<p>来自 Stella Qiu 对欧洲和全球市场的展望</p><p>因此，特朗普总统表示我们可能需要再等两周，才能决定是否对伊朗发起美国攻击。与此同时，市场大多松了一口气，但对中东冲突仍保持谨慎。</p><p>布伦特原油价格在周五下跌 2.5%，抹去了一些近期的涨幅，但仍有望实现 3.7% 的周涨幅，连续第三周上涨。</p><p>油价下跌似乎给欧洲股市带来了欢呼的理由，EUROSTOXX 50 期货（STXEc1）上涨 0.7%，FTSE 期货（FFIc1）上涨 0.3%。纳斯达克期货（NQc1）和标准普尔 500 期货（ESc1）均下跌 0.2%。</p><p>一些分析师指出，特朗普对其他关键决策设定的两周期限，包括对美国贸易伙伴的关税谈判信件，期望德黑兰在此期间受到压力，能够回到谈判桌上。</p><p>周五，亚洲股市表现不一，日本和澳大利亚下跌，而中国上涨。韩国股指基准（.KS11）表现优异，跳涨 1.1%，首次突破 3000 点，自 2022 年初以来首次，因新当选的总统李在明宣布了一项刺激支出计划。</p><p>美元也处于弱势，尽管由于中东冲突引发的避险资金流入，预计本周将上涨 0.5%。不过，一周的涨幅并不能扭转近期的下跌趋势，许多分析师预计美元的损失还有进一步扩大空间。</p><p>中国在周五保持基准贷款利率不变，符合广泛预期，而日本的数据则显示核心通胀达到两年高点，给日本央行再次加息施加压力。然而，投资者怀疑这样的举措会在 12 月之前出现。</p><p>隔夜，欧洲的一些中央银行发出了鸽派信号，包括挪威央行自 2020 年以来首次降息。瑞士国家银行将利率降至零，并未排除进一步降至负值的可能，而英格兰银行则维持政策不变，但认为需要进一步放松。</p><p>可能影响周五市场的关键发展：</p><p>– 德国 5 月份 PPI 数据</p><p>– 英国 5 月份零售销售数据</p><p>– 欧洲央行发布经济公报</p><p>G10 央行利率变化情况</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/961f09fef7ce57396f8879d013d1d41f?x-oss-process=style/lg" alt="" width="1420" height="744" original-src="https://pub.pbkrs.com/uploads/2025/961f09fef7ce57396f8879d013d1d41f"/></figure><p>（作者：Stella Qiu；编辑：Edmund Klamann）</p>

<p>特朗普总统推迟了对可能对伊朗发动攻击的决定，这在市场上引发了谨慎的乐观情绪。布伦特原油价格下跌了 2.5%，而欧洲股市则出现上涨，EUROSTOXX 50 期货上涨了 0.7%。亚洲市场表现不一，韩国基准指数因刺激计划上涨了 1.1%。尽管美元在周内有所上涨，但仍然走弱，欧洲的中央银行发出了鸽派信号。预计来自德国和英国的关键经济数据将影响市场</p>

