Global Asset Price Performance - Gold prices have decreased, while major global stock markets have shown an upward trend this week. The S&P 500, Dow Jones, and Nasdaq indices increased by 1.9%, 2.2%, and 2.3% respectively [2][3] - In the bond market, yields in major overseas markets mostly rose, with the 10-year U.S. Treasury yield remaining flat compared to last week [2] - Commodity prices have seen an increase, with WTI and Brent crude oil prices rising by 8.4% and 8.1% respectively, while London gold prices fell by 3.2% [2][3] - The U.S. dollar index strengthened by 0.4% [2] Major Central Bank Monetary Policies - September inflation data has reinforced expectations for interest rate cuts, with the U.S. core CPI showing a year-on-year decline [5] - The Federal Reserve is focusing on digital assets and AI payment integration, with a new "streamlined main account" allowing non-bank institutions direct access to the Fed's payment channels [5] - The European Central Bank's President Lagarde highlighted the need for an annual investment of approximately €150 billion to enhance energy security and sustainability in the EU [5] U.S. Economic Dynamics - The U.S. government remains shut down as the Senate has repeatedly rejected temporary funding bills [9] - The core CPI for September has decreased by 0.1 percentage points to 3%, indicating a cooling in inflation [9] - Existing home sales have rebounded by 1.5% month-on-month in September, driven by lower mortgage rates and a slowdown in home price increases [9] Other Regional Economic Dynamics - France's credit rating has been downgraded from "AA-" to "A+" due to high public finance uncertainty [13] - Sanctions against Russia have intensified, with the U.S. and EU implementing new measures targeting Russian oil exports and cryptocurrency platforms [13] - Japan's new Prime Minister aims to maintain monetary easing and implement large-scale economic stimulus plans [14] Key Focus for Next Week - Upcoming data releases include U.S. housing price indices and Eurozone GDP figures, along with central bank meetings from the Federal Reserve and the European Central Bank [21][22]

美国成屋销售回暖 ——全球经济观察第 17 期 证券研究报告 宏观周报 / 2025.10.25 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 分析师 马乐怡 SAC 证书编号：S0160525090010 maly@ctsec.com 相关报告 1.《美联储考虑停止缩表——全球经济观察 第 16 期》 2025-10-18 2.《中美贸易摩擦再升温——全球经济观察 第 15 期》 2025-10-11 3.《政府关门迫在眉睫——全球经济观察第 14 期》 2025-09-27 4.《美国零售仍有韧性——全球经济观察第 13 期》 2025-09-20 5.《初请失业金人数创新高——全球经济观 察第 12 期》 2025-09-13 核心观点 请阅读最后一页的重要声明！ ❖ 全球资产价格：金价下跌。股市方面，本周全球主要股市普涨。美股三大 指数来看，本周标普 500、道琼斯指数和纳斯达克指数分别上涨 1.9%、2.2% 和 2.3%。债市方面，海外主要市场债市收益率多数上行，10 年期美债收益 率较上周持平。商品方面，原油价格上涨，WTI 原油和布伦特原油 ...