主要食品企业已出现实质性业绩冲击。CJ第一制糖大量从美国、澳大利亚等国采购小麦、大豆等 原料，仅第三季度白糖与食用油原料采购费用就分别达5918亿和5872亿韩元。CJ第一制糖表示汇率每 上升10%，税后利润将减少13.0818亿韩元，其第三季度营业利润同比下降25.6%。乐天Wellfood也披露 汇率每上涨10%将使利润减少35.3亿韩元。 业内担忧，若高汇率持续，年底至明年初可能出现食品价格集中上调。一名行业人士称，大部分原料以 美元结算，企业将不可避免地把成本压力转嫁至终端售价，这将进一步加重消费者负担，并对整体物价 形成传导效应。 （原标题：韩元急贬推高食品企业成本） 韩国《东亚日报》11月18日报道，韩元贬值使高度依赖进口原材料的韩国食品企业成本压力显著加 大。17日首尔外汇市场美元兑韩元收盘价达1458.0韩元，较去年同期上涨超4%。由于国内食品制造业 原料国产化率仅为31.8%，棕榈油、小麦、大豆、原糖等关键原料近70%依赖进口，汇率变动对企业成 本影响尤其敏感。 ...

来源：兴业研究 加拿大，货币政策 作为典型的小型开放经济体，加拿大的货币政策深受外部金融条件与贸易周期影响，以美国为代表的核心经 济体政策取向对其汇率与金融环境具有显著外溢效应。历史经验显示，加美两国政策利率长期高度同步，但 在特定阶段受经济周期错位与汇率影响而出现分化。 本文系统回顾1990年代以来加美货币政策周期的协调与分化特征，分析其主要驱动因素，并对当前阶段及未 来一年政策协调性进行研判。我们认为，BoC前期已实施额外宽松，政策利率已接近名义中性区间下沿，主动 宽松空间十分有限。预计未来一年BoC将主要跟随美联储降息，整体降息幅度或略低于美联储。 引言 加拿大通常被视为典型的小型开放经济体，经济对外部金融条件与贸易周期的敏感度很高，以美国为代表的 全球核心经济体的政策取向对其汇率及金融环境具有显著外溢效应。正如BoC前行长大卫·道奇所言，每一次 货币政策决策都因汇率变化的持续性，以及汇率与货币政策对经济产生影响所需时间的不确定性而变得复 杂。也正因如此，加拿大与美国的货币政策有时步调一致，有时出现分化。 历史经验表明，加美两国的政策利率呈现"长期高度同步，短期阶段性分化"的特征。分化的驱动因素可分为 ...

每日经济新闻 每经AI快讯，周一（11月17日）纽约尾盘，美元兑日元涨0.43%，报155.21日元，日内交投区间为 154.42-155.30日元。欧元兑日元涨0.14%，报179.86日元，北京时间00:45曾涨至180.02日元创历史新 高；英镑兑日元涨0.27%，报204.123日元。欧元兑美元跌0.29%，英镑兑美元跌0.16%，美元兑瑞郎涨 0.30%。 ...

Core Points - The US dollar against the Japanese yen decreased by 0.03%, closing at 154.10 yen, with a trading range of 154.49 to 153.67 yen during the day [1] - The euro against the Japanese yen increased by 0.23%, while the British pound against the Japanese yen fell by 0.09% [1]

Core Viewpoint - The US dollar has shown a slight increase against the Japanese yen, while other major currencies like the euro and pound have also experienced minor fluctuations against the yen this week [1] Currency Performance - The US dollar rose by 0.25% against the Japanese yen, reaching 153.45 yen, with a cumulative decline of 0.37% for the week [1] - The euro increased by 0.38% against the Japanese yen, standing at 177.41 yen, with a weekly decline of 0.14% [1] - The British pound also saw a rise of 0.38% against the Japanese yen, priced at 201.868 yen, with a cumulative drop of 0.29% for the week [1]

