<p>6 月 11 日（路透社）- 由 Wayne Cole 提供的关于欧洲和全球市场的前瞻。显然，他们有一个关于打破最新美中贸易僵局的协议框架提案的计划。这一提案的提出仅仅是因为特朗普总统发了一条推文，声称北京违反了旧协议。</p><p>该协议现在需要特朗普和习主席的批准，然后才能实施。至少中国方面认为谈判是 “理性的”，这算是向前迈出了一步。</p><p>尽管细节不多，但美国团队确实声称将解决中国对稀土矿物和磁铁的出口限制。北京方面获得的回报尚不清楚。</p><p>同样不清楚的是，这次休战是否会比上一次持续更久，这可能是早期市场反应不太热烈的原因。美国和欧洲的股指期货均下跌 0.2% 至 0.6% 之间，而亚洲股市则略微上涨。</p><p>还有一个小问题是，4 月 2 日的关税是否真的合法，联邦上诉法院允许关税在审查下级法院阻止它们的裁决时继续生效。</p><p>美元和国债几乎没有变化，因为美国消费者物价指数（CPI）将在当天晚些时候公布，任何意外的上行数据都可能加剧滞涨担忧，对两个市场都不利。</p><p>分析师假设较低的能源价格将使总体上涨保持在 0.2%，而核心 CPI 预计上涨 0.3%。关注点将放在关税是否反映在商品价格上，尽管全面影响可能要到 6 月以后才会显现。波动性指标表明，投资者实际上并未为高数字做好准备，因此任何符合预期的结果都将是一个宽慰。</p><p>国债还面临 10 年期拍卖，重点关注间接投标者的份额，其中包括外国中央银行。后者在 5 月的拍卖中占据了 71% 的份额，而主要交易商仅获得 8.9%。如果再次出现这样的表现，将受到热烈欢迎。</p><p>可能影响周三市场的关键发展：</p><ul><li>欧洲央行工资追踪器。欧洲央行理事会成员 Gabriel Makhlouf；Piero Cipollone；Philip Lane 和 Claudia Buch；政策制定者 Yiannis Stournaras 的出席。</li><li>英国财政部长 Rachel Reeves 发布支出审查。</li><li>美国 5 月 CPI 数据。</li></ul><p>稀土元素储备。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/863b579fa3015481585a5af6eb64df73?x-oss-process=style/lg" alt="" width="1420" height="1064" original-src="https://pub.pbkrs.com/uploads/2025/863b579fa3015481585a5af6eb64df73"/></figure><p>在贸易关税威胁下，所有目光都聚焦于美国通胀。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/caa567e86e4148959c4d76e0dccbcba9?x-oss-process=style/lg" alt="" width="1420" height="1016" original-src="https://pub.pbkrs.com/uploads/2025/caa567e86e4148959c4d76e0dccbcba9"/></figure><p>（作者：Wayne Cole；编辑：Christopher Cushing）</p>

<p>美国与中国的贸易谈判已提出一项协议框架，待特朗普总统和习近平主席批准。讨论旨在解决中国对稀土矿物的出口限制，但具体细节仍不明确。市场反应平淡，美国和欧洲股指期货下跌。投资者在美国消费者物价指数（CPI）数据发布前保持谨慎，这可能会在持续的关税担忧中影响市场情绪。关键进展包括欧洲央行的发言和英国的支出审查</p>

