美国总统特朗普威胁大幅提高关税，令投资者担心国际贸易紧张局势恶化。 特朗普，突发 10月10日，欧美股市集体大跌，美国总统特朗普周五威胁将大幅提高关税。 美股三大指数集体收跌，道指跌1.9%，纳指跌3.56%，标普500指数跌2.71%。纳指、标普500指数创4月 以来最大单日跌幅。 道指本周累计下跌2.73%；纳指累计下跌2.53%；标普500指数累计下跌2.43%。 大型科技股普跌，博通跌近6%，特斯拉跌超5%，亚马逊跌近5%，英伟达跌超4%，苹果、Meta跌超 3%，微软、谷歌跌超2%。 纳斯达克中国金龙指数收跌6.1%，本周累计下跌8.37%，热门中概股普跌，蔚来、金山云跌超10%，哔 哩哔哩跌超9%，百度、阿里巴巴、小鹏汽车跌超8%，京东跌超6%。 富时A50期指连续夜盘收跌4.26%。 隔夜欧洲主要股指集体收跌，欧洲斯托克50指数跌1.69%，英国富时100指数跌0.87%，法国CAC40指数 跌1.53%，德国DAX30指数跌1.68%，富时意大利MIB指数跌1.74%。 加密货币全线大跌，比特币一度向下跌破110000美元，跌幅达9%。 最近24小时，全球共有近152万人爆仓。 据媒体报道，特 ...

欧洲复兴开发银行指出，斯洛文尼亚今年上半年经济增长显著放缓，同比仅增长0.1%，而去年同期为 1.7%。这主要是由于投资和工业生产下降，同时对外贸易的贡献也大幅下降。不过，在第一季度出现 负增长之后，除了受到实际工资增长和低失业率刺激的家庭消费（尽管目前通胀率较高）之外，第二季 度的投资活动也得到增强。 受美国引发的全球贸易紧张局势负面影响及地缘政治紧张局势持续发酵（尤其是俄乌冲突）的拖累，中 东欧国家（包括斯洛文尼亚）实际发展略低于预期。欧洲复兴开发银行预测，该地区今年平均增长率为 2.4%，明年为2.7%。克罗地亚和波兰增长率最高—今年两国增速均有望突破3%，明年波兰将保持此增 长态势，克罗地亚增速预计将放缓至3%以下。 斯通社9月25日伦敦消息，欧洲复兴开发银行（EBRD）连续第三次下调斯洛文尼亚2025年GDP增长预 测，从1.9%大幅下调至0.7%。2026年增长预测下调至2.0%。 欧洲复兴开发银行认为，国际金融机构投资增长是推动斯洛文尼亚经济在2026年实现预期复苏的主要动 力，同时指出，作为高度开放型经济体，斯洛文尼亚也间接受到美国对欧盟及瑞士商品加征进口关税的 影响。尽管斯洛文尼亚有机会加强 ...

Group 1 - The article discusses the recent announcement by President Trump regarding new tariffs on various imported products, including a 50% tariff on kitchen cabinets and a 30% tariff on imported furniture, effective from October 1 [2][3] - The potential impact of these tariffs on Southeast Asia and China's sanitary ceramics, finished furniture, and kitchen cabinet industries is highlighted, with expectations that U.S. consumers will bear most of the cost [3] - Historical data shows that China's finished furniture exports to the U.S. experienced a decline of 7% and 9% in April and May due to tariff factors, but rebounded with a 1.25% increase in June as tensions eased [3] Group 2 - Despite the high tariffs, Chinese sanitary products may still be priced lower than U.S. manufactured goods, as illustrated by a case where a Chinese showerhead priced at $129 would cost $239 if manufactured in the U.S. [4] - In 2024, China's sanitary ceramics exports are projected to reach 110 million units, with a total export value of $15.64 billion, making the U.S. the largest export destination [4] - The U.S. is the largest furniture import market globally, with an import value of $27.14 billion for the 2023-2024 fiscal year, heavily reliant on imports from Vietnam and China [5]

Group 1 - The trade war initiated by the Trump administration is expected to drag down global economic growth due to tariff-related uncertainties, with full effects anticipated to manifest by 2026 [1][2] - The OECD's latest economic outlook report indicates that the impact of U.S. tariffs is beginning to show, with signs of reduced consumer spending in the U.S. and affected labor markets in countries facing tariff pressures [1][2] - Global economic growth is projected to be 3.2% in 2025, an increase of 0.3 percentage points from previous forecasts, driven by increased manufacturing activity as trade partners rush to import goods before tariffs take effect [1] Group 2 - The OECD predicts that global economic growth will further slow to 2.9% by 2026 as the full impact of tariffs affects supply chains, labor markets, and consumer behavior [2] - The U.S. economy is expected to feel the effects of tariffs starting in 2026, with growth rates projected to decline from 2.8% in 2024 to 1.8% in 2025 and further to 1.5% in 2026 [2] - The OECD emphasizes the need for effective international cooperation to resolve trade tensions and enhance economic growth potential [3]

