<p>要点：</p>
<ul>
<li>亚洲股市在年末表现平淡，预计 2025 年将上涨</li>
<li>银和金在惊人的下跌后找到支撑</li>
<li>油价在乌克兰和平希望受挫的情况下保持大部分夜间涨幅</li>
</ul>
<p>作者：Stella Qiu</p>
<p>周二，亚洲股市因追踪华尔街的科技股下跌而小幅下滑，而银和金在从创纪录高位急剧回落后稳住了脚步，部分消除了贵金属令人惊叹的涨势中的泡沫。</p>
<p>油价在俄罗斯指控乌克兰袭击总统弗拉基米尔·普京的住所后，保持了大部分夜间涨幅。尽管莫斯科没有提供其指控的证据，但这仍然代表了美国促成和平协议努力的挫折。</p>
<p>此外，中国周二在台湾周边进行了 10 小时的实弹演习，进一步加剧了全球地缘政治紧张局势。</p>
<p>由于假期缩短，市场流动性普遍较低，导致价格剧烈波动。</p>
<p>夜间最大的波动来自银价，银价下跌 8.7%，创下自 2020 年 8 月以来最大单日跌幅，清除了这一看似与现实越来越脱节的抛物线式涨势中的一些泡沫。</p>
<p>该金属周二反弹 1.7%，报每盎司 73.46 美元，前一天曾高达 83.62 美元。今年仍上涨惊人的 150%。</p>
<p>急剧的反转也带动了黄金和其他贵金属。黄金在夜间下跌 4.4%，但最后上涨 0.6%，报每盎司 4,356 美元。</p>
<p>悉尼 IG 的分析师 Tony Sycamore 表示，周一开盘时银价的高开可能与止损、价格走势和恐慌性买入有关，同时芝加哥商业交易所提高了保证金要求。</p>
<p>Sycamore 表示：“这是一个世代泡沫。我不会说泡沫在一夜之间破裂，但……如果你看到这样的抛售，它将至少在接下来的交易中抑制一些市场的热情。所以对我来说，这是一个急需的降温。”</p>
<p>周二，MSCI 亚太地区（不包括日本）股票的广泛指数 (.MIAPJ0000PUS) 下跌 0.1%，但预计年涨幅为 26.7%，是自 2017 年以来的最佳表现。</p>
<p>日本日经指数下跌 0.2%，但今年也上涨了 26%。</p>
<p>台湾股市 TWSE:TAIEX 下跌 0.7%，中国蓝筹股下跌 0.3%，因北京在台湾周边进行实弹演习。</p>
<p>夜间，华尔街收盘走低，重磅科技股从上周的涨幅中回落。尽管如此，美国股市仍有望在 2025 年接近创纪录高位，在这一年中经历了以关税战争、中央银行政策和持续的地缘政治紧张局势为主导的双位数涨幅。</p>
<p>美国股指期货在亚洲几乎没有变化。EURO STOXX 50 期货和 FTSE 期货也持平。</p>
<p>日元走强，澳元走弱</p>
<p>在货币市场上，美元在美联储 12 月会议纪要发布前保持稳定，预计会议纪要将展示一个对明年政策路径不确定的分歧中央银行。美元正朝着年内近 10% 的降幅迈进，这是八年来的最大降幅。</p>
<p>美元维持在 156 日元，夜间下跌 0.3%，标志着六个交易日中的第五次下跌。日元现在距离 158-160 的区间还有一定距离，这可能会触发日本当局的干预。</p>
<p>由于商品价格下跌，澳元明显走弱。最新报 0.6698 美元，已从周一触及的 2025 年高点 0.6727 美元回落。</p>
<p>周二国债收益率小幅下跌。两年期收益率（US2YT=RR）下滑 1 个基点至 3.4524%，连续第四个交易日下跌，而 10 年期收益率也下滑 1 个基点至 4.1082%。</p>
<p>周二油价小幅下滑，此前夜间上涨超过 2%。布伦特原油期货下跌 0.5%，报每桶 61.63 美元，周一上涨 2.1%。(O/R)</p>

明晟

<p>亚洲股市下跌，华尔街的科技股疲软影响了市场情绪。银价和金价在大幅下跌后趋于稳定，银价反弹 1.7%，达到每盎司 73.46 美元。尽管地缘政治紧张局势，包括俄罗斯对乌克兰的指控和中国在台湾附近的军事演习，油价仍保持涨幅。美国美元在联邦储备会议纪要发布前保持稳定，而澳大利亚美元则走弱。总体来看，亚洲股市有望实现年度涨幅，MSCI 指数下跌 0.1%，但全年上涨 26.7%，创下自 2017 年以来的最佳表现</p>

<p>Key points:</p>
<div class="lb-trans"><p>要点：</p>
</div><ul>
<li>Asian shares subdued near year-end, set for 2025 gains</li>
<li>Silver, gold find footing after startling slump</li>
<li>Oil holds most of overnight gains as Ukraine peace hopes dented</li>
</ul>
<div class="lb-trans"><ul>
<li>亚洲股市在年末表现平淡，预计 2025 年将上涨</li>
<li>银和金在惊人的下跌后找到支撑</li>
<li>油价在乌克兰和平希望受挫的情况下保持大部分夜间涨幅</li>
</ul>
</div><p>By Stella Qiu</p>
<div class="lb-trans"><p>作者：Stella Qiu</p>
</div><p>Asian shares slipped on Tuesday, tracking Wall Street's tech slump, while silver and gold steadied after a sharp pullback from record highs took some froth off the precious metals' incredible rally.</p>
<div class="lb-trans"><p>周二，亚洲股市因追踪华尔街的科技股下跌而小幅下滑，而银和金在从创纪录高位急剧回落后稳住了脚步，部分消除了贵金属令人惊叹的涨势中的泡沫。</p>
