Core Viewpoint - Allianz Global Investors indicates that several factors support the continuation of strong performance in Asian credit for the remainder of the year, driven by structural advantages and resilient economic growth in the region [1][4]. Group 1: Performance of Asian Credit - Asian fixed income markets have shown resilience amid increased market volatility due to U.S. tariff policies, with spreads outperforming similar bonds in the U.S. and emerging markets [4]. - Chinese dollar-denominated high-yield bonds have consistently been the best-performing high-yield bond market compared to other regions [1][4]. - Factors supporting strong performance include robust export performance from China and surging tech and semiconductor exports from South Korea, Taiwan, and Malaysia [1]. Group 2: Economic Environment - The economic growth in Asia is supported by strong domestic demand in Southeast Asia and successful elections in India, contributing to a positive macroeconomic environment [1]. - Even frontier markets like Mongolia have achieved strong growth, while countries like Pakistan and Sri Lanka have made significant progress in debt restructuring [1]. - The overall corporate earnings in Asia remain stable, and increased policy support from China has significantly reduced systemic tail risks [1]. Group 3: Future Outlook for Asian Credit - Allianz believes that three key factors will drive Asian fixed income performance in 2025: advantages under potential U.S. trade policies, continued outperformance of Asian high-yield bonds, and the diversification benefits Asia offers in a fragmented global landscape [8][12]. - The Asian credit cycle remains in a favorable phase, with stable corporate earnings supporting lower debt levels across most industries [14]. - The high-yield credit sector is expected to rebound strongly in 2025, as default rates have been declining after a recent spike [15]. Group 4: Structural Advantages - The shift towards a more diversified global power structure since 2016 has positioned Asia to benefit from regional trade deepening and economic integration [19]. - Structural advantages such as favorable demographics, resilient economic fundamentals, and stable leadership are expected to support sustained growth in Asia [19]. - The past decade has seen Asian fixed income assets outperform similar assets in other regions, indicating a trend that may continue [20].

瑞士经济部长：我们需要实现多元化；避免过度依赖单一的贸易伙伴非常重要。 ...

新华财经伦敦5月25日电（记者赵小娜）英国商会贸易政策负责人威廉·贝恩日前接受新华社记者专访时 表示，在当前国际贸易受阻、政策变化莫测的全球经济环境下，英国经济前景不确定性增加，越来越多 英国企业正加快"向东看"步伐，以实现贸易多元化与长期增长的目标。 贝恩认为，中国市场规模庞大、经济增长稳定、投资环境持续开放，为英国企业提供了值得信赖的增长 路径。英国商会与在华英企保持着密切联系，双方都将深化英中经贸合作视为未来英国国家贸易战略的 重要组成部分。"在高端制造、教育服务、绿色科技、金融服务等领域，中英双方优势互补，合作空间 广阔。" 贝恩表示，美国关税政策正在推高英国企业成本，抑制出口增长，给英国企业造成了切实的经济损失。 英国商会近期对600多家企业进行的调查显示，62%的受访企业表示对美相关贸易业务已受到明显影 响。不少企业反映，他们面临供应链中断、运营成本攀升的挑战，对未来发展规划无法做出清晰预判。 贝恩指出，如果英国不能加快推动贸易多元化，企业将面临出口市场萎缩、外部风险叠加的双重挑战。 目前英国企业最需要的是"稳定的政策预期和切实的支持措施"。 "不能把所有希望都押在美国市场。推动多元化不是权宜之计 ...

