Core Viewpoint - The uncertainty surrounding trade agreements and tariff policies has led to a decline in U.S. stock markets for the second consecutive day, with investors expressing concerns about future trade policies and their economic implications [1][3][7]. Trade Agreement Uncertainty - Trump's statement about reviewing potential trade agreements in the next two weeks contrasts with Treasury Secretary Mnuchin's earlier comments suggesting that some agreements could be announced as early as this week, increasing market volatility and investor anxiety [3][5]. Market Performance and Sector Dynamics - The Dow Jones Industrial Average fell by 0.95% to 40,829.00 points, the S&P 500 dropped by 0.77% to 5,606.90 points, and the Nasdaq decreased by 0.87% to 17,689.66 points. The U.S. Commerce Department reported a record trade deficit of $140.5 billion in March, driven by increased imports ahead of tariff announcements [4][5]. - Healthcare stocks declined by 2.8%, with Eli Lilly down 5.6% and Moderna down 12.3%, significantly impacting the S&P 500 index [4]. Impact of Tariff Policies - The uncertainty surrounding tariff policies has notably affected the market, particularly after Trump's announcement regarding potential tariffs on pharmaceuticals, leading to significant declines in healthcare stocks reliant on imported drugs [5][6]. Federal Reserve's Monetary Policy Outlook - Federal Reserve officials, including Chairman Powell, indicated a patient approach to monetary policy adjustments until the effects of tariffs are reflected in economic data. The market anticipates an 80% probability of at least a 25 basis point rate cut in the July meeting, reflecting concerns about the economic outlook [6].

周三（北京时间5月7日），现货黄金交投于3391美元附近，周二金价上涨近3%，重回3400美元附近， 升至两周高点。ETO外汇分析这一上涨主要受到假期后市场购买和对美国可能对进口药品征收关税的担 忧支撑，同时投资者也在等待美联储政策会议的结果。现货黄金上涨2.4%，至每盎司3413.29美元，为4 月22日创下每盎司3500.05美元的历史新高以来的最高水平。美国黄金期货结算价上涨3%，至3422.8美 元。 关税政策的不确定性 美国总统特朗普周一表示，他计划在未来两周内宣布对药品征收新关税。此前，周日早些时候，他还宣 布对海外制作的电影征收100%的关税。这些关税政策的不确定性增加了市场的避险情绪，推动了黄金 价格的上涨。投资者担心，关税政策可能会引发贸易摩擦，进而影响全球经济的稳定。 除了黄金，其他贵金属也表现出不同程度的上涨。现货白银上涨1.9%，至每盎司33.1美元；铂金上涨约 2.4%，至982.52美元；钯金上涨3.1%，至971.27美元。这些贵金属的上涨反映了市场对避险资产的整体 需求增加。 黄金市场的未来展望 黄金价格的上涨反映了市场对关税政策不确定性和美联储政策预期的双重推动。投资者在当前 ...

美国总统特朗普当地时间5月4日在社交媒体上发文称，他将授权美国商务部和美国贸易代表立即启动程序，对所有进入美国、在外国制作的电影征收100% 关税。对此，有美国经济学家警告，这一政策、特别是其中的不确定性将给美国电影产业构成实质性伤害。 0:00 美国欧道明大学经济系主任罗伯特·麦克纳布指出，征税对象、征税方式、执行机制等关键问题尚无细则，极大增加了市场不确定性。 罗伯特·麦克纳布认为，这一政策若落实，将直接影响许多国际合拍作品的归类与成本结构，政策模糊性还可能进一步削弱美国电影在全球的竞争力，影响 外资信心。 美国欧道明大学经济系主任 罗伯特·麦克纳布：我们该如何界定那些在海外拍摄，然后在美国剪辑并发行的作品，这算是外国电影吗？我们并不清楚。还是 说，只有完全在海外制作，然后被引进美国的电影才算外国电影。那类电影相对于好莱坞的产出来说是相对较少的。我认为，对进口国际电影加征关税，这 个提议传递出的更大信号是美国政治和经济环境的不确定性正在加剧，而这种不确定性将会在未来逐步削弱外国对美投资。 关税或削弱好莱坞全球化制作和发售能力 近年来正是跨国合作让美国电影在全球市场保持领先。如果关税真的开始执行，专家认为， ...

