Core Viewpoint - The Bank of Japan emphasizes the need to closely monitor the impact of trade policies on financial and foreign exchange markets [1] Group 1 - The Bank of Japan is concerned about the implications of trade policies on market stability [1] - There is a recognition that trade policies can significantly influence financial market dynamics [1] - The foreign exchange market is particularly sensitive to changes in trade policies [1]

Market Performance - A-shares experienced an overall decline, with the Shanghai Composite Index down 0.3% and the CSI 1000 down 0.8% for the week[2] - The Hang Seng Index rose slightly by 0.4%, while the Hang Seng Tech Index fell by 0.9%[2] - The S&P 500 Index decreased by 0.4% and the Nasdaq 100 Index fell by 0.6% during the week[2] Sector Performance - The metals, petrochemical, and agriculture sectors led gains, while food and beverage, home appliances, and construction sectors lagged[2] - The pharmaceutical sector rose by 1.4%, marking its eighth consecutive week of gains[2] Trading Volume and Valuation - Average daily trading volume increased to 1.37 trillion yuan, up 13% from the previous week[4] - The turnover rate for the entire A-share market was 1.6%, with a Z-score increase from 0.4 to 0.8, indicating higher trading activity compared to the historical average[4] - The price-to-earnings (P/E) ratio for the Shanghai Composite Index was 12.7, while the CSI 1000 had a P/E ratio of 39.9[4] Bond Market and Economic Indicators - The bond market showed low volatility, with the central bank injecting 173.8 billion yuan into the market on June 9, leading to a decrease in the DR007 rate to 1.54%[4] - Social financing growth remained stable at 8.7%, with a slight decline in new loans and M2 growth compared to the previous month[4] Commodity Market - The US dollar index fell by 1.1%, while the offshore RMB appreciated slightly by 0.02% against the dollar, closing at 7.19[4] - Gold prices surged by 3.7% to $3,433 per ounce, driven by geopolitical tensions following Israel's attack on Iran[4] - WTI crude oil prices increased by 13.0%, reaching $73.2 per barrel, marking the largest weekly gain since November 2022[4]

Core Viewpoint - The Bank of England's Monetary Policy Committee (MPC) member Mann emphasizes the need for a clear statement regarding financial markets to eliminate noise interference [1] Group 1 - Mann highlights the importance of providing clarity to financial markets to ensure effective communication and decision-making [1]

Group 1 - The core viewpoint emphasizes the need for the Bank of England's monetary policy committee to provide clear statements to the financial markets [1] - It is essential to eliminate the interference of market noise in decision-making processes [1]

日本央行行长植田和男：关税措施可能通过金融市场和外汇市场的变动对日本经济产生影响。 ...

1、美联储对利率路径的讨论情况。 2、美联储对关税问题的讨论，包括对美国经济、就业、通胀等的影响。 3、美联储对金融市场（美元、美债、美股等）的看法。 4、美联储对政策框架评估相关事宜的讨论。 ...

周末特朗普关税威胁再起，今日资金面偏松，股债震荡。 早盘债市情绪偏积极，10Y国债利率微幅低开在1.6875%后最低下至1.682%附近。股市震荡，利率亦在 1.685%附近震荡。尾盘路透消息：总理表示还在研究储备新政策工具包括超常规措施，利率小幅回升 至1.69%附近。 为什么历经风雨也不一定做好？因为老手总是回头看过去，总是拿着过去的经验与现在做对比，却忘了 金融市场唯一不变的就是变。 ——笔记哥《应对》 【笔记20250526— 一年定存 30年降10%（+周末特朗普关税威胁再起+资金面均衡偏松=涨跌互现)】 资金面均衡偏松，长债收益率涨跌不一。 央行公开市场开展3820亿元7天期逆回购操作，今日有1350亿元逆回购到期，净投放2470亿元。 资金面均衡偏松，资金价格平稳，DR001在1.51%附近，DR007在1.65%附近。 今天看到一组"反直觉"的数据： 1、定存利率不断下降：以一年期定存利率为例，自1996年以来，从10.98%降至0.95%； | | 年期定存利率回忆录 | | | --- | --- | --- | | 年度 | 利率 | 万元利息 | | 1996 | 10.98% | 1 ...

非农就业数据是衡量美国经济健康状况的最核心指标之一，直接影响全球金融市场、货币政策决策及经 济预期。 1. 什么是非农就业数据？ · 定义：美国劳工统计局每月发布的报告，统计除农业、政府、非营利机构和私人家政以外的所有行业 新增就业人数。 · 预期值 vs. 实际值： · · · 新增非农就业人数：反映就业市场扩张或收缩。 · 失业率：劳动力中失业人口占比。 · 平均时薪增速：衡量工资通胀压力。 · 经济扩张期：新增就业强劲、失业率下降（企业扩大招聘）。 · 经济衰退期：就业增长停滞或负增长，失业率上升（企业裁员）。 (2) 影响货币政策 · 美联储的 "双重使命"：稳定物价（通胀）和最大化就业。 · 就业强劲→ 美联储可能加息（抑制过热经济）。 · 就业疲软→ 美联储可能降息（刺激增长）。 · 发布周期：每月第一个周五（北京时间晚间或凌晨，冬令时和夏令时调整）。 · 核心指标： 2. 为何 NFP 如此重要？ (3) 驱动金融市场 3. NFP 的三维分析框架 (1) 新增就业人数 · 外汇市场：超预期→ 美元通常走强（加息预期升温）。 · 股市： · 短期：强劲就业可能利空股市（加息担忧）。 · 长期：就 ...

Group 1 - The South Korean Ministry of Economy and Finance will closely monitor the financial and foreign exchange markets [1]

韩国财政部：将继续监控金融和外汇市场；韩国金融、外汇市场整体走势稳定。 ...