Core Viewpoint - President Trump's recent threat to impose a 50% tariff on EU goods has raised concerns about escalating trade tensions, particularly affecting major companies like Apple, which faces a potential 25% tariff [1][6][20] Group 1: Market Reactions - Trump's tariff announcement led to immediate declines in stock prices, including a drop in Apple's shares and a negative impact on U.S. stock index futures [6][10] - The euro also weakened in response to the tariff threat, indicating market apprehension about the potential for a trade war [6][10] Group 2: EU's Response - The EU initially adopted a cautious stance, aiming for dialogue to resolve trade differences, but acknowledged the seriousness of Trump's threats [10][14] - EU Trade Commissioner Valdis Dombrovskis emphasized the need for mutual respect in trade relations, countering Trump's aggressive rhetoric [14][20] - The EU is preparing a range of countermeasures, indicating a readiness to defend its interests if necessary [18][22] Group 3: Strategic Implications - The ongoing trade tensions highlight the complex interdependencies in global trade, with both the U.S. and EU being significant economic players [20][24] - The EU is actively working on diversifying its trade partnerships to reduce reliance on the U.S. market and mitigate risks associated with unilateral U.S. trade policies [22][24] - The EU's proactive approach includes initiatives like digital taxes and carbon border adjustment mechanisms to enhance its influence in future trade rule-making [24][25]

Group 1 - In April, China's Producer Price Index (PPI) decreased by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening by 0.2 percentage points compared to the previous month [1] - The decline in PPI is attributed to changes in the international trade environment and a rapid drop in prices of certain international bulk commodities, affecting domestic industry prices [1] - Specific sectors such as oil and gas extraction saw a price decrease of 3.1%, while refined petroleum products and chemical manufacturing prices fell by 2.5% and 0.6% respectively [1] Group 2 - Seasonal declines in energy prices were noted, with coal mining and processing prices dropping by 3.3% due to the end of heating season and traditional off-peak demand [1] - The electricity and heat production and supply sector experienced a price decrease of 0.3%, influenced by lower costs of new energy generation and increased wind power output [1] - Despite international factors exerting downward pressure, domestic macro policies aimed at boosting consumption and the growth of high-tech industries have led to increased demand in certain sectors, resulting in positive price changes in some areas [1] Group 3 - Policies promoting consumption and equipment upgrades are expected to lead to a recovery in prices for certain consumer goods and manufacturing products [2] - In April, the year-on-year price decline for household washing machines narrowed by 0.3 percentage points, while food manufacturing and new energy passenger vehicles also saw a reduction in their price decline by 0.2 percentage points [2] - The diversification of trade and market expansion has contributed to price increases or reduced declines in some export sectors, with integrated circuit packaging and testing prices rising by 2.7% and semiconductor device manufacturing prices increasing by 1.0% in April [2]

Core Insights - The 137th China Import and Export Fair (Canton Fair) has set historical records in terms of foreign buyers and export intentions, showcasing China's resilience in foreign trade despite global trade tensions [1][3][11] Group 1: Trade Performance - Over 288,000 foreign buyers attended the Canton Fair, marking a historical high [1] - Intentional export transactions reached $25.44 billion, a year-on-year increase of 3%, with 60% of buyers coming from Belt and Road Initiative countries [3] - The fair serves as a "barometer" for China's foreign trade, reflecting the country's stability in the face of external pressures [3][11] Group 2: Innovation and Product Offerings - The fair highlighted innovative products such as a robot coffee kiosk and a stair-climbing machine for the elderly, indicating a shift towards technology-driven exports [5][9] - Chinese manufacturing has evolved from merely exporting goods to becoming a technology exporter, with over 30% of products related to electronics and new energy [5][9] Group 3: Market Dynamics - Many small and medium-sized foreign trade enterprises are shifting focus from traditional Western markets to broader regions and domestic markets due to trade tensions [7] - The fair has become a platform for global cooperation, providing not just products but also a sense of certainty in the global supply chain [7][11] Group 4: Historical Context and Future Outlook - The Canton Fair has a rich history dating back to 1957, symbolizing China's commitment to openness and global trade [11] - Despite rising global protectionism, China remains open to international trade, using the fair to promote multilateral cooperation and provide value to the global market [11]

