周五（2月20日）， 美国最高法院裁定特朗普的关税政策违法， 令美股低开高走， 三大指数集体收涨。 截至收盘，道琼斯指数涨0.47%，报49625.97点；标普500指数涨0.69%，报6909.51点；纳斯达克综合指数涨0.9%，报22886.07点。 | 名称 | 最新价 | 新大都 | 新城區 | | --- | --- | --- | --- | | 道瑪斯指数 | 49625.97 | +230.81 | 0.47% | | 标普500指数 | 6909.51 | +47.62 | 0.69% | | 纳斯达克综合指数 ♥ 22886.07 | | +203.34 | 0.90% | 当天，美国联邦最高法院大法官以6比3的结果维持下级法院裁决，认定美国总统特朗普援引《国际紧急经济权力法》（IEEPA）实施关税政 策超出了其法定权限。 尽管华尔街先前已普遍预期最高法院会做出不利于特朗普政府的裁决，但仍有一些问题悬而未决，例如已征收关税是否退还及如何退还，这 一问题可能需由下级法院进一步裁定。 FBB Capital Partners高级研究分析师Michael Brenner表示："下级法院将不得不弄 ...

美国宾夕法尼亚大学沃顿预算模型经济学家曾估计，基于该法征收的关税金额已超过1750亿美元。 央广网北京2月21日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，美国最高法院20 日公布裁决，认定美国《国际紧急经济权力法》没有授权总统征收大规模关税。最高法院以6比3的结果 作出这一裁决，意味着特朗普政府关税政策受到重大挫折。 最高法院是在企业及美国12个州提起的诉讼中作出这一结论的。这些企业和州认为，总统以这一法 律为依据，单方面征收进口税的做法前所未有。 美国商务部20日公布的初步数据显示，美国2025年第四季度经济增速为1.4%，显著低于市场预期 的2.8%。当季占美国经济总量约70%的个人消费支出增长从前一季度的3.5%放缓至2.4%，政府消费支 出和投资下降5.1%，出口下降0.9%。美国2025年经济增速为2.2%，是2021年以来的最低水平。 美国总统特朗普当天表示，他将签署一项命令，对全球商品加征10%的进口关税，为期150天，以 取代稍早前被美国最高法院认定违法的一些紧急关税。 ...

Group 1 - The U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the President to impose large-scale tariffs, marking a significant setback for the Trump administration's tariff policies [3][4][6] - Following the Supreme Court's decision, President Trump announced plans to sign an executive order imposing a 10% import tariff on global goods for 150 days, as a replacement for previously deemed illegal emergency tariffs [5][6] - The announcement of the new tariff led to a positive reaction in the capital markets, with major U.S. stock indices closing higher, including a 0.47% increase in the Dow Jones Industrial Average [7][10] Group 2 - The U.S. economy's growth rate for Q4 2025 was reported at 1.4%, significantly below the expected 2.8%, attributed to a record federal government shutdown that reduced growth by approximately 1 percentage point [8] - The stock market initially opened lower due to the economic data but rebounded after the Supreme Court's ruling on tariffs, resulting in gains across major indices [7][10] - Gold and silver prices surged, with London spot gold rising over 2% and silver increasing nearly 8% following the tariff news [10]

板块方面，标普500指数十一大板块九涨两跌。通信服务板块和非必需消费品板块分别以2.65%和1.27% 涨幅领涨，能源板块和医疗板块则分别逆势下跌0.71%和0.32%。 美国2025年12月个人消费支出价格指数环比上涨0.4%，前月数值则从0.5%修订为0.4%；该月美国个人 消费支出价格指数同比上涨2.9%，前月向上修订后的数据为2.8%。扣除食品和能源，美国2025年12月 核心消费者支出价格指数环比上涨0.4%，高于市场预期的0.3%和前月的0.2%；该月美国核心消费者支 出价格指数同比上涨3%，高于市场预期的2.9%和前月的2.8%。 标普全球20日发布的初步数据显示，美国2月综合PMI产出指数为52.3，低于1月的53。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨230.81点，收于49625.97点，涨幅为0.47%；标 准普尔500种股票指数上涨47.62点，收于6909.51点，涨幅为0.69%；纳斯达克综合指数上涨203.34点， 收于22886.07点，涨幅为0.90%。 美国最高法院20日公布裁决，认定美国《国际紧急经济权力法》没有授权总统征收大规模关税。市场对 关税政策冲击的担 ...

新华社纽约2月20日电（记者刘亚南）美国商务部20日公布的初步数据显示，美国2025年第四季度经济 增速为1.4%，显著低于市场预期的2.8%。 数据显示，当季占美国经济总量约70%的个人消费支出增长从前一季度的3.5%放缓至2.4%，政府消费支 出和投资下降5.1%，出口下降0.9%。 根据最新数据，美国2025年经济增速为2.2%，低于2024年的2.8%，为2021年以来的最低水平。 美国商务部通常会根据不断完善的信息对季度经济数据进行三次估算。去年四季度经济的首次预估数据 公布时间原定为1月29日，但因美国政府去年四季度的"停摆"而推迟。（完） ...

泰国财长：第四季度GDP强于预期。第四季度经济的增长高于预期得益于政府的措施。今年经济增速或 至少达到2%。 ...