Core Viewpoint - The cryptocurrency market experienced a significant drop, with major cryptocurrencies like BTC, ETH, and DOGE seeing notable declines, leading to over 400,000 liquidations in a short period [2][7]. Market Performance - Major cryptocurrencies' prices and their 24-hour percentage changes are as follows: - Bitcoin (BTC): $113,023.9, -2.32% - Ethereum (ETH): $4,171.16, -6.92% - Solana (SOL): $224.12, -6.82% - XRP: $2.802, -6.78% - Dogecoin (DOGE): $0.23998, -10.68% [3][4]. Liquidation Data - In the past 24 hours, a total of 406,200 liquidations occurred, amounting to $1.678 billion. Long positions accounted for $1.595 billion, while short positions totaled $83.435 million [7][8]. - The liquidation heatmap indicates that the majority of liquidated accounts were related to ETH and BTC, with liquidations of $477 million and $282 million, respectively [8][9]. External Influences - Recent geopolitical developments, including EU sanctions targeting Russian financial activities through cryptocurrencies, have contributed to selling pressure in the market. The EU's measures include sanctions on cryptocurrency platforms and related transactions [10]. - Bitcoin is facing significant selling pressure, with a critical support level at $111,900, which has been tested multiple times without breaking. This level has previously attracted buyers, leading to price rebounds [10]. - Concurrently, gold prices reached a new high, with London gold surpassing $3,715 per ounce, indicating a shift in investor preference towards safer assets amid market volatility [10][11].

Group 1 - The European Central Bank (ECB) does not need to further lower interest rates to achieve stable inflation levels, according to Christodoulos Patsalides, a member of the ECB Governing Council [1] - The ECB is currently in a favorable position, with inflation risks balanced, and the next adjustment of the benchmark interest rate is more likely to be an increase [1][3] - The ECB has maintained the deposit rate at 2% for two consecutive meetings, and there is a general consensus among investors and analysts that no further rate cuts will occur following eight reductions since June 2024 [1][3] Group 2 - The Eurozone economy faces risks from U.S. trade policies established during the Trump administration, which could lead to further measures from the U.S. in response to EU actions against Google [2] - Trade tensions create dual risks for inflation: demand suppression due to risk aversion could lower inflation, while supply chain disruptions could push prices up [2] - Patsalides believes that inflation risks are balanced, with the ECB's forecast indicating a consumer price index (CPI) increase of 1.7% next year and a slight decrease in inflation expectations for 2027 compared to previous forecasts [3][6] Group 3 - The ECB's forecast suggests that inflation will temporarily deviate from the 2% target in 2026 but is expected to rebound to 1.9% by 2027, indicating no long-term concerns about inflation falling below target levels [6] - Patsalides attributes the adjustments in forecast values to technical assumptions like exchange rates rather than fundamental changes, advocating for a stable policy approach without immediate action [7]

Core Insights - Moody's report on global macro outlook for 2025-26 indicates a loss of momentum in global economic growth, with emerging and frontier markets, particularly in East Africa, facing increased risks from uncertainty and policy changes [1] Economic Growth - The report forecasts a slowdown in global economic growth for this year and next as economies adapt to significant shifts in trade, fiscal, monetary, and immigration policies [1] Trade and Investment - Ongoing instability in the global trade system and adjustments in monetary policy may exert pressure on investment, exports, and employment in developing economies [1] - Heightened trade tensions, policy uncertainty, and a slowdown in global economic growth could hinder foreign direct investment into developing economies, especially in East Africa, limiting capital inflows for infrastructure, innovation, and job creation [1]

