<p>要点：</p>
<ul>
<li>尽管中国市场抛售，欧洲和亚洲股市大多上涨</li>
<li>债券市场在财政健康担忧上升后保持平静</li>
<li>疲弱的职位空缺数据和美联储的鸽派言论加强了降息预期</li>
</ul>
<p>周四，股市大多上涨，因为美联储官员的鸽派言论和日本超长期债务的顺利拍卖缓解了近期政府债券市场的紧张情绪。</p>
<p>中国股市在隔夜因北京希望冷却其股市，尤其是科技板块的火热反弹而暴跌，但欧洲的开局则顺利得多。</p>
<p>该地区的 STOXX 600 指数上涨 0.3%，随着交易的稳定，法国、英国和美国等国对长期政府借贷成本上升的担忧逐渐平息。</p>
<p>在路透社报道 OPEC+ 官员计划在本周末的会议上提高产量目标后，油价延续了疲软的趋势，而美元在周五关键的就业报告前处于震荡状态。</p>
<p>几位关键的美联储官员在最近几天增强了市场对美联储即将降息的预期。交易员们现在预计在中央银行 9 月 17 日的下次会议上几乎 100% 会降息。</p>
<p>&#34;市场对本月美联储降息的信心有所增强，因此这对债券收益率施加了一定的温和下行压力，&#34; MUFG 全球市场研究主管 Derek Halpenny 表示。</p>
<p>他补充说，中国股市的下跌在外汇市场上对澳元和新西兰元造成了一定压力，但总体而言，市场主要是&#34;整固并等待&#34;周五的就业数据。</p>
<p>欧洲的债券买家将德国 30 年期债券收益率（DE30YT=RR）下调了超过 1 个基点至 3.3%。法国的收益率也大致相同，降至 4.45%，此前在周二曾达到 4.523%，是自 2009 年 6 月以来的最高点，因担心其政府可能再次崩溃。</p>
<p>下跌之星</p>
<p>隔夜，MSCI 亚太地区（不包括日本）的广泛指数（.MIAPJ0000PUS）在彭博社报道金融监管机构正在准备市场降温措施后，结束时下跌 0.2%。</p>
<p>北京蓝筹股下跌最多达 2.6%，而科技重磅的 STAR 50 指数在上个月飙升近 30% 后，单日下跌超过 6%，创下自 4 月以来的最差表现。</p>
<p>华尔街期货指向轻松的重启。虽然就业数据要到周五才会公布，但交易员们将听取美国总统特朗普提名的接替辞职的美联储董事会成员 Adriana Kugler 的 Stephen Miran 的提名听证会。</p>
<p>&#34;听听参议员们对 Miran 关于美联储独立性的看法的质询将会很有趣，&#34; 德意志银行全球宏观研究负责人 Jim Reid 表示，考虑到特朗普已决定解雇另一位美联储官员 Lisa Cook，并且多次批评美联储主席 Jerome Powell。</p>
<p>在周三发布的证词中，Miran 表示他打算&#34;维护&#34;美联储的独立性，证词已发布在参议院银行委员会的网站上，供周四的听证会参考。</p>
<p>由于独立性问题对已经高企的政府债务水平造成的关注，东京的 30 年期日本债券拍卖顺利进行让人松了一口气。</p>
<p>澳大利亚股市上涨 1%，从自 4 月以来最大的一日抛售中恢复，而日经 225 指数上涨 1.5%。</p>
<p>&#34;我们经历了一两天的疲软，但买入的投资者已经介入，&#34; IG 市场分析师 Tony Sycamore 在悉尼表示。</p>
<p>印度基准的 Sensex 指数上涨 1%，在政府削减多种商品的税收以刺激消费并对抗美国关税后，市场重新开放。</p>
<p>周三的美联储&#34;褐皮书&#34;描绘了美国经济健康的复杂局面，这似乎突显了货币政策制定者的担忧。ING 的分析师称其相当&#34;黯淡&#34;，并表示&#34;充满了&#34;对价格的关税警告。</p>
<p>基准 10 年期国债收益率在欧洲交易中微降至 4.2%，而对利率更敏感的 2 年期收益率（US2YT=RR）略高于 3.6%。</p>
<p>美元兑日元上涨 0.1%，报 148.25，保持在自 8 月初以来的交易区间内。</p>
<p>美元兑欧元也微升至 1.1650。在商品市场上，布伦特原油下跌 0.6%，至每桶 67.17 美元，黄金在周三创下每盎司 3,578.5 美元的历史高点后回落 0.8%。</p>

明晟

<p>欧洲和亚洲股市大多上涨，尽管中国市场出现抛售，因美联储官员的鸽派言论以及日本长期债务的顺利拍卖缓解了债券市场的紧张情绪。STOXX 600 指数上涨了 0.3%，而在 OPEC+ 产量讨论中，油价有所下跌。交易员预计美联储在下次会议上降息的可能性接近 100%。MSCI 亚太指数下跌了 0.2%，中国科技股出现显著下跌。澳大利亚股市上涨了 1%，印度的 Sensex 指数在减税以刺激消费后上涨了 1%</p>

<p>Key points:</p>
<div class="lb-trans"><p>要点：</p>
</div><ul>
<li>European and Asian stocks mostly rise despite China selloff</li>
<li>Bond market calm after rising fiscal health concerns</li>
<li>Weak job openings data, Fed's dovish comments reinforce rate cut bets</li>
</ul>
<div class="lb-trans"><ul>
<li>尽管中国市场抛售，欧洲和亚洲股市大多上涨</li>
<li>债券市场在财政健康担忧上升后保持平静</li>
<li>疲弱的职位空缺数据和美联储的鸽派言论加强了降息预期</li>
</ul>
</div><p>Stocks were mostly higher on Thursday as dovish comments from Federal Reserve officials and a smooth auction of super long-term debt in Japan eased some of the recent government bond market jitters.</p>
<div class="lb-trans"><p>周四，股市大多上涨，因为美联储官员的鸽派言论和日本超长期债务的顺利拍卖缓解了近期政府债券市场的紧张情绪。</p>
</div><p>China bourses had tumbled overnight on reports Beijing wanted to cool the red hot rally in its equity markets, especially the tech sector , , but Europe had a much smoother start.</p>
<div class="lb-trans"><p>中国股市在隔夜因北京希望冷却其股市，尤其是科技板块的火热反弹而暴跌，但欧洲的开局则顺利得多。</p>
