<p>周四，亚洲市场开盘走低，投资者在整个地区消化唐纳德·特朗普昨晚演讲的影响。</p>
<p>在对美国人民的讲话中，美国总统誓言将在接下来的两到三周内对伊朗 “进行极其严厉的打击”，这一言论让投资者感到更加谨慎。</p>
<p>这次演讲未能提供市场所期待的关于缓和局势、霍尔木兹海的状态或能源供应前景的清晰指引。</p>
<p>结果是可以预见的，股市暴跌，原油价格飙升，投资者回归防御模式。</p>
<p><strong>亚洲市场低开</strong></p>
<p>尽管各市场的强度有所不同，但亚洲整体表现疲弱。</p>
<p>日本日经 225 指数开盘下跌 1.4%，而更广泛的东证指数下跌 0.94%。</p>
<p>韩国的波动最为剧烈，Kospi 指数下跌 2.82%，而小型股 Kosdaq 下跌 3%。</p>
<p>澳大利亚的 S&amp;P/ASX 200 指数最初开盘时处于正区间，随后转为下跌 0.48%。</p>
<p>在大中华区，香港恒生指数开盘下跌 0.5%，而中国大陆的 CSI 300 指数几乎没有变化。</p>
<p>这一模式表明，回调是周期性的，来自风险敏感资产，而不是统一的恐慌抛售。</p>
<p>韩国因其对出口和科技股的高度依赖，似乎对情绪变化最为脆弱。</p>
<p>日本也反映出全球市场更强的防御性基调的压力。</p>
<p>相比之下，中国市场则显得更加稳定，提醒人们并非所有亚洲市场都以相同的力度反应。</p>
<p>特朗普表示与伊朗的冲突 “接近尾声”，但他也明确表示美国将在接下来的几周内继续对伊朗 “进行极其严厉的打击”。</p>
<p>对投资者而言，这并不是他们在全球交易波动期后所希望的明确保证。</p>
<p>演讲没有提供更清晰的结束方案，而是留下了进一步升级的可能性。</p>
<p>这很重要，因为市场在前一交易日已经倾向于对冲突进行更乐观的解读。</p>
<p><strong>油价反弹，继续对情绪施加压力</strong></p>
<p>油价是传导到亚洲股市的最明显渠道。</p>
<p>在演讲后，布伦特原油价格上涨约 5%，至每桶约 106 美元，而美国西德克萨斯中质原油上涨超过 4%，刚刚超过 104 美元。</p>
<p>这些变动扭转了早前的疲软，并将能源风险重新置于市场叙事的中心。</p>
<p>原油价格的飙升直接影响到亚洲以贸易为主的经济体。</p>
<p>更高的原油价格提高了进口账单，增加了通胀压力，挤压了企业利润，并威胁到消费者需求。</p>
<p>它们还使得中央银行的前景变得更加黯淡，中央银行原本希望在没有外部价格冲击的情况下管理较软的增长。</p>

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1313

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<p>亚洲市场周四开盘走低，受到特朗普总统警告将在未来几周 “极其严厉” 打击伊朗的影响。日经 225 指数下跌 1.4%，而韩国 Kospi 指数下跌 2.82%。投资者表现出谨慎，因为特朗普的演讲缺乏关于缓和局势和能源供应前景的明确性。油价飙升，布伦特原油上涨约 5%，对亚洲贸易依赖型经济体产生影响。市场的回调反映出情绪的变化，而非恐慌性抛售，各市场的强度各不相同</p>

