Core Viewpoint - The article discusses the life and contributions of Stanley Fischer, a prominent economist who significantly influenced global economic policy through his roles in various financial institutions and academia [1][2]. Group 1: Personal Background and Career - Stanley Fischer was born in Zambia in October 1943 and held degrees from the London School of Economics and MIT, where he earned his PhD in 1969 [2]. - He served as the first deputy managing director of the IMF from 1994 to 2001, where he played a key role in managing several major financial crises, including the Mexican crisis in 1994 and the Asian financial crisis in 1997 [2][4]. - Fischer returned to Israel in 2005 to become the Governor of the Bank of Israel, where he implemented significant monetary policies during the global financial crisis [4]. Group 2: Contributions to Economic Policy - Under Fischer's leadership, the Bank of Israel was the first to lower interest rates at the onset of the 2008 global financial crisis and was also the first to raise rates as recovery began [4]. - He introduced inflation targeting and improved exchange rate management, leading to the Bank of Israel being recognized as one of the most efficient central banks globally [4]. - Fischer later served as Vice Chairman of the Federal Reserve from 2014 to 2017, where he warned against the risks of deregulating financial markets [4]. Group 3: Academic Influence - Fischer was a prolific author and educator, co-authoring influential textbooks in macroeconomics and establishing the NBER Macroeconomics Annual, which became a significant platform for macroeconomic policy research [5]. - He mentored many prominent economists, including former Federal Reserve Chair Ben Bernanke and former ECB President Mario Draghi, who credit him with shaping their careers [5][6]. - His unique teaching style included informal settings that encouraged student engagement, such as running seminars while jogging [6]. Group 4: Legacy and Recognition - Fischer's impact on global monetary policy and economic education has been widely recognized, with accolades from various leaders in the field, including former IMF Chief Economist Olivier Blanchard and former U.S. Treasury Secretary Lawrence Summers [6][7]. - His passing was mourned by many in the economic community, highlighting his role as a mentor and visionary leader [7].

Core Insights - Stanley Fischer, a prominent economist and former central bank leader, passed away on May 31 at the age of 81, leaving a significant impact on global economic policy [1][3][4] Group 1: Career Achievements - Fischer served as the Governor of the Bank of Israel from 2005 to 2013, where he was proactive in monetary policy during the 2008 global financial crisis, being the first to cut interest rates and later the first to raise them as recovery began [4] - He held the position of Vice Chairman of the Federal Reserve from 2014 to 2017, where he warned against the risks of deregulation under the Trump administration, emphasizing the need for the U.S. to be a stabilizing force in the global economy [4][5] - Fischer's tenure at the International Monetary Fund (IMF) from 1994 to 2001 was marked by his leadership during several major financial crises, including the Mexican crisis and the Asian financial crisis, reshaping the IMF's role in the global financial system [3][4] Group 2: Academic Contributions - Fischer was a distinguished academic, having taught at MIT where he influenced many prominent economists, including former Federal Reserve Chair Ben Bernanke and former ECB President Mario Draghi [1][5][6] - He co-authored significant textbooks in economics, including "Macroeconomics," which has been updated multiple times since its first publication in 1978, and contributed to the establishment of the "NBER Macroeconomics Annual," providing a platform for macroeconomic policy research [5][6] - His unique teaching style and mentorship left a lasting impression on his students, fostering a collaborative and engaging academic environment [6][7] Group 3: Legacy and Recognition - Fischer's dual career as an academic and policymaker earned him widespread recognition, including being a fellow of the American Academy of Arts and Sciences and a member of the Econometric Society [4][5] - His influence on global monetary policy and economic governance is acknowledged by peers, with many citing his contributions as unparalleled in the past generation [6][7]

报 告 正 文 预计5月工业增加值同比增长6%。 5月全国制造业PMI回升至49.5%。主要分项指标中，产需双双回升，原材 料和出厂价格均有下行，库存原材料升、产成品降。从5月以来的中观高频数据来看，汽车半钢胎和全钢胎开 工率同比增速均有所下降。化工产业链开工率同比增速涨多跌少。六大发电集团耗煤同比增速有所回落。整体 来看，工业生产景气度保持平稳。我们预计，5月工业增加值同比增速降至6%。 预计5月固定资产投资累计同比增长3.9%。 4月固定资产投资累计同比增速下降至4%，具体来看三大类投资， 制造业投资和房地产投资累计同比增速有所下降，基建投资累计同比增速与上月相比基本持平。我们预计，5 月投资累计增速或保持稳定。 首先， 从基建相关的高频数据来看，钢材综合价格指数同比增速持续走低，沥 青开工率累计同比由负转正，预计基建投资累计增速保持平稳； 其次， 42城地产销量累计同比增速有所上 升，与房地产投资相关的浮法平板玻璃价格降幅有所收窄，预计房地产投资额累计降幅有所减小； 最后， 乘 联会乘用车批发和零售销量累计同比增速均有所放缓，预测制造业投资累计增速将有所下降。我们预计，5月 固定资产投资累计同比增速或略 ...