</div><p>The region's STOXX 600  ticked up 0.3% as trading settled and the angst about rising long-term government borrowing costs in the likes of France, Britain and U.S. gave way to relative calm.</p>
<div class="lb-trans"><p>该地区的 STOXX 600 指数上涨 0.3%，随着交易的稳定，法国、英国和美国等国对长期政府借贷成本上升的担忧逐渐平息。</p>
</div><p>Oil prices  extended their weak week after a Reuters report that OPEC+ officials were eyeing an increase in output targets at their meeting this weekend, while the dollar was in drift mode ahead of Friday's crucial jobs report.</p>
<div class="lb-trans"><p>在路透社报道 OPEC+ 官员计划在本周末的会议上提高产量目标后，油价延续了疲软的趋势，而美元在周五关键的就业报告前处于震荡状态。</p>
</div><p>Several key Federal Reserve officials have bolstered expectations of an imminent Fed rate cut in recent days. Traders are now pricing in a near 100% chance that one will be delivered at the central bank's next meeting on Sept. 17.</p>
<div class="lb-trans"><p>几位关键的美联储官员在最近几天增强了市场对美联储即将降息的预期。交易员们现在预计在中央银行 9 月 17 日的下次会议上几乎 100% 会降息。</p>
</div><p>&#34;The markets have become a little bit more convinced about a Fed rate cut this month, so that has put some modest downward pressure on bond yields,&#34; MUFG's global markets division head of research, Derek Halpenny, said.</p>
<div class="lb-trans"><p>&#34;市场对本月美联储降息的信心有所增强，因此这对债券收益率施加了一定的温和下行压力，&#34; MUFG 全球市场研究主管 Derek Halpenny 表示。</p>
</div><p>He added that the Chinese equity market dip had weighed a little on the Aussie and Kiwi dollars in the FX markets, but otherwise it was largely a case of &#34;consolidate and wait&#34; for Friday's payrolls numbers.</p>
<div class="lb-trans"><p>他补充说，中国股市的下跌在外汇市场上对澳元和新西兰元造成了一定压力，但总体而言，市场主要是&#34;整固并等待&#34;周五的就业数据。</p>
</div><p>Europe's bond buyers nudged the German 30-year bond yield (DE30YT=RR) down just over 1 basis point to 3.3%. France’s was down roughly the same at 4.45%, having hit 4.523% on Tuesday, its highest since June 2009 on worries its government could collapse again.</p>
<div class="lb-trans"><p>欧洲的债券买家将德国 30 年期债券收益率（DE30YT=RR）下调了超过 1 个基点至 3.3%。法国的收益率也大致相同，降至 4.45%，此前在周二曾达到 4.523%，是自 2009 年 6 月以来的最高点，因担心其政府可能再次崩溃。</p>
</div><p>FALLING STAR</p>
<div class="lb-trans"><p>下跌之星</p>
</div><p>Overnight, MSCI's broadest index of Asia-Pacific shares excluding those from Japan (.MIAPJ0000PUS) had ended 0.2% lower after a Bloomberg report that financial regulators were preparing cooling measures for the market.</p>
<div class="lb-trans"><p>隔夜，MSCI 亚太地区（不包括日本）的广泛指数（.MIAPJ0000PUS）在彭博社报道金融监管机构正在准备市场降温措施后，结束时下跌 0.2%。</p>
</div><p>Beijing bluechips  fell as much as 2.6%, while the tech-heavy STAR 50 index, which soared nearly 30% last month, dropped more than 6% in its worst day since April.</p>
<div class="lb-trans"><p>北京蓝筹股下跌最多达 2.6%，而科技重磅的 STAR 50 指数在上个月飙升近 30% 后，单日下跌超过 6%，创下自 4 月以来的最差表现。</p>
</div><p>Wall Street futures  were pointing to an easy restart. Payrolls aren't till Friday, but traders will get to hear the nomination hearing of Stephen Miran, U.S. President Donald Trump's pick to replace resigning Fed board member Adriana Kugler.</p>
<div class="lb-trans"><p>华尔街期货指向轻松的重启。虽然就业数据要到周五才会公布，但交易员们将听取美国总统特朗普提名的接替辞职的美联储董事会成员 Adriana Kugler 的 Stephen Miran 的提名听证会。</p>