<p>June 11 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. So, apparently, they have the concept of a plan for a proposal on a framework for a deal to break the latest U.S.-China trade impasse. Which was only needed because President Trump sent that tweet claiming Beijing had broken the old deal.</p>
<div class="lb-trans"><p>6 月 11 日（路透社）- 由 Wayne Cole 提供的关于欧洲和全球市场的前瞻。显然，他们有一个关于打破最新美中贸易僵局的协议框架提案的计划。这一提案的提出仅仅是因为特朗普总统发了一条推文，声称北京违反了旧协议。</p>
</div><p>This deal now needs to be approved by Trump and Chairman Xi, and then implemented. At least the Chinese side thought the talks were “rational”, which was a step forward.</p>
<div class="lb-trans"><p>该协议现在需要特朗普和习主席的批准，然后才能实施。至少中国方面认为谈判是 “理性的”，这算是向前迈出了一步。</p>
</div><p>Details were scant, though the U.S. team did claim that it would resolve China’s export restrictions on rare earth minerals and magnets. What Beijing got in return was not yet clear.</p>
<div class="lb-trans"><p>尽管细节不多，但美国团队确实声称将解决中国对稀土矿物和磁铁的出口限制。北京方面获得的回报尚不清楚。</p>
</div><p>Neither was it clear whether this truce would last any longer than the last one, which might be why the early market response was less than enthusiastic. U.S. and European stock futures were all down between 0.2% and 0.6%, and Asian shares modestly firmer.</p>
<div class="lb-trans"><p>同样不清楚的是，这次休战是否会比上一次持续更久，这可能是早期市场反应不太热烈的原因。美国和欧洲的股指期货均下跌 0.2% 至 0.6% 之间，而亚洲股市则略微上涨。</p>
</div><p>There is still the small matter of whether the April 2 levies are actually legal, with a federal appeals court allowing the tariffs to remain in effect while it reviews a lower court decision blocking them.</p>
<div class="lb-trans"><p>还有一个小问题是，4 月 2 日的关税是否真的合法，联邦上诉法院允许关税在审查下级法院阻止它们的裁决时继续生效。</p>
</div><p>The dollar and Treasuries were little changed as the U.S. CPI looms later in the day and any upside surprise would fan stagflationary fears, to the detriment of both markets.</p>
<div class="lb-trans"><p>美元和国债几乎没有变化，因为美国消费者物价指数（CPI）将在当天晚些时候公布，任何意外的上行数据都可能加剧滞涨担忧，对两个市场都不利。</p>
</div><p>Analysts assume lower energy prices will keep the headline rise to 0.2%, while the core is seen up 0.3%. Attention will be on whether tariffs show up in goods prices, though the full impact is likely to appear from June onwards. Measures of volatility suggest investors really aren’t prepared for a high number, so anything in line will be a relief.</p>
<div class="lb-trans"><p>分析师假设较低的能源价格将使总体上涨保持在 0.2%，而核心 CPI 预计上涨 0.3%。关注点将放在关税是否反映在商品价格上，尽管全面影响可能要到 6 月以后才会显现。波动性指标表明，投资者实际上并未为高数字做好准备，因此任何符合预期的结果都将是一个宽慰。</p>
</div><p>Treasuries also have a 10-year auction to weather, with the focus on the share taken by indirect bidders which include foreign central banks. The latter took a hefty 71% of the May sale, while primary dealers got just 8.9%. A repeat performance would be warmly welcomed.</p>
<div class="lb-trans"><p>国债还面临 10 年期拍卖，重点关注间接投标者的份额，其中包括外国中央银行。后者在 5 月的拍卖中占据了 71% 的份额，而主要交易商仅获得 8.9%。如果再次出现这样的表现，将受到热烈欢迎。</p>
</div><p>Key developments that could influence markets on Wednesday:</p>
<div class="lb-trans"><p>可能影响周三市场的关键发展：</p>
</div><ul>
<li>ECB wage tracker. Appearances by ECB council members Gabriel Makhlouf; Piero Cipollone; Philip Lane and Claudia Buch; policymaker Yiannis Stournaras</li>
</ul>
<div class="lb-trans"><ul>
<li>欧洲央行工资追踪器。欧洲央行理事会成员 Gabriel Makhlouf；Piero Cipollone；Philip Lane 和 Claudia Buch；政策制定者 Yiannis Stournaras 的出席。</li>
</ul>
</div><ul>
<li>British finance minister Rachel Reeves releases spending review</li>
</ul>
<div class="lb-trans"><ul>
<li>英国财政部长 Rachel Reeves 发布支出审查。</li>
</ul>
</div><ul>
<li>U.S. CPI data for May</li>
</ul>
<div class="lb-trans"><ul>
<li>美国 5 月 CPI 数据。</li>
</ul>
</div><p>Reserves of rare earth elements</p>
<div class="lb-trans"><p>稀土元素储备。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/3FI5kG9" alt="" original-src="https://reut.rs/3FI5kG9"/></p>
<p>All eyes on US inflation amid trade tariff threats</p>
<div class="lb-trans"><p>在贸易关税威胁下，所有目光都聚焦于美国通胀。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/43wA2LF" alt="" original-src="https://reut.rs/43wA2LF"/></p>
<p>(By Wayne Cole; Editing by Christopher Cushing)</p>
<div class="lb-trans"><p>（作者：Wayne Cole；编辑：Christopher Cushing）</p>
</div>

So, it's a framework for a deal, maybe?

- 美中贸易谈判有新框架提案，需特朗普和习近平批准。  
- 美国团队称将解决中国稀土矿物出口限制，回报尚不明确。  
- 市场反应平淡，关注美国 CPI 数据及其对通胀的影响。  

那么，这可能是一个交易框架吗？