Core Viewpoint - The US dollar has depreciated against the Japanese yen, with notable declines in other major currency pairs involving the yen [1] Currency Exchange Rates - As of the close on November 4, the USD/JPY exchange rate fell by 0.36%, reaching 153.67 yen [1] - The EUR/JPY exchange rate decreased by 0.71%, settling at 176.41 yen [1] - The GBP/JPY exchange rate saw a decline of 1.30%, with a final rate of 200.054 yen [1]

Group 1 - The Federal Reserve's recent interest rate cut of 25 basis points is expected to lower corporate financing costs and improve profit outlooks for companies, contributing to a moderate economic growth of around 1.6% in the U.S. for the year [1] - As demand recovers and corporate confidence improves, the inventory cycle is anticipated to start, with core categories like apparel and home appliances reaching a low point in inventory-to-sales ratios, leading to a focus on inventory replenishment in the coming quarters [1] - The retail and e-commerce sectors are likely to see a rebound in orders and faster turnover, indicating a positive trend for these industries [1] Group 2 - The U.S. dollar is showing signs of weakening, while the Chinese yuan is stabilizing and appreciating against the dollar, with significant increases in both onshore and offshore yuan exchange rates in August [4] - The depreciation of the yuan over the past two years has provided substantial financial benefits to cross-border enterprises, but these companies will need to consider locking in future exchange rates to maintain currency neutrality as the market stabilizes [4] - The full impact of the interest rate cuts on cross-border industries will gradually become evident over the next few quarters, with the expectation that the benefits will take time to materialize [4]

Group 1 - Analysts expect a 7.4% profit growth for US stocks in Q3, with investors showing zero tolerance for companies that fail to meet expectations [2][3] - The S&P 500 index has risen 11% year-to-date, driven partly by the AI boom, and companies need to deliver strong performance to justify a nearly 32% increase since April [3] - Concerns over trade tensions have resurfaced, particularly following Trump's recent comments on tariffs, which could impact corporate profits [6] Group 2 - Deutsche Bank indicated that without tariff impacts, S&P 500 profit growth could have been one percentage point higher [6] - Major US banks, including JPMorgan Chase, will kick off the earnings season, with tech giants expected to be in focus later this month [6] - Investors are anticipated to respond more critically to any earnings misses or misstatements, reflecting a shift in tolerance levels [6] Group 3 - Global capital expenditure is projected to grow by 67% to $375 billion, with AI investments remaining strong despite trade uncertainties [8] - If companies reduce AI spending, chipmakers like Nvidia and other stocks benefiting from the AI trend may face significant declines [8] - The telecommunications, power generation, and grid operation sectors in Europe could be the biggest losers from a potential decline in US spending on AI [10] Group 4 - Investors are increasingly concerned about employment data, especially amid government shutdowns and the absence of key labor market statistics [11] - Rapid layoffs could heighten fears of weak consumer spending, affecting various sectors including retail and restaurants [11] - A weaker dollar in Q3 has benefited many US companies by making their products more competitive abroad, while European exporters may face headwinds due to a strong euro [12]

Group 1 - The Philippine peso depreciated by 0.3% against the US dollar, reaching an exchange rate of 58.15 [1] - This depreciation follows an unexpected 25 basis points interest rate cut by the Philippine central bank [1]

Core Viewpoint - The appreciation of the RMB presents potential investment opportunities for certain industries and companies that benefit from lower costs or advantageous income structures [1][2] Group 1: Beneficiaries of RMB Appreciation - Industries with high import dependence, such as aviation and energy, will experience reduced operational costs due to lower procurement costs for imported materials and equipment [1] - Companies with significant foreign currency debt will see a decrease in the local currency amount needed to repay debts, alleviating financial burdens, particularly in capital-intensive sectors like infrastructure and manufacturing [1] - Firms that earn revenue in USD but incur costs primarily in RMB may benefit from increased domestic currency revenue when converting foreign earnings back to RMB, although they may face risks related to export competitiveness [1] Group 2: Cautionary Notes - Export-oriented companies may face pressure from declining orders due to increased overseas prices for their products, necessitating careful assessment of exchange rate fluctuations [1][2] - Investors should consider the fundamental performance of companies, industry cycles, and long-term exchange rate trends rather than relying solely on short-term currency fluctuations [2]