Group 1: Forex Market Overview - The forex market is experiencing unpredictable volatility, with traders closely monitoring ongoing debates about the independence of the Federal Reserve and speculation about potential interest rate cuts by the Fed before the end of the year [1] - Speculators have increased their net short positions in the US dollar (USD) to approximately 61,000 contracts, marking a two-week high, while open interest has risen to nearly 315,000 contracts, the highest in four weeks [1] Group 2: Euro and Yen Positions - Speculative net long positions in the euro (EUR) have risen to a four-week high, slightly above 123,000 contracts, while non-commercial traders have increased their bearish positions, bringing their short positions close to 173,200 contracts [4] - Non-commercial traders have increased their net long positions in the Japanese yen (JPY) to nearly 84,500 contracts, the highest in four weeks, while institutional net short positions have climbed to approximately 90,100 contracts, the highest since late July [4] Group 3: British Pound and Australian Dollar - Speculators have increased their net short positions in the British pound (GBP) to a two-week high of about 31,300 contracts, with open interest rising for the third consecutive week to nearly 220,000 contracts, the first increase since early June [4] - The net short positions in the Australian dollar (AUD) have risen to the lowest level since April 2024, approximately 100,600 contracts, with open interest increasing for the fourth consecutive week to nearly 191,200 contracts [5] Group 4: Gold Market - Non-commercial net long positions in gold have rebounded to a two-week high of approximately 214,300 contracts, with open interest also showing a significant rebound, reaching about 443,800 contracts [5] - Gold prices are regaining strong upward momentum, challenging the $3,400 per ounce mark in the coming weeks [5]

Core Viewpoint - Gold futures experienced a slight increase, reversing earlier losses, driven by concerns over the independence of the Federal Reserve following President Trump's attempt to dismiss a Fed governor [1] Group 1: Market Reactions - Gold futures for August delivery rose by 0.5%, closing at $3,404.60 per ounce, marking the highest closing price since August 8 [2] - Silver futures for August delivery increased by 0.3%, closing at $38.689 per ounce [2] Group 2: Influencing Factors - Two main factors driving the recent rise in gold prices include signals from Fed Chair Jerome Powell regarding a potential rate cut in September and Trump's actions raising concerns about the Fed's independence [1] - Ongoing geopolitical risks, such as increased attacks on Russian energy infrastructure by Ukraine, and unresolved trade tensions are expected to maintain a solid risk premium in gold prices [1] Group 3: Investment Products - Related exchange-traded funds (ETFs) include SPDR Gold ETF (GLD.US), VanEck Gold Miners ETF (GDX.US), VanEck Junior Gold Miners ETF (GDXJ), iShares Silver ETF (SLV), and GlobalX Silver Miners ETF (SIVR) [2]

Core Viewpoint - The strong rebound in dollar demand has suppressed the buying power of the euro against the dollar, leading to a reversal of most gains made after Powell's speech last Friday, where the EUR/USD pair had briefly surpassed the 1.1700 mark [1][6]. Technical Analysis - The initial resistance for the EUR/USD is at the July 24 high of 1.1788, with further resistance at the year-to-date high of 1.1830 reached on July 1. A breakthrough of 1.1830 could lead to testing the September 3, 2021 high of 1.1909, which is close to the 1.2000 level [3]. - Temporary support is located at the 100-day simple moving average (SMA) at 1.1488, followed by the August 1 low of 1.1391 and the May 29 low of 1.1210 [3]. - Momentum indicators show a lack of clear direction, with the Relative Strength Index (RSI) dropping to around 51, suggesting limited upside potential, while the Average Directional Index (ADX) is below 11, indicating a sideways trend [3]. Market Outlook - The EUR/USD is expected to maintain a range-bound trading pattern in the short term, with the dollar likely to dominate the overall trend until a shift in the Federal Reserve's policy stance or new trade-related developments occur [4][5]. Economic Indicators - Recent economic data includes a decline in durable goods orders by 4.0%, with non-defense capital goods orders excluding aircraft rising by 0.3%. Consumer confidence in the Eurozone was reported at 87, below the consensus of 90 [6]. Trade Relations - The trade tensions have eased with the U.S. and China extending the tariff truce for 90 days, delaying new tariff measures. Current tariffs remain high, with the U.S. imposing a 30% tariff on Chinese imports and China imposing a 10% tariff on U.S. goods [7]. Central Bank Perspectives - The Federal Reserve maintained interest rates, with Powell's balanced remarks contrasting with the dovish stance of other board members. Upcoming economic data, particularly the non-farm payroll report and inflation data, are critical for future policy decisions [8]. - The European Central Bank (ECB) President Lagarde stated that the Eurozone economy is "robust, even slightly better than expected," but markets do not anticipate rate cuts until spring 2026 [9]. Speculative Sentiment - Speculative long positions in the euro have increased to nearly 118,700 contracts, a three-week high, while institutional investors have reduced short positions to about 166,400 contracts, a two-week low. Open interest has risen for the second consecutive week, reaching approximately 825,200 contracts [10].