南非贸易部长：我们已提交关于与美国框架协议的提案，并收到了美国的反馈。我们已经重新提交修订 后的文件，提案本身是关于贸易协议的。 ...

分析师：贸易降温消息将是金价重回3500美元的障碍 金十数据5月21日讯，KCM Trade首席市场分析师Tim Waterer表示，"中长期来看，金价有望进一步上 涨，但如果出现任何积极的贸易协议消息，这可能会成为金价试图重返3500美元水准的障碍。" ...

特朗普减税法案陷僵局，共和党内讧，"地方税扣除"吵翻天。 黄金涨穿3300美元，美国原油涨超2%，报道称以色列准备袭击伊朗核设施。 中国4月黄金进口猛增73%，创11个月新高。 报道：日本考虑接受美国调降关税，而非完全豁免。印美讨论"三阶段"贸易协议，预计在7月初前 达成临时协议。 高盛预测欧美谈判：基准情形是"谈不拢"，欧美"适度加税"。 马斯克：至少再干五年特斯拉CEO除非"去世"，不会再大把砸钱掺和选举，6月底Robotaxi登陆得 州奥斯汀，xAI将继续向英伟达和AMD买芯片。 谷歌I/O开发者大会：发布最强大通用模型，智能体进驻浏览、搜索及Gemini，全新AI模式搜索来 了。 辉瑞60.5亿美元押注三生制药，医药股全线爆发。 达利欧：美联储处境艰难，不应当降息，警告"不合适的降息"后果。 ...

Group 1: US Dollar and Economic Outlook - The Director of the National Economic Council, Hassett, stated that US debt is the safest investment on the planet, and the decision by Moody's to downgrade the rating is retrospective [1] - US Treasury Secretary Basant is expected to attend the G7 finance ministers and central bank governors meeting in Canada, with no trade agreements anticipated to be announced [1] - White House Economic Council Chairman Milan noted that President Trump recognizes the deficit as an issue and has plans to reduce it [1] - White House Press Secretary Levitt indicated that the tax reform bill is closer to passing, emphasizing the necessity of Republican support for Trump's tax plan [1] - Federal Reserve's Bostic mentioned that Moody's downgrade will impact the entire economy and financial markets, reiterating an expected rate cut this year [1] Group 2: Non-US Major Currencies - The Reserve Bank of Australia cut the benchmark interest rate by 25 basis points to 3.85%, marking a return to the "3" range after two years [2] - Japan's 20-year government bond auction saw the lowest subscription ratio since 2012, leading to a spike in bond yields [2] - A member of the Bank of England, Dhingra, expressed support for a 50 basis point rate cut to signal the economic direction [2] - The European Commission's trade commissioner stated that the appreciation of the euro is a double-edged sword [2] - The European Central Bank's Müller did not rule out the possibility of further rate cuts, emphasizing the need for clear justification for significant reductions [2] Group 3: Other Economic Developments - Thailand's finance minister projected a significant slowdown in the Thai economy in the third and fourth quarters [3] - A Russian government source indicated acceptance of the ruble depreciating to 100 against the dollar [3] - A Reuters survey revealed that among 32 analysts, 20 expect the Bank of Indonesia to cut the 7-day reverse repo rate by 25 basis points to 5.50% on May 21 [3]

智通财经APP获悉，当地时间周一，日本首相石破茂在日本国会表示，在日美贸易谈判中，日本不会因 时间限制而损害自身利益。石破茂表示，英美两国本月早些时候就贸易协议达成一致，但日本不会简单 仿效其他国家的做法。他提到，日本将继续寻求豁免美国征收的所有额外关税。 石破茂表示："我们不会仅仅因为别的国家在推进就跟随它们。""我们当然会在谈判中考虑时间限制， 但我们无意因过分拘泥于时间限制而损害我们的国家利益。" 石破茂的这番言论表明，日本不急于与美国达成协议。按计划，美国将于7月初对日本产品征收24%的 全面性关税，而当前基准关税为10%。 值得注意的是，在面对与美国的贸易谈判时，石破茂已多次表明了其强硬立场。上周有报道称，石破茂 原计划在6月与美国就关税问题达成协议，但目前已转为以7月达成协议为目标。多名日本政府相关人士 透露，在第二轮日美关税谈判结束后，石破茂向身边人转达"没必要急于(与美方)达成协议"的想法。 报道称，鉴于特朗普推动的高关税措施在美国国内引发强烈反弹，日本政府倾向于更为谨慎地评估美方 立场的变化。一名高级官员预测，随着美方设定的关税宽限期临近，美国国内的反对舆论可能进一步升 温，"特朗普有可能改 ...