Financial Data and Key Metrics Changes - In Q1 2025, net sales increased by 1% year over year to $778 million, with wholesale net sales up 2% and direct-to-consumer sales flat [19][20] - Gross margin expanded by 30 basis points to 50.9%, while SG&A expenses increased by 1% [19][20] - Diluted earnings per share rose by 6% year over year to $0.75 [19] Business Line Data and Key Metrics Changes - Columbia brand net sales increased by 3%, while Mountain Hardwear net sales decreased by 14% and SOREL net sales decreased by 8% [28][33][35] - The US direct-to-consumer net sales declined by low single digits, with e-commerce down by high single digits, while brick-and-mortar sales were up low single digits due to new store contributions [21][20] - International markets showed strong performance, with LAAP net sales up 14% and EMEA net sales up 7% [22][25] Market Data and Key Metrics Changes - US net sales decreased by 1%, with the wholesale business relatively flat [20] - China net sales increased in the low teens percentage, driven by strong e-commerce growth [22] - Japan net sales increased in the mid-teens percentage, benefiting from strong demand for late-season and winter products [23] Company Strategy and Development Direction - The company is focused on mitigating the impacts of US tariff increases and has a diversified supply chain to navigate uncertainties [6][11] - Columbia plans to increase investment in demand creation and launch a new global marketing platform starting in August [15][56] - The company aims to absorb much of the incremental tariff costs in 2025 while exploring strategies to offset higher tariffs in 2026 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the company's brands and strategies, despite the unprecedented level of public policy uncertainty regarding trade [6][7] - The company has withdrawn its full-year 2025 outlook due to heightened uncertainty regarding tariff rates and consumer demand [16][109] - Management anticipates a challenging US market in the latter half of the year, with higher prices negatively impacting consumer demand [18] Other Important Information - The company has identified cost savings and profit-enhancing opportunities beyond the $150 million target established in 2024 [17] - Columbia's greater reward program has been recognized as a top loyalty program, contributing significantly to direct-to-consumer sales [32] Q&A Session Summary Question: What is the expectation for wholesale in the second half of the year? - Management indicated that the fall order book has not changed meaningfully and expects wholesale growth to be similar to early February expectations [39][42] Question: Are there opportunities to take market share due to private label offerings from China? - Management believes there are opportunities to gain market share from competitors facing challenges with imports from China [41][52] Question: How will the $40 to $45 million in incremental COGS from tariffs be distributed? - Management expects the majority of the tariff costs to be realized in the second half of the year, with potential impacts extending into 2026 [43][46] Question: What is the outlook for demand creation spending? - The company plans to increase marketing spending and improve efficiency in campaigns starting in August [54][56] Question: What are the recent trends in the China market? - Management noted strong growth in China, with plans to continue investing in localized design and production [67] Question: How is the company managing inventory in light of tariff uncertainties? - The company is rationalizing inventory purchases and pulling in inventory to mitigate potential tariff impacts [100][101]

摘要本周三（4月30日)欧市盘中，伦敦金价格小幅下跌，截发稿暂报3311.14美元/盎司，跌幅0.18%。日 内将迎来众多重磅数据，包括；美国4月ADP就业人数(万人)、美国第一季度实际GDP年化季率初值、 美国3月核心PCE物价指数年率等等数据，根据昨日公布的整体数据和市场预期来看，晚间数据预计将 利好金价，所以，日内仍可以低多看涨反弹为主。 对未来情况的看法更加恶化。该会衡量受访者如何看待未来六个月的预期指数大跌至54.4，下降12.5， 为2011年10月以来的最低水平。该会官员表示该读数与经济衰退相符。 该会负责全球指标的高级经济学家Stephanie Guichard表示："三个预期子指标（商业状况、就业前景和 未来收入）都急剧恶化，反映出对未来普遍存在的悲观情绪。" Guichard补充说，总体而言，信心调查处于"疫情爆发以来从未见过的水平"。 【黄金行情解析】 昨日黄金走势维持宽幅震荡整理，一方面因市场对贸易战缓和的预期，令黄金反弹受到限制，另一方面 因关税政策不确定性，与经济衰退担忧，依旧吸引逢低买盘支撑金价，因此操作上建议大家，以震荡思 路对待，下方支撑关注3300美元，其次3268美元，上 ...