新华财经纽约5月30日电（记者刘亚南）随着市场消化主要经济体公布的最新宏观经济数据，30日美元 兑欧元、英镑和瑞典克朗走强，美元兑瑞士法郎、日元和加元走弱，美元指数在隔夜市场上涨，当日上 午强势震荡，午后弱势盘整，尾盘时美元指数小幅上涨。 衡量美元对六种主要货币的美元指数当天上涨0.05%，在汇市尾市收于99.328。 美国商务部当日早间公布的数据显示，美国4月份国际商品贸易逆差金额为876亿美元，显著低于市场预 期的-1430亿美元和3月份修订后的-1623亿美元。 美国商务部发布的数据还显示，美国4月份个人消费支出价格指数环比增长0.1%，符合市场预期，而3 月份为环比持平；该指数同比涨幅为2.1%，符合市场预期，但低于3月份的2.3%。 德国联邦统计局在当日早些时候发布的初步数据显示，德国5月份消费者价格指数环比上涨0.1%，低于 市场预期的0.2%和4月份的0.4%，该指数同比涨幅为2.1%，与市场预期和4月份数值一致。 英国央行货币政策委员会外部成员阿伦·泰勒（Alan Taylor）在30日发表的专访中表示，由于美国总统 特朗普发起的贸易战带来经济增长风险，英国央行应该降息。 泰勒认为，英国4月份 ...

瑞达期货研究院 「2025.05.30」 沪铜市场周报 供给充足需求暂稳，沪铜或将震荡运行 研究员:王福辉 期货从业资格号 F03123381 期货投资咨询 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 从业证书号 Z0019878 助理研究员: 陈思嘉 期货从业资格号F03118799 业务咨询 添加客服 「 周度要点小结」 行情回顾：沪铜主力合约周线先涨后跌，周线涨跌幅为-0.24%，振幅1.41%。截止本周主力合约收盘报价77600元/吨。 后市展望：国际方面，明尼阿波利斯联储主席卡什卡利表示，由于贸易政策、移民政策及财政政策等多方面的不确定性， 宽松政策暂停期可能更长，美联储需等待形势更明朗后才能做出决策。国内方面，国财政部：去年四季度以来，中国政府 实施一揽子宏观经济调控政策，经济指标回升向好，市场预期和信心稳定，债务中长期可持续性增强。基本面上，铜精矿 端加工费持续回落，国际铜精矿供应仍维持紧张局面，但国内方面，铜精矿港口库存较为充足，加之对美贸易关系缓和后， 美国废铜进口有望重新开启，原料替代品有所增加。供给方面，在国内原材料及替代品相对充足的背景下 ...

我们认为下半年宏观政策继续边际加码，尤其是 7 月以后。财政政策有希望继续边际加码。同时下半年 或进一步全面降息。 风险提示： 国际方面，特朗普贸易政策反复变化、美联储降息幅度低于预期、市场对美国财政不可持续 的担忧再次发酵；国内方面，地产尾部风险上升、居民资产负债表修复进度不及预期。 文章来源 全球进入货币体系重构时代： 全球经济体系重构的根源在于信任基础的变化，基于国际关系变化的信任 下降，会导致整个全球货币体系继续分化，重塑资产价格。"去美元化"确实在缓慢进行，主要是非经济因 素主导，尤其是国际关系变化、各国信任度的下降。在这个背景下，黄金的长期牛市需要站在更长历史维 度看待。 各国之间信任度变化的趋势很难改变，这也决定了本轮黄金的牛市是长期的、历史性的变化。 本文摘自：2025年5月30日发布的 全球变局：锚定"确定性"——2025年中期宏观经济展望 梁中华 ，资格证书编号： S0880525040019 汪 浩 ，资格证书编号： S0880521120002 黄汝南 ，资格证书编 号： S0880523080001 应镓娴 ，资格证书编号： S0880525040060 李林芷 ，资格证书编号： S ...