据环球网报道，美国政府为全球多数贸易伙伴设置的"对等关税"90天宽限期已快过半。美国财政部长贝 森特威胁称，对于缺乏谈判诚意的贸易伙伴，美国对其征收的关税税率将恢复至最高水平。 尽管印度官员坚称谈判仍在正轨，但近期迹象显示紧张局势正在升温。报道指出，印度似乎在谈判中采 取更强硬立场，上周威胁对美国商品加征报复性关税。与此同时，特朗普声称印度提出将对美国商品的 关税削减至零，同时淡化达成贸易协议的紧迫性。 风险提示及免责条款 印美谈判的第二阶段可能在9月至11月期间达成一项更广泛、更详细的协议，内容或覆盖双方4月商定的 职权范围中概述的19个领域。知情人士表示，这部分协议的时机可能与特朗普计划访问印度参加"四方 安全对话"领导人峰会的安排相契合。 而协议的最终阶段可能是一项全面协定，需待美国国会批准后完成，预计最早明年才能敲定。印美谈判 仍在进行，尚不清楚特朗普政府是否认同印度提出的"三阶段"方案。 目前，印度商务部长Piyush Goyal正在华盛顿进行为期四天的访问（将于周二结束），预计他将与美国 贸易代表Jamieson Greer和商务部长Howard Lutnick会面以推动谈判进展。 市场有风险，投 ...

Market Overview - International gold prices opened high and fluctuated, closing at $3,231.59 per ounce after reaching a high of $3,249.78 and a low of $3,206.24 [1] Economic News - Federal Reserve Vice Chairman Jefferson stated that the downgrade of the U.S. credit rating by Moody's will be treated as ordinary economic data in monetary policy decisions, emphasizing the focus on achieving maximum employment and price stability [2] - Federal Reserve's Bostic anticipates one rate cut this year, with potential for earlier action if trade negotiations progress positively [2] - The U.S. Treasury is not expected to announce any trade agreements at the upcoming G7 finance ministers' meeting [3] - India is reportedly discussing a three-part trade agreement with the U.S., with a temporary agreement expected before July [4] Geopolitical Situation - U.S. President Trump announced that Russia and Ukraine will "immediately" begin talks to end the conflict following a phone call with President Putin, highlighting the importance of negotiations led by both parties [6] - Both Trump and Putin expressed support for normalizing U.S.-Russia relations and agreed to continue dialogue on various issues, including a potential prisoner exchange [7] - Putin acknowledged the productive nature of the conversation with Trump and expressed readiness for direct dialogue with Ukraine regarding peace negotiations [8] Gold Market Insights - The largest gold ETF, SPDR Gold Trust, increased its holdings by 2.3 tons, bringing the total to 921.03 tons [9] - According to CME's FedWatch, there is a 91.4% probability that the Federal Reserve will maintain interest rates in June, with an 8.6% chance of a 25 basis point cut [9] Technical Analysis - Gold prices are showing a strong oscillating trend, with short-term support around the 3200 level and resistance near 3250 [12] - Day trading strategies suggest cautious trading with a focus on oscillation, recommending entry points around 3200 for long positions and 3250 for short positions [13]

期货研究报告 商品研究 [Table_ReportType] 镍不锈钢早报 走势评级： 镍——滚动做空 不锈钢——观望 楼家豪 从业资格证号：F3080463 投资咨询证号：Z0018424 联系电话：0571-28132615 邮箱：loujiahao@cindasc.com 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 关税问题仍有反复 矿端季节性显现 报告内容摘要: [Table_ReportDate] 报告日期： 2025 年 5 月 20 日 [Table_S 宏观&行业消息： ummary] 【关税不确定性仍然挥之不去】近期，美国相继与英国、 中国达成贸易协议，令全球贸易紧张局势大幅降温。然而，围绕关税的不 确定性仍然挥之不去。当地时间周日，美国财长贝森特警告称，美国的一 些贸易伙伴可能很快会面临关税税率再次大幅上调。贝森特在接受媒体采 访时表示，如果各国在 7 月初关税暂缓期到期前不"真诚地"进行谈判， 且未能达成贸易协议，关税税率将很快恢复到"解放日"水平。 供应：菲律宾走出雨季，发运量上升季的节性终于显现，矿价回落，矿 ...

Core Viewpoint - Japan's Chief Trade Negotiator and Minister of Economic Revitalization, Akizawa Ryozo, emphasized that the country will not sacrifice national interests for a hasty trade agreement and will continue to seek the removal of all tariffs by the United States [1] Group 1 - Japan is focused on ensuring that any trade agreement does not compromise its national interests [1] - The country is actively pursuing the complete elimination of tariffs imposed by the United States [1] - There is a concern regarding whether the recent downgrade of the U.S. credit rating will have an impact on the economy [1]

市场消息：印度正在讨论一项由三部分组成的美国贸易协议，预计将在7月前达成临时协议。 ...