<p>A look at the day ahead in European and global markets from Stella Qiu</p>
<div class="lb-trans"><p>来自 Stella Qiu 对欧洲和全球市场的展望</p>
</div><p>So, President Donald Trump said we may need to wait two more weeks until he decides whether to launch a U.S. attack on Iran. In the meantime, markets are mostly breathing a sigh of relief but remain cautious over conflict in the Middle East.</p>
<div class="lb-trans"><p>因此，特朗普总统表示我们可能需要再等两周，才能决定是否对伊朗发起美国攻击。与此同时，市场大多松了一口气，但对中东冲突仍保持谨慎。</p>
</div><p>Brent crude oil prices fell 2.5% on Friday, erasing some of their recent gains but still on track for a 3.7% weekly rise, up for a third straight week.</p>
<div class="lb-trans"><p>布伦特原油价格在周五下跌 2.5%，抹去了一些近期的涨幅，但仍有望实现 3.7% 的周涨幅，连续第三周上涨。</p>
</div><p>Falling oil prices appear to have given European stocks a reason to cheer, with EUROSTOXX 50 futures (STXEc1) rising 0.7% and FTSE futures (FFIc1) up 0.3%. Nasdaq futures (NQc1) and S&amp;P 500 futures (ESc1) were both 0.2% lower.</p>
<div class="lb-trans"><p>油价下跌似乎给欧洲股市带来了欢呼的理由，EUROSTOXX 50 期货（STXEc1）上涨 0.7%，FTSE 期货（FFIc1）上涨 0.3%。纳斯达克期货（NQc1）和标准普尔 500 期货（ESc1）均下跌 0.2%。</p>
</div><p>Some analysts have pointed to Trump’s two-week deadlines for other key decisions, including in letters to U.S. trade partners on tariff negotiations, and the hope is that Tehran in the interim will be pressured to come to the negotiating table.</p>
<div class="lb-trans"><p>一些分析师指出，特朗普对其他关键决策设定的两周期限，包括对美国贸易伙伴的关税谈判信件，期望德黑兰在此期间受到压力，能够回到谈判桌上。</p>
</div><p>Stocks were mixed in Asia on Friday, with Japan and Australia falling while China was higher. South Korea’s share benchmark (.KS11) outperformed with a jump of 1.1%, topping the 3,000 level for the first time since early 2022, after newly elected President Lee Jae Myung announced a stimulus spending plan.</p>
<div class="lb-trans"><p>周五，亚洲股市表现不一，日本和澳大利亚下跌，而中国上涨。韩国股指基准（.KS11）表现优异，跳涨 1.1%，首次突破 3000 点，自 2022 年初以来首次，因新当选的总统李在明宣布了一项刺激支出计划。</p>
</div><p>The U.S. dollar was also on the back foot, although it is set for a weekly gain of 0.5% on safe-haven flows spurred by the Middle East conflict. Still, one week of gains would not reverse the recent declining trend and many analysts expect the dollar’s losses have further to run.</p>
<div class="lb-trans"><p>美元也处于弱势，尽管由于中东冲突引发的避险资金流入，预计本周将上涨 0.5%。不过，一周的涨幅并不能扭转近期的下跌趋势，许多分析师预计美元的损失还有进一步扩大空间。</p>
</div><p>China kept its benchmark lending rates unchanged on Friday as widely expected while data from Japan showed core inflation at a two-year high, keeping pressure on the Bank of Japan to hike rates again. Investors, however, doubt that such a move would come before December.</p>
<div class="lb-trans"><p>中国在周五保持基准贷款利率不变，符合广泛预期，而日本的数据则显示核心通胀达到两年高点，给日本央行再次加息施加压力。然而，投资者怀疑这样的举措会在 12 月之前出现。</p>
</div><p>Overnight, a number of central banks in Europe sent out dovish signals, including Norway’s central bank which delivered its first rate cut since 2020. The Swiss National Bank cut rates to zero and did not rule out going negative, while the Bank of England held policy steady but saw a need for further easing.</p>
<div class="lb-trans"><p>隔夜，欧洲的一些中央银行发出了鸽派信号，包括挪威央行自 2020 年以来首次降息。瑞士国家银行将利率降至零，并未排除进一步降至负值的可能，而英格兰银行则维持政策不变，但认为需要进一步放松。</p>
</div><p>Key developments that could influence markets on Friday:</p>
<div class="lb-trans"><p>可能影响周五市场的关键发展：</p>
</div><p>– Germany PPI data for May</p>
<div class="lb-trans"><p>– 德国 5 月份 PPI 数据</p>
</div><p>– UK retail sales data for May</p>
<div class="lb-trans"><p>– 英国 5 月份零售销售数据</p>
</div><p>– ECB releases its economic bulletin</p>
<div class="lb-trans"><p>– 欧洲央行发布经济公报</p>
</div><p>How interest rates have changed among G10 central banks</p>
<div class="lb-trans"><p>G10 央行利率变化情况</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/3ZFQh6F" alt="" original-src="https://reut.rs/3ZFQh6F"/></p>
<p>(By Stella Qiu; Editing by Edmund Klamann)</p>
<div class="lb-trans"><p>（作者：Stella Qiu；编辑：Edmund Klamann）</p>
</div>

Markets breathe easier as Trump hedges on Iran

- 特朗普表示可能需再等两周决定是否对伊朗采取行动，市场保持谨慎。  
- 布伦特原油价格下跌 2.5%，但仍有 3.7% 的周涨幅。  
- 亚洲股市表现不一，韩国股指上涨 1.1%，创 2022 年以来新高。  

随着特朗普对伊朗采取对冲措施，市场松了一口气