金十数据4月29日讯，阿迪达斯全球首席执行官比约恩·古尔登当地时间29日表示，尽管公司今年第一季 度业绩强劲，但来自美方关税政策的不确定性正在对公司决策造成直接影响。他坦言："在一个'正常的 世界'里，我们本可以上调全年营收和经营利润预期。然而，当前美方关税的不确定性使我们无法做出 这一决定。"古尔登指出，公司目前几乎无法在美国本土实现生产，且产品主要产地集中于亚洲国家， 因此预计新增关税将导致阿迪达斯在美市场的所有产品成本上升。 阿迪达斯全球首席执行官：美方关税政策带来不确定性 ...

摩根士丹利：关税政策的不确定性，叠加美联储独立性受到质疑，或导致外资削减对美投资 金十数据4月29日讯，摩根士丹利报告指出，美国政府关税政策的不确定性，尤其是多次政策反复，叠 加美联储独立性受到质疑，使得重仓美国资产的外国投资者产生顾虑。这样的顾虑一旦形成便很难消 除，这可能导致外资削减对美投资，并转向非美资产——尤其是在配置新资金时。同时其对美国资产敞 口的货币对冲比率可能上升，这两者都可能会继续拖累美元。 ...

TI正努力摆脱其主要行业（尤其是汽车和工业市场）需求下滑的影响。该公司还在努力维持来自 中国客户的销售额，中国客户在第一季度贡献了约20%的收入。德州仪器面临来自美国和中国的关 税威胁，这给这家芯片制造商带来了难题。 该公司在美国境外拥有四家工厂，其中一家位于中国。由于正在将生产转移到德克萨斯州总部附近 的全新、更大的工厂，这些工厂的产能一直不足。但首席财务官拉斐尔·利扎尔迪表示，该国际网 络现在可以"快速扩张"。他表示，在一个地区生产的芯片可以轻松地在其他地区进行测试和封装。 与同行一样，德州仪器的股价今年也因对美国与其合作伙伴和竞争对手之间不断升级的贸易战的担 忧而受到打击。截至周三收盘，该股已下跌19%。 伊兰表示，德州仪器最艰巨的任务之一将是确保客户获得在关税影响最低的地区生产的芯片。这项 工作很难协调，尤其是考虑到电子元件的生产时间约为三个月，但他相信，他的公司比大多数同行 拥有更多选择。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 路透 & 彭博社 ，谢谢。 近日，TI和ST两大芯片巨头在一季度的业绩中都提到，行业在转向复苏。 TI：给出乐观预测 全球最大的模拟芯片公司德州仪器（TI ...

此外，财报季也是美股市场的交易主线之一，下周包括特斯拉、谷歌在内的多家巨头公布的最新财报将成为美 股市场的重要考验。华尔街警告称，大型企业CEO的前景判断比以往任何时候都更重要，一旦释放更多悲观 预期或将加剧市场动荡。 美联储搅动市场 "解雇鲍威尔"风波搅动市场。 正值美股市场动荡之际，美国总统特朗普与美联储主席鲍威尔的矛盾彻底激化，进一步加剧了市场的紧张情 绪。另据日程安排，美联储将于北京时间下周四公布经济状况褐皮书，该报告将揭晓美联储对当下美国经济的 评估。 当前，关税政策的不确定性仍主导着市场情绪，下周三，美国、欧元区和英国将同步公布4月制造业与服务业 PMI初值。分析指出，本期PMI报告至关重要，在增长担忧加剧的环境下，贸易不确定性或已压制新订单。 本周，美股三大指数全线下挫，道指、纳指周跌幅均超过2.6%，标普500指数周跌幅达1.5%。 受美国掀起的"关税风暴"影响，素有"恐慌指数"之称的芝加哥期权交易所波动率指数（VIX）一度飙升至60， 目前虽回落至30左右，但仍远高于17.6的长期中位值。 当前，关于"解雇美联储主席鲍威尔"的事态进展正牵动着投资者情绪。 在鲍威尔的"鹰派"讲话彻底激怒特朗普 ...

Fifth Third Bancorp executives highlighted their proactive management and the bank’s ability to navigate uncertain environments during a conference call Thursday (April 17) discussing first-quarter earnings.They said these qualities are especially relevant at times like the present, when potential tariffs could lead to any number of different scenarios through the remainder of the year.“[We] cannot predict what the final tariff policies will look like, much less what the second-order effects on economic act ...