2025.05. 30 根据央视新闻，美国联邦上诉法院当日批准特朗普政府的请求，暂时中止一项下级法院禁止执行多个 关税行政令的裁决。 此前一天，位于纽约的美国国际贸易法院认定现政府根据《国际紧急经济权力法》推出的一揽子加征 关税措施违法，并下令撤销相关行政令。 虽然该裁决引发广泛关注，但市场整体反应温和。投资咨询机构50 Park Investments首席执行官 亚当·萨尔罕（Adam Sarhan）表示，"不管怎么说，特朗普已暂停大部分关税，这些法院裁决只是 消息而已。只要市场不下跌，就无关紧要。" 本文字数：1144，阅读时长大约2分钟 英伟达股价上涨3.2%。该公司在前一天公布的季度财报显示，销售业绩超出市场预期。截至目前， 英伟达年内涨幅为3.6%，是科技七巨头中最后公布财报的企业。 赛富时下跌3.3%，尽管公司上调了全年营收和调整后利润预期。 作者 | 第一财经 胡弋杰 当地时间5月29日（周四），美股主要股指收高，受英伟达业绩提振带动，科技股普遍上涨。与此同 时，市场关注美国法院就关税政策做出的裁决，以及相关宏观经济数据的影响。 截至收盘，道琼斯工业平均指数上涨117.03点，报42215.73 ...

Core Insights - Bombardier Recreational Products (BRP) reported strong first-quarter results for fiscal 2026, leading to a nearly 13% increase in stock price, outperforming the S&P 500 index's 0.3% gain [1] Financial Performance - BRP's revenue for the quarter was just under CA$1.85 billion ($1.34 billion), representing a year-over-year decline of almost 8%, but exceeding analyst expectations of CA$1.23 billion ($893 million) [2] - Non-IFRS net income fell to just under CA$35 million ($25 million) from nearly CA$121 million ($88 million) in the previous year, translating to CA$0.47 ($0.34) per share, which was better than the expected CA$0.29 ($0.21) per share [4] Market Position and Strategy - The company attributed its better-than-expected performance to strong end-of-season sales in the snowmobile segment, despite facing macroeconomic uncertainties [5] - Management remains cautious about providing future guidance due to ongoing macroeconomic challenges, although the CEO noted that the company's strong product portfolio and leaner inventory levels position it favorably for a potential rebound [6]

更多精彩内容 请关注 格林大华期货 官方微信 研究员：刘洋 联系方式：liuyang18036@greendh.com 期货从业资格证号：F3063825 期货交易咨询号：Z0016580 格林大华期货中国宏观经济月报 从业资格：F0276812 2025年05月29日 中国宏观经济月报 1-4月全国固定资产投资同比增长4.0%，1-3月份为4.2% 来源:wind,格林大华 1-4月份，全国固定资产投资同比增长4.0%，市场预期4.26%，1-3月份为4.2%。分类来看，1-4月广义基建 投资（含电力）同比增长10.85%，市场预期增长10.0%，1-3月增长11.5%。1-4月制造业投资同比增长8.8%， 市场预期增长9.1%，1-3月增长9.1%。1-4月份，全国房地产开发投资同比下降10.3%，1-3月下降9.9%。高 技术产业中，信息服务业，计算机及办公设备制造业，航空、航天器及设备制造业，专业技术服务业投资 同比分别增长40.6%、28.9%、23.9%、17.6%。1-4月份设备购置投资增长18.2%，增长贡献率达到64.5%。 2 1-4月份，全国新建商品房销售面积同比下降2.8% 来源:wi ...

Group 1 - The CSI 300 Index has shown a 0.55% increase, with notable gains from constituent stocks such as Huada Jiutian (up 14.99%) and Xinyi Sheng (up 5.86%) [1] - The CSI 300 ETF has seen a trading volume of 1.41 billion yuan, with an average daily trading volume of 1.258 billion yuan over the past year, ranking in the top three among comparable funds [1] - The latest scale of the CSI 300 ETF has reached 167.092 billion yuan, indicating significant investor interest [1] Group 2 - The CSI 300 Index is currently valued at a historical low, with a price-to-book ratio (PB) of 1.29, which is lower than 83.01% of the time since the index's inception, highlighting its attractive valuation [1] - The top ten weighted stocks in the CSI 300 Index account for 22.85% of the index, with major companies including Kweichow Moutai and Ningde Times [1] Group 3 - Recent market conditions have led to a "triple kill" in U.S. assets, increasing risk aversion globally, while the A-share market is experiencing a period of adjustment [2] - Despite short-term fluctuations, the resilience of the A-share market is noted, supported by positive capital market policies and macroeconomic recovery in China [2] - The 2025 Capital Market Forum hosted by CITIC Securities discussed the improved ecosystem of China's capital market and the increasing attractiveness of Chinese assets [2] Group 4 - Investors without stock accounts can access core A-share assets through the CSI 300 ETF linked fund, allowing for low-cost entry into the market [3]