The luxury furniture brand's stock gave back Friday's gains as President Donald Trump said he was considering furniture-specific tariffs.Shares of RH (RH -5.16%) fell on Monday, declining as much as 10% before recovering to a 5% loss as of 1:07 p.m. ET.Furniture makers got a big boost on Friday, after Federal Reserve Chair Jay Powell's speech hinted at interest rate cuts in the months ahead. However, the good times didn't last, as President Donald Trump took to his social media platform, Truth Social, this ...

2025 年 8 月 25 日星期一 【实时热点】 【美国债市】 2 年期美债收益率跌 7.44 个基点报 3.707% 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 鲍威尔"加入"鸽派阵营 称经济风险为降息提供更充分理由 美国政府已持有英特尔 10%的股份 特朗普宣布对家具进口展开关税调查 惠誉确认美国"AA+"评级，展望稳定 加拿大将取消对多项美国产品的报复性关税 "小额豁免"暂停前多国停发美国包裹 今年 1-7 月全国吸收外资 4673.4 亿元人民币 快递费上涨广东、浙江电商客户单价率先调价 中国光伏行业协会倡议进一步加强行业自律 特斯拉接入豆包和 DeepSeek 5 年期美债收益率跌 7.18 个基点报 3.769% 10 年期美债收益率跌 5.45 个基点报 4.261% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | --- | --- | --- | | 1 | 2025-08-25 | 2580 | 奧克斯電氣 | | 资料来源：港交所、国元证券经纪（香港）整理 | | ...

【导读】家具股突然大跌，特朗普最新关税威胁 中国基金报记者 泰勒 大家好，简单关注一下特朗普的最新关税威胁。特朗普宣布对家具进口展开调查，铺垫关税措施！ 特朗普表示，美国正在对"进口到美国的家具进行一项重大关税调查"，为特定行业加征关税做好准备。 特朗普周五在社交媒体上发文称："在未来50天内，这项调查将完成，从其他国家进口到美国的家具将被征收关税， 税率尚未确定。"他声称此举将重振美国本土的家具制造业。 消息公布后，美国多家家具零售商股价在纽约盘后交易中大幅下跌。Wayfair股价一度下跌10%，RH下跌9.9%， Williams-Sonoma下跌6.7%。主要在北美生产家具的La-Z-Boy股价则在盘后上涨约3%。 特朗普并未具体说明调查如何开展。一名美国官员表示，该调查由美国商务部执行，属于《贸易扩展法》第232条框 架下的木材与木料调查的一部分。该条款允许对被认定为国家安全关键的商品征收关税。 根据该法律，商务部长需在调查启动后的270天内提交结果。本次调查自3月10日开始，因此最终结果最迟应在明年交 付，但特朗普可能会提前作出决定。 周五的声明使被列入关税打击清单的行业进一步扩大。美国商务部目前已 ...

Core Viewpoint - The trade tensions between the United States and Canada are easing, with Canada announcing the cancellation of several retaliatory tariffs on U.S. goods in response to the U.S. lowering tariffs on Canadian products [1][2]. Group 1: Canada-U.S. Trade Relations - Canadian Prime Minister Carney announced the cancellation of multiple retaliatory tariffs on U.S. goods, effective September 1, while maintaining tariffs on U.S. automobiles, steel, and aluminum temporarily [2][3]. - Carney emphasized that the measures are a response to the U.S. lowering tariffs on Canadian goods and highlighted the restoration of free trade for the majority of goods between the two countries [3][4]. - The average tariff rate imposed by the U.S. on Canadian goods is approximately 5.6%, which is relatively low compared to other trading partners [3][4]. Group 2: U.S. Tariff Investigations - President Trump announced a significant tariff investigation on imported furniture, stating that the investigation will be completed within 50 days, with unspecified tariffs to be applied to furniture from other countries [6][7]. - This investigation aims to revitalize the U.S. domestic furniture manufacturing industry, which has seen price increases due to previous tariff hikes on major furniture importing countries, including Vietnam [7][8]. - The consumer price index (CPI) for furniture and bedding has shown significant price increases, with June and July seeing rises of 0.4% and 0.9%, respectively, following a period of deflation [7].