</div><p>Oil prices held most of their overnight gains as Russia accused Ukraine of attacking President Vladimir Putin's residence. While Moscow provided no evidence for its claims, it nevertheless represents a setback for U.S. efforts to broker a peace deal.</p>
<div class="lb-trans"><p>油价在俄罗斯指控乌克兰袭击总统弗拉基米尔·普京的住所后，保持了大部分夜间涨幅。尽管莫斯科没有提供其指控的证据，但这仍然代表了美国促成和平协议努力的挫折。</p>
</div><p>Also adding to global geopolitical tensions, China launched 10 hours of live-firing exercises around Taiwan on Tuesday.</p>
<div class="lb-trans"><p>此外，中国周二在台湾周边进行了 10 小时的实弹演习，进一步加剧了全球地缘政治紧张局势。</p>
</div><p>Liquidity across most markets is thin in a holiday-shortened week, leading to sharp and volatile price swings.</p>
<div class="lb-trans"><p>由于假期缩短，市场流动性普遍较低，导致价格剧烈波动。</p>
</div><p>The big mover overnight was silver, which slumped 8.7% in the biggest one-day fall since August 2020, clearing some froth in a parabolic rally that had been looking increasingly divorced from reality.</p>
<div class="lb-trans"><p>夜间最大的波动来自银价，银价下跌 8.7%，创下自 2020 年 8 月以来最大单日跌幅，清除了这一看似与现实越来越脱节的抛物线式涨势中的一些泡沫。</p>
</div><p>The metal  bounced 1.7% on Tuesday to $73.46 per ounce, having hit as high as $83.62 just a day ago. It is still up a staggering 150% for the year.</p>
<div class="lb-trans"><p>该金属周二反弹 1.7%，报每盎司 73.46 美元，前一天曾高达 83.62 美元。今年仍上涨惊人的 150%。</p>
</div><p>The sharp reversal brought gold  and other precious metals with it. The yellow metal lost 4.4% overnight but was last up 0.6% at $4,356 per ounce.</p>
<div class="lb-trans"><p>急剧的反转也带动了黄金和其他贵金属。黄金在夜间下跌 4.4%，但最后上涨 0.6%，报每盎司 4,356 美元。</p>
</div><p>Tony Sycamore, analyst at IG in Sydney, said the gap higher in silver prices at Monday's open was likely to do with stop losses, price action and panic buying as well as the Chicago Mercantile Exchange raising margin requirements.</p>
<div class="lb-trans"><p>悉尼 IG 的分析师 Tony Sycamore 表示，周一开盘时银价的高开可能与止损、价格走势和恐慌性买入有关，同时芝加哥商业交易所提高了保证金要求。</p>
</div><p>&#34;This is a generational bubble,&#34; said Sycamore. &#34;And I'm not going to say that the bubble burst overnight, but... if you see a sell-off like you do, it's going to temper at least some of the enthusiasm in those markets over the coming session. So for me, it's a much needed cooling-off.&#34;</p>
<div class="lb-trans"><p>Sycamore 表示：“这是一个世代泡沫。我不会说泡沫在一夜之间破裂，但……如果你看到这样的抛售，它将至少在接下来的交易中抑制一些市场的热情。所以对我来说，这是一个急需的降温。”</p>
</div><p>On Tuesday, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.1% but was set for an annual gain of 26.7%, its best performance since 2017.</p>
<div class="lb-trans"><p>周二，MSCI 亚太地区（不包括日本）股票的广泛指数 (.MIAPJ0000PUS) 下跌 0.1%，但预计年涨幅为 26.7%，是自 2017 年以来的最佳表现。</p>
</div><p>Japan's Nikkei  eased 0.2% but was also up 26% for the year.</p>
<div class="lb-trans"><p>日本日经指数下跌 0.2%，但今年也上涨了 26%。</p>
