⑤美油主力合约收涨2.92%，报56.74美元/桶，布伦特原油主力合约涨2.85%，报60.6美元/桶； ⑥国际贵金属期货普遍收涨，COMEX黄金期货涨0.90%报4371.40美元/盎司，COMEX白银期货涨4.92% 报66.44美元/盎司； ⑦纽约尾盘，美元指数涨0.18%报98.40，离岸人民币对美元跌38个基点报7.0399； ⑧伦敦基本金属全线上涨，LME期锡涨3.05%报42275.00美元/吨，LME期铜涨1.30%报11742.50美元/ 吨，LME期铝涨1.03%报2906.00美元/吨，LME期锌涨0.99%报3071.50美元/吨，LME期铅涨0.98%报 1961.00美元/吨，LME期镍涨0.72%报14365.00美元/吨； ①美国三大股指全线收跌，道指跌0.47%报47885.97点，标普500指数跌1.16%报6721.43点，纳指跌 1.81%报22693.32点； ②大型科技股集体下跌，特斯拉跌超4%，英伟达跌近4%，谷歌跌超3%，苹果、脸书跌超1%，亚马逊 跌0.58%，微软跌0.06%； ③中概股多数下跌，世纪互联跌超3%，蔚来跌超3%，理想汽车跌超3%，小马智行跌近 ...

①美国三大股指收盘涨跌不一，道指跌0.62%报48114.26点，标普500指数跌0.24%报6800.26点，纳指涨 0.23%报23111.46点； ②美国大型科技股多数上涨，特斯拉涨超3%，脸书涨超1%，英伟达涨0.81%，微软涨0.33%，苹果涨 0.18%，亚马逊涨0.01%，谷歌跌0.51%； ③热门中概股涨跌不一，知乎涨超3%，金山云涨超2%，爱奇艺、网易、世纪互联、拼多多跌超1%； ④欧洲三大股指收盘全线下跌，德国DAX指数跌0.68%报24064.06点，法国CAC40指数跌0.23%报 8106.16点，英国富时100指数跌0.68%报9684.79点； ⑤美油主力合约收跌2.89%，报55.18美元/桶；布伦特原油主力合约跌2.79%，报58.87美元/桶； ⑥国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.07%报4332.2美元/盎司，COMEX白银期货涨 0.32%报63.80美元/盎司； ⑦纽约尾盘，美元指数跌0.06%报98.22，离岸人民币对美元涨73个基点报7.0361； ⑧伦敦基本金属涨跌参半，LME期锌跌1.89%报3035.00美元/吨，LME期镍跌0.63%报1 ...

东方金诚固收研究 日央行释放加息信号触发美债抛售，10 年期美债收益率大幅上行 ———美债专题跟踪（2025.12.1-2025.12.5） 研究发展部高级副总监 白雪 1.上周美债收益率走势回顾 图 2 近 30 日美国十年期国债收益率（%） 数据来源：iFinD，东方金诚 2025 年 12 月 1 日当周，10 年期美债收益率大幅上行。具体来看：周一，当日日本央行释放明确加息信 号，引发市场资本回流日本预期，导致美债遭遇抛售，加之当日大量企业债券集中发行吸收市场流动性，推 动 10 年期美债收益率与前一周五（11 月 28 日）相比大幅上行 7bp 至 4.09%；周二，10 年期美债收益率保持 在 4.09%不变；周三，当日公布的 11 月 ADP 就业数据显示美国私营部门就业人数意外减少 3.2 万，创 2023 年 初以来最大降幅，这强化了美联储 12 月降息预期，10 年期美债收益率由此下行 3bp 至 4.06%；周四，当日公 布的美国上周首次申领失业金人数创逾三年新低，加之美国政府未偿还债务规模首次突破 30 万亿美元，对经 济软着陆的预期以及对财政可持续性的担忧推动 10 年期美债收益率上 ...

⑥国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.36%报4227.7美元/盎司，COMEX白银期货涨 2.28%报58.8美元/盎司； ⑦纽约尾盘，美元指数跌0.08%报98.98，离岸人民币对美元上涨23个基点报7.0691； ⑧伦敦基本金属涨跌参半，LME期铜涨1.88%报11665.00美元/吨，LME期镍涨0.49%报14970.00美元/ 吨，LME期锌涨0.26%报3098.50美元/吨，LME期铝跌0.12%报2900.50美元/吨，LME期铅跌0.25%报 2009.00美元/吨，LME期锡跌0.50%报40175.00美元/吨； ①美国三大股指小幅收涨，道指涨0.22%报47954.99点，标普500指数涨0.19%报6870.4点，纳指涨0.31% 报23578.13点； ②大型科技股多数上涨，脸书涨近2%，谷歌涨超1%，微软涨0.48%，亚马逊涨0.18%，特斯拉涨0.1%， 苹果跌0.68%，英伟达跌0.53%； ③中概股多数上涨，百度集团涨近6%，奇富科技涨超4%，万国数据涨超4%，信也科技涨逾4%，BOSS 直聘涨超3%，涂鸦智能跌近4%，阿特斯太阳能跌超3%，小马智行跌逾2 ...

