专题：美最高法院裁定特朗普全球关税违法 特朗普回应裁决是"耻辱" 专题：美最高法院裁定特朗普全球关税违法 特朗普回应裁决是"耻辱" 欧股升至历史新高，此前美国最高法院裁定总统唐纳德·特朗普的大规模全球关税无效。 欧股升至历史新高，此前美国最高法院裁定总统唐纳德·特朗普的大规模全球关税无效。 斯托克600指数一度上涨1.1%，收盘涨幅收窄至0.8%。LVMH和爱马仕国际等对关税敏感的奢侈品制造 商跑赢大盘。 这一裁决削弱了特朗普标志性的经济政策，成为他第二任期以来最大的法律挫败。不过，大法官们并未 就进口商在多大程度上有权获得退款作出裁定，而是将此留给下级法院处理。 据报道，特朗普在白宫早餐会上对与会者表示，关税问题上他有备选方案。 "如果市场认为这一裁决会持续有效，反应会更大，"Premier Miton Investors首席投资官Neil Birrell表 示，"不过关键在于，现在已接近2月底，11月将举行中期选举，特朗普将竭尽全力推动此事。" 欧洲基准股指周五早盘已获提振，此前欧元区企业活动强于预期，得益于德国经济出人意料的增长。美 国经济在2025年最后一个季度的增速低于预期，投资者对此也进行了评估。 ...

上述数据对利率预期影响不大。"我认为今天的报告中没有任何内容会改变我对加拿大央行的看 法，"Servus Credit Union首席经济学家Charles St-Arnaud表示，央行"对目前的利率水平感到满意"。 加元对通胀数据反应平淡，但债券走强，加拿大2年期基准国债收益率在渥太华时间上午9点前不久降至 2.536%。 整体通胀率高于预期主要源于基数效应。2024年12月，联邦政府曾暂时性对多种商品免征消费品税，包 括餐饮、玩具以及部分酒类。 加拿大通胀加速，快于市场预期，受2024年底联邦税临时性免税措施压低同比基数影响，抵消了汽油价 格的下跌。 加拿大统计局周一公布的数据显示， 12月整体通胀率升至2.4%。这一数字高于彭博调查中经济学家的 预估中值，他们此前预计通胀率将维持在2.2%。 12月消费者价格指数（CPI）环比下降0.2%，不及经济学家预计的0.3%的降幅。 不过，剔除波动较大项目后的核心通胀指标整体趋缓。加拿大央行关注的截尾和中位指标同比涨幅由此 前的2.9%放缓至2.6%。按三个月移动年化口径计算，这两项指标从11月的2.3%放缓至1.7%。 责任编辑：丁文武 不过，剔除波动较大项目 ...

格隆汇1月19日｜公布的数据显示，加拿大12月的CPI涨幅高于预期，达到2.4%。这一涨幅主要归因于 去年销售税减免政策带来的基数效应，但备受关注的核心通胀指标已连续第三个月出现降温。核心价格 的下降趋势应该会让加拿大央行感到安心。此前该行在12月将关键政策利率维持在2.25%不变，并表示 这一利率水平恰到好处，能够使通胀率接近其2%的目标。货币市场预计2026年利率将保持不变。 ...

Group 1 - The core inflation indicator aligns with the 2% target, but the inflation outlook is more uncertain than before, with a stronger euro potentially further reducing inflation [1] - Wage growth is expected to slow down in the first half of 2026 according to wage tracking indicators [1] - Some downside risks to economic growth have eased, with the US trade agreement and ceasefire helping to mitigate these risks; however, the global trade policy environment remains unstable [1]

Core Viewpoint - The upcoming Federal Reserve meeting is under unprecedented pressure due to political tensions, changing trade policies, and conflicting economic signals, with significant data releases on GDP and employment expected to influence policy direction [1] Economic Data Summary - The U.S. GDP annualized growth rate for Q2 is projected to reach 2.4%, a significant improvement from the contraction of 0.5% in Q1, primarily driven by a sharp reduction in the trade deficit [1] - The July non-farm payroll report is anticipated to show a cautious hiring trend among businesses, with new job additions expected to slow down following a surge in the education sector in June, and the unemployment rate may slightly rise to 4.2% [1] - The June personal income and spending report is expected to indicate a slight acceleration in the core inflation metric favored by the Federal Reserve, suggesting that tariffs are gradually being passed on to consumers [1]

Core Insights - Canada's overall CPI decreased to 1.7% in April from 2.3% in March, primarily due to a 12.7% drop in overall energy prices following the removal of the federal consumer carbon tax [1] - However, two of the three core inflation indicators closely monitored by the Bank of Canada reached a 13-month high, indicating potential price pressures [1] - The Bank of Canada had previously forecasted that overall inflation data would drop to around 1.5% due to the removal of the carbon tax and falling crude oil prices [1] Inflation Details - Gasoline prices fell by 18.1% year-over-year in April, while natural gas prices decreased by 14.1% [1] - Consumer spending on grocery items increased by 3.8% compared to the same period last year, up from 3.2% in March [1] - Travel prices rose by 6.7% year-over-year in April [1] - Month-over-month, the inflation rate decreased by 0.1%, slightly better than analysts' predictions of a 0.2% decline [1]