</div><p>Taiwanese shares TWSE:TAIEX lost 0.7% and China's blue chips  fell 0.3% after Beijing's live-firing exercises around Taiwan.</p>
<div class="lb-trans"><p>台湾股市 TWSE:TAIEX 下跌 0.7%，中国蓝筹股下跌 0.3%，因北京在台湾周边进行实弹演习。</p>
</div><p>Overnight, Wall Street finished lower as heavyweight technology stocks retreated from last week's gains. Still, U.S. stocks were on course to end 2025 near record highs, having notched double-digit gains in a tumultuous year dominated by tariff wars, central bank policy and simmering geopolitical tensions.</p>
<div class="lb-trans"><p>夜间，华尔街收盘走低，重磅科技股从上周的涨幅中回落。尽管如此，美国股市仍有望在 2025 年接近创纪录高位，在这一年中经历了以关税战争、中央银行政策和持续的地缘政治紧张局势为主导的双位数涨幅。</p>
</div><p>U.S. stock futures were little changed in Asia. Both EURO STOXX 50 futures  and FTSE futures  were also flat.</p>
<div class="lb-trans"><p>美国股指期货在亚洲几乎没有变化。EURO STOXX 50 期货和 FTSE 期货也持平。</p>
</div><p>YEN FIRMS, AUSTRALIAN DOLLAR FALLS</p>
<div class="lb-trans"><p>日元走强，澳元走弱</p>
</div><p>In the currency markets, the U.S. dollar was steady ahead of the minutes of the Federal Reserve's December meeting which is expected to showcase a divided central bank unsure of the policy path next year. It is  on track for an annual decline of almost 10%, its steepest in eight years.</p>
<div class="lb-trans"><p>在货币市场上，美元在美联储 12 月会议纪要发布前保持稳定，预计会议纪要将展示一个对明年政策路径不确定的分歧中央银行。美元正朝着年内近 10% 的降幅迈进，这是八年来的最大降幅。</p>
</div><p>The dollar held at 156 yen , having lost 0.3% overnight to mark a fifth decline in six sessions. The yen is now some distance away from the 158-160 range that could trigger intervention from Japanese authorities.</p>
<div class="lb-trans"><p>美元维持在 156 日元，夜间下跌 0.3%，标志着六个交易日中的第五次下跌。日元现在距离 158-160 的区间还有一定距离，这可能会触发日本当局的干预。</p>
</div><p>The Australian dollar  was notably weaker as commodities prices slumped. It was last steady at $0.6698, having retreated from its 2025 peak of $0.6727 hit just on Monday.</p>
<div class="lb-trans"><p>由于商品价格下跌，澳元明显走弱。最新报 0.6698 美元，已从周一触及的 2025 年高点 0.6727 美元回落。</p>
</div><p>Treasury yields were a little lower on Tuesday. Two-year yields (US2YT=RR) slipped 1 basis point to 3.4524%, down for a fourth straight session, while the 10-year yield  also eased 1 bp to 4.1082%.</p>
<div class="lb-trans"><p>周二国债收益率小幅下跌。两年期收益率（US2YT=RR）下滑 1 个基点至 3.4524%，连续第四个交易日下跌，而 10 年期收益率也下滑 1 个基点至 4.1082%。</p>
</div><p>Oil prices slipped a little on Tuesday after gaining over 2% overnight. Brent crude  futures eased 0.5% to $61.63 a barrel, having jumped 2.1% on Monday. (O/R)</p>
<div class="lb-trans"><p>周二油价小幅下滑，此前夜间上涨超过 2%。布伦特原油期货下跌 0.5%，报每桶 61.63 美元，周一上涨 2.1%。(O/R)</p>
</div>

亚洲股市因科技股下跌而走低，黄金和白银市场降温