Group 1: Japan Market Focus - The report highlights the commencement of tariff negotiations between Japan and the US, with potential concessions from Japan including LNG and military equipment purchases, and reduced agricultural import tariffs [11][13] - The report indicates that the Japanese economy's growth is expected to be driven by domestic demand, with a focus on companies with high domestic revenue, such as drugstore chains [19][20] - The report suggests that the Bank of Japan may consider raising interest rates in the second half of the year, with a target policy rate of 0.8%-1% by year-end [16][19] Group 2: India Market Focus - The report notes that India's overall CPI has dropped to its lowest level in nearly six years, which supports expectations for further monetary easing by the Reserve Bank of India [33][34] - The report emphasizes that India's economy is primarily driven by domestic demand, making it less susceptible to external trade policy impacts, and forecasts a stable long-term growth trend despite short-term cyclical slowdowns [40][41] - The report identifies Tata Communications and HDFC Asset Management as key investment opportunities, with Tata Communications expected to see double-digit growth in data services revenue [42][41] Group 3: Gold Market Focus - The report discusses the increasing global demand for gold driven by geopolitical uncertainties and the impact of US tariff policies, which are expected to support higher gold prices [54][57] - The report anticipates that gold prices could reach $3,337 per ounce by mid-2025 under neutral conditions, with potential highs of $3,620 and lows of $3,081 under optimistic and pessimistic scenarios, respectively [54][57] - The report highlights investment opportunities in gold mining and jewelry sectors, specifically mentioning Shandong Gold and Laopu Gold as potential beneficiaries of rising gold prices [58][57]

特朗普的关税计划扰乱了全球市场！ 预期的稳定性遭挑战 其实，特朗普的政策对于预期稳定性的破坏更甚于实质破坏。在特朗普宣布政策之后，各大市场都有剧烈反应，除 了股市，虚拟货币亦大跌，美元指数则上涨，VIX指数更是大幅拉升近6%。这些都是市场稳定性被破坏的证据。 事实上，市场对于关税的担忧已经酝酿了很长时间，但对于特朗普贸易政策可能带来的不稳定和经济破坏的担忧， 似乎在二月底才达到顶峰，并波及所有资产类别。 Pepperstone研究主管克里斯·韦斯顿 (Chris Weston) 表示，对近期关税新闻敏感度降低的市场必须重新考虑这种反应 功能。短期内的风险倾斜表明，下行空间还将继续。 虽然有所预期，但特朗普昨晚祭出的关税计划仍对全球市场造成了巨大冲击。截至目前，亚太股市全线杀跌，日经 指数、韩国KOSPI指数都大跌逾3%，恒生指数跌幅接近3%，恒生科技指数一度大跌近5%。与此同时，虚拟货币市 场持续暴跌，欧洲市场的期指亦是全线杀跌。 那么，此次关税计划究竟会带来多大的影响？A股和港股此前的牛市气氛是否也将被冲淡？美股多年的牛市是否也就 此终结？ 分析人士认为，从结构上看，近期美股杀跌的原因可能还不止特朗普的关税 ...