</div><p>&#34;It’ll be interesting to hear senators' questioning of Miran's views on Fed independence,&#34; Deutsche Bank's Global Head of Macro Research, Jim Reid, said, given that Trump has moved to fire another Fed official, Lisa Cook, and has been repeatedly criticising Fed Chairman Jerome Powell.</p>
<div class="lb-trans"><p>&#34;听听参议员们对 Miran 关于美联储独立性的看法的质询将会很有趣，&#34; 德意志银行全球宏观研究负责人 Jim Reid 表示，考虑到特朗普已决定解雇另一位美联储官员 Lisa Cook，并且多次批评美联储主席 Jerome Powell。</p>
</div><p>In testimony posted to the Senate Banking Committee's website on Wednesday ahead of Thursday's hearing, Miran said he intended to &#34;preserve&#34; that independence.</p>
<div class="lb-trans"><p>在周三发布的证词中，Miran 表示他打算&#34;维护&#34;美联储的独立性，证词已发布在参议院银行委员会的网站上，供周四的听证会参考。</p>
</div><p>With all the focus the independence issues have created on already sky-high government debt levels, there was relief that an auction of 30-year Japanese bonds had gone smoothly in Tokyo overnight.</p>
<div class="lb-trans"><p>由于独立性问题对已经高企的政府债务水平造成的关注，东京的 30 年期日本债券拍卖顺利进行让人松了一口气。</p>
</div><p>Australian shares  advanced 1%, recovering from their biggest one-day sell-off since April, while the Nikkei 225  ended 1.5% higher.</p>
<div class="lb-trans"><p>澳大利亚股市上涨 1%，从自 4 月以来最大的一日抛售中恢复，而日经 225 指数上涨 1.5%。</p>
</div><p>&#34;We got one or two days of weakness but the dip-buyers have stepped in,&#34; Tony Sycamore, market analyst at IG in Sydney, said.</p>
<div class="lb-trans"><p>&#34;我们经历了一两天的疲软，但买入的投资者已经介入，&#34; IG 市场分析师 Tony Sycamore 在悉尼表示。</p>
</div><p>India's benchmark Sensex  rose 1% as markets reopened, after the government slashed levies on several goods to fire up consumption and counteract U.S. tariffs.</p>
<div class="lb-trans"><p>印度基准的 Sensex 指数上涨 1%，在政府削减多种商品的税收以刺激消费并对抗美国关税后，市场重新开放。</p>
</div><p>Wednesday's Federal Reserve's &#34;Beige Book&#34; had painted a mixed picture of U.S. economic health, which appeared to underscore monetary policymakers' concerns. Analysts at ING called it quite &#34;bleak&#34; and said it was &#34;littered with&#34; tariff warnings on prices.</p>
<div class="lb-trans"><p>周三的美联储&#34;褐皮书&#34;描绘了美国经济健康的复杂局面，这似乎突显了货币政策制定者的担忧。ING 的分析师称其相当&#34;黯淡&#34;，并表示&#34;充满了&#34;对价格的关税警告。</p>
</div><p>The yield on benchmark 10-year Treasury notes  inched down to 4.2% in European trading with the more rate-sensitive 2-year yield (US2YT=RR) just above 3.6%.</p>
<div class="lb-trans"><p>基准 10 年期国债收益率在欧洲交易中微降至 4.2%，而对利率更敏感的 2 年期收益率（US2YT=RR）略高于 3.6%。</p>
</div><p>The dollar edged up 0.1% against the yen at 148.25 , keeping within the trading range where it has stayed since the beginning of August.</p>
<div class="lb-trans"><p>美元兑日元上涨 0.1%，报 148.25，保持在自 8 月初以来的交易区间内。</p>
</div><p>It was also fractionally higher against the euro  at $1.1650. In commodities markets, Brent crude  dipped 0.6% to $67.17 a barrel and gold  edged back 0.8% after hitting a record high of 3,578.5 an ounce on Wednesday.</p>
<div class="lb-trans"><p>美元兑欧元也微升至 1.1650。在商品市场上，布伦特原油下跌 0.6%，至每桶 67.17 美元，黄金在周三创下每盎司 3,578.5 美元的历史高点后回落 0.8%。</p>
</div>

股市摆脱了中国市场抛售的影响，而债券市场则保持冷静