Group 1: Foreign Trade and Investment Trends - In the first quarter, China's foreign trade showed strong resilience, with a net inflow of cross-border funds under goods trade amounting to $206.3 billion, a year-on-year increase of 120% [1] - Foreign investment in Chinese bonds increased significantly, with a net increase of $26.9 billion in domestic bonds from February to March, representing an 84% year-on-year growth [1] - The number of newly established foreign-invested enterprises in China reached 12,603 in the first quarter, a year-on-year increase of 4.3%, while the actual utilized foreign capital decreased by 10.8% to 269.23 billion yuan [2] Group 2: Impact of External Factors - The U.S. government's imposition of tariffs on trade partners, including China, is expected to exert pressure on China's economy and foreign trade in the short term, but it will not alter the long-term positive trend of China's economy [1] - The global foreign direct investment (FDI) remains sluggish, influenced by geopolitical conflicts and rising protectionism, which poses challenges for attracting foreign capital to China [2] Group 3: Market Diversification and Opportunities - The 137th Canton Fair saw an increase in the number of buyers from emerging markets, particularly from countries involved in the Belt and Road Initiative, indicating a shift towards market diversification [4] - Chinese foreign trade enterprises are adapting to tariff impacts by expanding into European markets and leveraging new technologies and products to enhance competitiveness [4] - The government is implementing measures to boost domestic consumption and expand effective investment, creating broader market opportunities for foreign trade enterprises [5] Group 4: Integration of Domestic and Foreign Trade - The Ministry of Commerce is promoting the integration of domestic and foreign trade, facilitating connections between supply and demand through e-commerce platforms [6] - In the first quarter, the banking sector recorded a total of $188.71 billion in foreign-related income and $183.54 billion in expenditure, resulting in a surplus of $5.17 billion, indicating sustained net inflow of cross-border funds [6]

法国总统马克龙：欧盟必须在贸易上更加多元。 ...

美国是意大利主要的贸易伙伴之一。近日在意大利米兰举行的亚洲开发银行年会上，多名意大利商界人 士表示，美国朝令夕改的关税政策，让很多相关产业的意大利企业非常担忧。为应对美国关税政策给企 业经营带来的巨大不确定性，避免过度依赖单一市场，意大利企业正致力于拓展多元化市场。 在美国宣布所谓"对等关税"政策后不久，意大利外交与国际合作部明确提出，在巩固欧美传统市场的同 时开拓亚洲、拉丁美洲和非洲最有前景的新兴国家市场。对此，意大利对外贸易委员会海外网络部主任 阿梅德奥·斯卡尔帕说，在国际贸易充满不确定性的当下，意大利政府将推动出口市场进一步多元化。 （央视新闻） ...

加拿大大选实行单一选区相对多数制。在每个选区，得票最高的候选人将赢得众议院的一个席位，并代 表该选区成为议会议员。候选人当选无需获得绝对多数票。总理卡尼首次作为一名议员候选人参与了其 所代表的选区选举，不仅赢得了众议院席位，而且作为自由党领袖连任总理。而保守党领袖普瓦列夫尔 和新民主党领袖辛格没有在各自的选区竞选到席位，后者已经辞去新民主党领袖职务。 自由党胜选关键因素是什么？ 新华社渥太华4月29日电（记者林威）加拿大第45届联邦众议院选举28日举行。加拿大自由党再次击败 保守党，成为众议院第一大党，加拿大自由党领袖马克·卡尼连任总理。加拿大各政党议席数量发生了 怎样的变化？自由党胜选的关键因素是什么？自由党在胜选后需要兑现哪些承诺？ 各政党议席数如何变化？ 根据加拿大法律，联邦众议院选举每4年举行一次。按正常程序，第45届联邦众议院选举应在2025年10 月举行。3月23日，加拿大总理卡尼宣布解散议会并提前举行联邦众议院选举。在解散前的议会中，自 由党拥有152席，保守党120席，魁北克集团33席，新民主党24席，绿党2席，另有3名独立议员和4个空 缺席位。 加拿大选举委员会公布的初步统计结果显示，自由党 ...