a GDP growth rate of 3% for the same period [4]. Group 3: Expert Opinions - Capital Economics' North America Chief Economist Paul Ashworth noted that a significant portion of the $8.7 billion increase in exports in September was due to a $6.1 billion rise in non-monetary gold shipments, which does not contribute to GDP [5]. - Pantheon Macroeconomics' senior U.S. economist Oliver Allen expects the surge in gold bar exports to likely decline in the fourth quarter, suggesting that the decrease in the trade deficit does not indicate a substantial trend [5]. Group 4: Political Context - The White House stated that the recent trade data further demonstrates the effectiveness of President Trump's "America First" trade agenda aimed at reducing the trade deficit [6].

Group 1 - The U.S. trade deficit narrowed significantly in September to $52.8 billion, down from $59.3 billion in August [1] - Gold exports surged to $6.1 billion in September, contributing significantly to the overall export growth of $8.4 billion, while gold imports only increased by $1.9 billion [3] - The overall U.S. export value rose to $289.3 billion in September, while imports saw a modest increase to $342.1 billion [3] Group 2 - Computer and accessory imports fell by $2.7 billion in September, contrary to expectations of growth driven by the AI industry [4] - Pharmaceutical imports skyrocketed by $12.9 billion in September, driven by concerns over potential tariffs on brand-name drugs [4] - Despite the significant narrowing of the trade deficit in September, the year-to-date trade deficit remains 17% higher compared to the first nine months of 2024 [4]

Group 1 - Mexico's new tariff law, effective January 1, 2026, will impose tariffs of up to 50% on approximately 1,100 products from Asian countries like China, India, and South Korea that have not signed free trade agreements [1] - The law aims to strengthen domestic production and reverse trade deficits, with a specific focus on the automotive sector, where 75% of parts must be sourced from North America [1][5] - The tariff adjustments are seen as a strategic move to align more closely with the United States, especially in light of the USMCA requirements [1][3] Group 2 - Mexico's trade relationship with China is significant, with bilateral trade expected to exceed $100 billion in 2024, and over 60% of essential manufacturing materials being imported from China [3] - The proposed tariffs could lead to a 30%-40% increase in production costs for industries reliant on Chinese imports, potentially exacerbating Mexico's trade deficit rather than reducing it [5] - The Mexican government faces criticism from the manufacturing sector, which warns that the tariffs could lead to supply chain disruptions and increased consumer prices amid an already high inflation rate of over 5% [5][6] Group 3 - Long-term solutions for Mexico's manufacturing sector require international cooperation and an improved business environment rather than reliance on tariff barriers [7] - Negotiations between Mexico and China could help mitigate trade tensions and contribute positively to global trade stability [7]

【资讯导读】 ·美国9月贸易逆差环比下降 ·美国上周初请失业金人数激增4.4万人 ·瑞士央行将利率维持在零水平 ·多家研究机构下调德国经济增长预期 ·OPEC对2026年全球石油供需的预测保持稳定 【市场资讯】 ·美国商务部11日发布的数据显示，美国9月商品和服务贸易逆差金额为528亿美元，小于8月修订后的 593亿美元，环比下降10.96%。 ·美国上周初请失业金人数激增4.4万人，达到23.6万人，这一增幅为2020年3月以来最高。 ·马斯克10日暗示，他旗下的太空探索技术公司（SpaceX）可能首次公开募股（IPO）。 ·瑞士央行连续第二次维持利率在0%不变，符合市场预期。与此同时，瑞士央行下调了未来两年的通胀 预期，但重申重返负利率门槛极高。 ·德国多家重要经济研究机构11日分别发布的冬季预测报告显示，受对美国出口明显下滑等因素影响， 2025年德国经济预计仅增长0.1%，较秋季预测的0.2%增幅再度下调。 ·石油输出国组织（OPEC）对2026年全球石油供需的预测保持稳定，认为世界市场将保持平衡，这与普 遍预测的供应过剩相悖。 ·日本央行内部人士透露，尽管日本10年期国债收益率飙升至1.97%的18 ...

12月11日晚间，美股道指与纳指走势突然背离，中概股盘中直线走低。黄金再度直线拉升。 美国劳工部周四数据显示，截至12月6日当周，初请人数增加4.4万人至23.6万人，为2020年3月以来最大增幅，此前一周的申请人数为三年多来的最低水 平。 美股个股方面，明星科技股甲骨文大跌逾15%，公司宣布FY2026财年资本支出预期将比Q1后的预测多出150亿美元. 纳斯达克中国金龙指数跌0.9%，哔哩哔哩跌超2%，阿里巴巴跌逾2.8%。 值得注意的是，黄金、白银再度走强，其中，现货黄金直线拉升，截至发稿涨至4243美元附近，一度挑战4200美元。COMEX黄金更是涨近1%。 晚间，美国有两则经济数据值得关注。 消息面上，美国上周23.6万人首次申领失业救济金，和前一周修正后首次申请失业救济金的人数相比增加了44000人。 据最新消息，摩根大通、摩根士丹利与花旗一致预测，明年1月美联储将再次降息。美国商务部长也表达了希望美联储继续降息的愿望。 晚间美股开盘后涨跌不一，其中，纳指跌幅较大，道指拉涨。 华尔街普遍认为，美联储12月会议虽流露鹰派信号，如内部罕见分歧、强调数据依赖，但并未动摇其宽松基调。市场主流预期仍指向明年初 ...

其中，9月出口金额为2893亿美元，环比增长3%，而当月进口金额为3421亿美元，环比增长0.6%。 新华财经纽约12月11日电（记者刘亚南）美国商务部11日发布的数据显示，美国9月商品和服务贸易逆 差金额为528亿美元，小于8月修订后的593亿美元，环比下降10.96%。 （文章来源：新华社） 数据显示，由于进口增速大于出口增速，今年前三季度，美国商品和服务贸易逆差金额为1126亿美元， 同比增长17.2%。 数据显示，9月商品出口金额增加88亿美元，消费品出口增加41亿美元。同期，商品进口金额增加17亿 美元，消费品进口增加102亿美元，但资本货物进口显著减少56亿美元，工业原材料进口微增。 ...