因此，下周一操作上若市场进一步强化鲍威尔讲话鸽派，或周末出现重大风险事件，金价开盘突破站稳 3380后可直接做多看3400一线。若解读鲍威尔言论偏鹰派，或地缘风险进一步缓和，那么金价跌破3360 后可直接反手做空，看3340-3330一线。当然，若周末无明显催化剂，市场维持观望，那么黄金周初大 概率将会在3350-3380区间震荡，到时短线高空低多即可。 总之，黄金市场目前处于关键的技术节点，未来一周的走势可能为第四季度行情奠定基调。各位金友应 保持灵活，密切关注基本面变化与技术信号的配合，做好风险管理，理性应对市场波动。 美联储主席鲍威尔在杰克森霍尔央行研讨会上的发言强化了市场对9月降息的预期。他表示：基线前景 和风险平衡的变化可能需要我们调整政策立场，但他并未承诺降息。他在讲话中非常谨慎，既承认就业 市场面临的风险日益增加，又警告通胀压力依然存在。 周末继续关注市场对鲍威尔讲话的进一步解读：机构和分析师可能会对鲍威尔的讲话进行更深层次的剖 析，任何关于美联储政策路径的新观点都可能影响周一开盘的市场情绪。另外，特朗普称未来50天内将 完成对家具产品的关税调查。若周末有更多关于关税的细节或强硬信号释放，可能增 ...

（文章来源：第一财经） 美国总统特朗普发文称，我很高兴地宣布，我们正在对进入美国的家具进行重大的关税调查。在接下来 的50天内，调查将完成，从其他国家进入美国的家具将以尚未确定的税率被征收关税。这将把家具业务 带回北卡罗来纳、南卡罗来纳、密歇根和整个联盟的各州。 ...

Group 1 - The core issue in the US-EU trade negotiations is significant disagreement over pharmaceutical tariffs, which has become a major obstacle [1] - The new trade agreement includes a 15% tariff on EU products entering the US and a commitment from the EU to invest an additional $600 billion and purchase $750 billion worth of US energy [1] - There is a preliminary consensus on the 15% tariff for EU pharmaceutical exports, but the US plans to initiate a Section 232 investigation into the pharmaceutical sector in the coming weeks [1][3] Group 2 - The agreement framework lacks specific details, making it appear overly simplistic compared to typical trade agreements that require years of negotiation and extensive documentation [2] - The focus will now shift to the risks associated with the interpretation and implementation of the agreement, which involves a mix of political and technical issues [3] - The US has begun investigations to assess whether imports in sectors like aerospace and semiconductors pose a national security threat, which could lead to additional tariffs [3]

Core Insights - GSK reported first-quarter sales of $9.46 billion, a 2% increase year-over-year and a 4% increase on a constant currency basis, surpassing analyst estimates of $7.46 billion [1] Vaccine Sales - Vaccine sales decreased by 8% to £2.09 billion, primarily due to lower demand for Arexvy and Shingrix [2] - Arexvy sales fell 57% to £78 million, while meningitis vaccine sales increased by 17% to £350 million [2] - Shingrix sales reached £867 million, down 8% [3] Specialty and General Medicines - Specialty Medicines sales grew by 16% to £2.93 billion, driven by strong performances in HIV, Respiratory, Immunology, Inflammation, and oncology [4] - General Medicines sales declined by 3% to £2.49 billion [4] Earnings and Future Plans - GSK reported a core EPS of $1.13, exceeding the consensus estimate of $1.04 [5] - The company plans to market five new specialty medicines this year, including the reintroduction of Blenrep for multiple myeloma [5] Guidance and Market Position - GSK reaffirms its 2025 guidance, expecting sales growth of 3% to 5% and core earnings per share growth of 6% to 8% [6] - Specialty Medicine sales are projected to increase by a low double-digit percentage, while vaccine revenue is expected to decline by a low single-digit percentage [7] Stock Performance - GSK stock rose by 3.57% to $40.37 during the premarket session [7]