每经AI快讯，周三(12月3日)，美债收益率集体下跌，2年期美债收益率跌2.25个基点报3.486%，3年期 美债收益率跌1.97个基点报3.502%，5年期美债收益率跌2.94个基点报3.628%，10年期美债收益率跌2.51 个基点报4.063%，30年期美债收益率跌1.59个基点报4.730%。 ...

Group 1 - The U.S. government shutdown has led to the cancellation of the scheduled release of the Q3 GDP estimate by the Bureau of Economic Analysis, which was set for October 30 [1] - President Trump signed an executive order to accelerate the development of artificial intelligence, mandating the creation of a national AI platform to integrate and open federal scientific data [1] - The European Council approved a budget for 2026 totaling €192.8 billion, focusing on defense, immigration control, and economic competitiveness, with €716 million reserved for emergency funds [2] Group 2 - The European Central Bank warned that stablecoins are diverting retail deposits in the Eurozone, which could pose a risk to global financial stability if a "run" occurs [2] - The Dallas Fed's business activity index for November recorded -10.4, significantly below the expected -2 and previous value of -5, indicating increased economic contraction pressure in the region [2] Group 3 - The Dow Jones Industrial Average rose by 0.44% to 46,448.27 points, the S&P 500 increased by 1.55% to 6,705.12 points, and the Nasdaq Composite climbed by 2.69% to 22,872.01 points [3] - COMEX gold futures increased by 1.33% to $4,133.8 per ounce, while COMEX silver futures rose by 2.49% to $51.155 per ounce [4] Group 4 - U.S. crude oil futures rose by 1.43% to $58.89 per barrel, and Brent crude oil futures increased by 1.28% to $62.73 per barrel [5] - The 2-year U.S. Treasury yield fell by 1.06 basis points to 3.495%, while the 10-year yield decreased by 3.66 basis points to 4.027% [5]

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones up 0.68% at 48,254.82 points, the S&P 500 up 0.06% at 6,850.92 points, and the Nasdaq down 0.26% at 23,406.46 points [1] - Major tech stocks showed mixed results, with AMD rising 9%, while Oracle and Tesla fell over 3% and 2% respectively [1] - Most popular Chinese stocks declined, with XPeng, NIO, iQIYI, and Baidu dropping over 2%, and Li Auto, Alibaba, and JD.com falling over 1% [1] - European stock indices all closed higher, with Germany's DAX up 1.22% at 24,381.46 points, France's CAC40 up 1.04% at 8,241.24 points, and the UK's FTSE 100 up 0.12% at 9,911.42 points [1] Commodity Prices - U.S. oil futures fell 4.19% to $58.48 per barrel, while Brent crude oil futures dropped 3.74% to $62.72 per barrel [1] - International precious metal futures generally rose, with COMEX gold futures up 2.07% at $4,201.40 per ounce and COMEX silver futures up 4.90% at $53.23 per ounce [1] - Most London base metals increased, with LME tin up 2.15% at $37,405.00 per ton, LME lead up 1.38% at $2,092.00 per ton, and LME copper up 0.65% at $10,897.00 per ton [1] Bond Market - U.S. Treasury yields were mixed, with the 2-year yield up 1.67 basis points at 3.568%, the 3-year yield up 2.39 basis points at 3.558%, and the 5-year yield up 1.04 basis points at 3.672%, while the 10-year yield remained flat at 4.067% and the 30-year yield fell 0.29 basis points to 4.665% [1] - European bond yields mostly declined, with the UK 10-year yield up 1.1 basis points at 4.397%, while France's 10-year yield fell 4.7 basis points to 3.375%, Germany's 10-year yield down 1.5 basis points to 2.642%, Italy's down 2.9 basis points to 3.369%, and Spain's down 2.4 basis points to 3.138% [1]