Group 1 - The core point of the article is that the Russian Central Bank has lowered interest rates for the sixth consecutive time, bringing the benchmark rate down to 15.5%, reflecting the difficult economic situation in Russia [1][3][14] - The continuous rate cuts are a response to the economic slowdown, high inflation, and fiscal pressures faced by Russia, indicating a struggle to stimulate growth [3][14] - The Russian economy has been underperforming, with a projected growth rate of only 1.3% for 2026, highlighting the need for monetary easing to encourage investment and consumption [6][12] Group 2 - The first pressure leading to the rate cuts is the weak economic growth, which necessitates stimulus measures to avoid stagnation [6][8] - The second pressure is the burden of high interest rates on businesses and consumers, which has led to reduced investment and spending [7][8] - The third pressure is that inflation is currently manageable, allowing for the possibility of rate cuts without immediately triggering further inflation [9][12] Group 3 - The impact of the rate cuts on the economy is mixed; while lower financing costs may alleviate debt pressures and stimulate investment, there are risks of currency depreciation and rising living costs [12][14] - The global context is important, as many economies are also entering a rate-cutting phase in response to slowing growth, indicating a broader trend [12][14] - Future expectations suggest that the Russian Central Bank may continue to lower rates, but the room for further cuts is limited due to ongoing inflation and currency risks [13][14]

Group 1 - Silver prices are experiencing slight weakness during the Asian trading session, influenced by the upcoming U.S. non-farm payroll report and inflation data, leading to a consolidation phase in the silver market [1] - Geopolitical tensions remain high but have not escalated further, providing limited selling pressure on precious metals due to safe-haven demand [1] Group 2 - Trump has nominated Kevin Walsh as the Federal Reserve Chair, claiming he could drive U.S. economic growth to 15%, significantly exceeding market expectations of 2.4% and the historical average of 2.8%, indicating potential pressure on Walsh if appointed [3] - Chinese regulators are tightening control over financial institutions' exposure to U.S. Treasury bonds, pushing the offshore RMB to a 34-month high against the dollar at 6.9, reflecting a global trend of reducing dollar assets [3] - An Estonian intelligence report suggests that Russia is using ceasefire negotiations as a manipulation tool, indicating no genuine intent to end military actions, which poses ongoing threats to neighboring countries [3] Group 3 - The next upward target for March silver futures is to break the key resistance level of $92.015, while the short-term downward target for bears is to fall below the important support level of $60 [4] - The first resistance level for silver futures is the overnight high of $83.745, with further resistance at $85; the first support level is this week's low of $83.76, with additional support at $82 [4]

Economic Growth - France's economic growth in 2023 was the weakest since 2020, impacted by U.S. tariffs that affected European economies [1][5] - The GDP growth forecast for France in 2025 is 0.9%, down from 1.1% in 2024 and 1.6% in 2023 [1][5] Trade and Exports - Foreign trade is expected to drag down economic growth in 2025 after contributing positively for two consecutive years [1] - Exports are projected to grow by 1.4% in 2025, a significant slowdown from 2.4% in 2024, due to increased U.S. tariffs on EU imports [1][5] - Imports are expected to rise by 2.9% in 2025 after a decline of 1.3% in 2024 [1][5] Consumer and Government Spending - Household spending has slowed down, while government spending has increased [2][6] - Consumer spending decreased in December, indicating a potential trend in consumer behavior [3][7] Economic Indicators - The economic growth rate for the fourth quarter fell to 0.2%, down from 0.5% in the previous quarter, aligning with economists' expectations [4][8] - The International Monetary Fund (IMF) projects a GDP growth rebound to 1.0% in 2026, which is slower than the eurozone average [2][6] - Despite a slight recovery in business and consumer confidence indices, the underlying economic momentum remains weak according to analysts [2][6]

Core Viewpoint - The economic performance of various provinces in China shows significant growth, with Guangdong leading in GDP, while several provinces are experiencing rapid growth rates, indicating a diverse economic landscape across the country [3]. Group 1: GDP Rankings - Guangdong Province leads with a GDP of 14.58 trillion yuan, maintaining its position for 37 consecutive years [3]. - Jiangsu Province's GDP has surpassed 14 trillion yuan for the first time, narrowing the gap with Guangdong [3]. - Shandong Province has also crossed the 10 trillion yuan mark, becoming the third province to do so [3]. - Zhejiang Province's GDP reached 9.45 trillion yuan, with a notable contribution from the tertiary sector [3]. - Four provinces, including Sichuan, Henan, Hubei, and Fujian, have GDPs in the 6 trillion yuan range, marking significant economic milestones [3]. Group 2: Economic Growth Rates - Tibet leads the nation with a 7% economic growth rate, achieving a historic GDP milestone of over 300 billion yuan [5]. - Gansu follows with a projected GDP growth rate of 5.8% by 2025 [6]. - Henan and Hebei are tied for the third position with growth rates of 5.6% [7]. - Notably, Henan has the highest growth rate among major provinces, achieving significant growth on a large economic scale [8]. - Several provinces, including Shandong, Zhejiang, Sichuan, Hubei, Anhui, and Xinjiang, have growth rates of 5.5% [9]. Group 3: Urban Economic Performance - The number of "trillion-yuan cities" in China has increased to 29, with cities like Wenzhou and Dalian recently surpassing this threshold [10]. - The list includes four direct-controlled municipalities: Beijing, Shanghai, Tianjin, and Chongqing [10]. - Eleven provincial capital cities and several other cities have also reached the trillion-yuan GDP mark, indicating robust urban economic development [10].