Market Performance - The three major U.S. stock indices experienced slight gains, with the Dow Jones up 0.09%, the S&P 500 up 0.26%, and the Nasdaq up 0.61% [1] - Major tech stocks showed mixed results, with Amazon rising over 9%, Tesla up over 4%, and Netflix up over 2%. In contrast, Meta fell over 2%, and Microsoft dropped over 1% [1] - Popular Chinese concept stocks had varied performances, with NIO up over 3%, Xpeng up over 2%, and iQIYI up nearly 2%. Alibaba fell over 2%, and JD.com dropped nearly 1% [1] - European major stock indices all declined, with the UK FTSE 100 down 0.44%, Germany's DAX down 0.67%, and France's CAC40 down 0.44% [1] Commodity Prices - U.S. oil futures rose by 0.51%, closing at $60.88 per barrel, while Brent crude futures increased by 0.33%, closing at $64.58 per barrel [1] - International precious metal futures generally fell, with COMEX gold futures down 0.06% at $4013.40 per ounce and COMEX silver futures down 0.75% at $48.25 per ounce [1] - Most London base metals saw increases, with LME tin up 1.08% at $36,180.00 per ton, LME aluminum up 0.86% at $2,888.00 per ton, and LME zinc up 0.41% at $3,050.00 per ton. LME copper, however, fell 0.23% to $10,891.50 per ton [1] Bond Market - U.S. Treasury yields collectively declined, with the 2-year yield down 3.46 basis points at 3.574%, the 3-year yield down 2.80 basis points at 3.581%, the 5-year yield down 2.07 basis points at 3.694%, the 10-year yield down 1.37 basis points at 4.083%, and the 30-year yield down 0.38 basis points at 4.651% [1] - European bond yields mostly decreased, with the UK 10-year yield down 1.4 basis points at 4.408%, France's 10-year yield up 0.4 basis points at 3.420%, Germany's 10-year yield down 1.1 basis points at 2.631%, Italy's 10-year yield down 1.5 basis points at 3.381%, and Spain's 10-year yield down 1 basis point at 3.140% [1]

Group 1 - The IMF projects that the U.S. government debt will exceed 143.4% of GDP by 2030, increasing by over 20 percentage points from current levels [1] - U.S. Treasury Secretary Yellen praised Japan's expansionary fiscal policy during a meeting with Japan's Finance Minister, although no discussions on monetary policy details took place [1] - The negotiations between South Korea and the U.S. regarding a $350 billion investment project are currently stalled, with key issues such as investment methods, amounts, and timelines still under dispute [2] Group 2 - Argentina's ruling coalition led by President Milei won the midterm elections, alleviating investor concerns about potential stagnation in economic reforms [2] - The German business climate index rose from 87.7 to 88.4 in October, indicating improvements in manufacturing, services, and trade, despite a decline in business satisfaction for the third consecutive month [2] Group 3 - The Dow Jones Industrial Average increased by 0.71% to 47,544.59 points, while the S&P 500 rose by 1.23% to 6,875.16 points, and the Nasdaq Composite climbed by 1.86% to 23,637.46 points, all reaching new historical highs [3] - COMEX gold futures fell by 3.40% to $3,997.00 per ounce, and silver futures dropped by 3.61% to $46.83 per ounce [4] Group 4 - U.S. oil futures rose by 0.08% to $61.55 per barrel, while Brent crude futures decreased by 0.09% to $65.14 per barrel [5] - The 2-year U.S. Treasury yield fell by 0.64 basis points to 3.482%, with similar declines observed across other maturities [5] Group 5 - The U.S. dollar index decreased by 0.12% to 98.82, while the euro and British pound appreciated against the dollar [6]

Market Performance - The three major U.S. stock indices all closed higher, with the Dow Jones up 0.71% at 47,544.59 points, the S&P 500 up 1.23% at 6,875.16 points, and the Nasdaq up 1.86% at 23,637.46 points [1] - Major U.S. tech stocks saw collective gains, with Tesla rising over 4%, Google up more than 3%, Nvidia nearly 3%, Apple over 2%, Facebook up more than 1%, and Microsoft and Amazon both rising over 1% [1] - Chinese concept stocks mostly increased, with Daqo New Energy up over 14%, Xpeng Motors up over 6%, Pony.ai up over 6%, JinkoSolar up over 5%, and Baidu Group nearly 5% [1] European Market Performance - European stock indices also closed higher, with Germany's DAX index up 0.27% at 24,304.52 points, France's CAC40 index up 0.19% at 8,241.64 points, and the UK's FTSE 100 index up 0.09% at 9,653.82 points [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 3.40% at $3,997.00 per ounce and COMEX silver futures down 3.61% at $46.83 per ounce [1] - U.S. oil main contract rose 0.08% to $61.55 per barrel, while Brent crude oil main contract fell 0.09% to $65.14 per barrel [1] - London base metals mostly increased, with LME zinc up 0.93% at $3,053.50 per ton, LME tin up 0.55% at $36,000.00 per ton, and LME lead up 0.45% at $2,025.50 per ton [1] Bond Market - U.S. Treasury yields collectively fell, with the 2-year yield down 0.64 basis points at 3.482%, the 3-year yield down 1.40 basis points at 3.480%, and the 10-year yield down 3.46 basis points at 3.976% [1] - European bond yields also decreased, with the UK 10-year yield down 3 basis points at 4.400%, France's 10-year yield down 1.7 basis points at 3.414%, and Germany's 10-year yield down 1.1 basis points at 2.614% [1]