<p>Asian markets opened on the back foot on Thursday, as investors across the region absorbed the fallout from Donald Trump’s overnight address.</p>
<div class="lb-trans"><p>周四，亚洲市场开盘走低，投资者在整个地区消化唐纳德·特朗普昨晚演讲的影响。</p>
</div><p>In his address to the American people, the US President vowed to hit Iran &#34;extremely hard&#34; in the coming two to three weeks, remarks that infused a fresh bout of caution among investors.</p>
<div class="lb-trans"><p>在对美国人民的讲话中，美国总统誓言将在接下来的两到三周内对伊朗 “进行极其严厉的打击”，这一言论让投资者感到更加谨慎。</p>
</div><p>The speech failed to offer the clarity markets were hoping for on the path to de-escalation, the status of the Strait of Hormuz, or the outlook for energy supplies.</p>
<div class="lb-trans"><p>这次演讲未能提供市场所期待的关于缓和局势、霍尔木兹海的状态或能源供应前景的清晰指引。</p>
</div><p>The result was expected, as stocks plunged, crude surged, and investors returned to a defensive mode.</p>
<div class="lb-trans"><p>结果是可以预见的，股市暴跌，原油价格飙升，投资者回归防御模式。</p>
</div><p><strong>Asian markets open lower</strong></p>
<div class="lb-trans"><p><strong>亚洲市场低开</strong></p>
</div><p>The weakness was broad across Asia, though the intensity varied from market to market.</p>
<div class="lb-trans"><p>尽管各市场的强度有所不同，但亚洲整体表现疲弱。</p>
</div><p>Japan’s Nikkei 225 fell 1.4% at the open, while the broader Topix lost 0.94%.</p>
<div class="lb-trans"><p>日本日经 225 指数开盘下跌 1.4%，而更广泛的东证指数下跌 0.94%。</p>
</div><p>South Korea saw the sharpest move, with the Kospi down 2.82% and the small-cap Kosdaq off 3%.</p>
<div class="lb-trans"><p>韩国的波动最为剧烈，Kospi 指数下跌 2.82%，而小型股 Kosdaq 下跌 3%。</p>
</div><p>Australia’s S&amp;P/ASX 200, which initially opened in positive territory, later turned 0.48% lower.</p>
<div class="lb-trans"><p>澳大利亚的 S&amp;P/ASX 200 指数最初开盘时处于正区间，随后转为下跌 0.48%。</p>
</div><p>In Greater China, Hong Kong’s Hang Seng opened down 0.5%, while mainland China’s CSI 300 was little changed.</p>
<div class="lb-trans"><p>在大中华区，香港恒生指数开盘下跌 0.5%，而中国大陆的 CSI 300 指数几乎没有变化。</p>
</div><p>The pattern suggested that the pullback is cyclical and from risk-sensitive assets rather than a uniform panic selloff.</p>
<div class="lb-trans"><p>这一模式表明，回调是周期性的，来自风险敏感资产，而不是统一的恐慌抛售。</p>
</div><p>South Korea, with its heavy exposure to export and technology names, appeared most vulnerable to the shift in sentiment.</p>
<div class="lb-trans"><p>韩国因其对出口和科技股的高度依赖，似乎对情绪变化最为脆弱。</p>
</div><p>Japan also reflected the pressure of a stronger defensive tone in global markets.</p>
<div class="lb-trans"><p>日本也反映出全球市场更强的防御性基调的压力。</p>
</div><p>By contrast, China was steadier, offering a reminder that not every market in Asia was reacting with the same force.</p>
<div class="lb-trans"><p>相比之下，中国市场则显得更加稳定，提醒人们并非所有亚洲市场都以相同的力度反应。</p>
</div><p>Trump said the conflict with Iran was “nearing completion,” but he also made clear that the US would continue hitting Iran “extremely hard” in the coming weeks.</p>
<div class="lb-trans"><p>特朗普表示与伊朗的冲突 “接近尾声”，但他也明确表示美国将在接下来的几周内继续对伊朗 “进行极其严厉的打击”。</p>
</div><p>For investors, that was not the clean reassurance they had hoped for after a volatile stretch in global trading.</p>
<div class="lb-trans"><p>对投资者而言，这并不是他们在全球交易波动期后所希望的明确保证。</p>
</div><p>Instead of a clearer endgame, the address left open the possibility of further escalation.</p>
<div class="lb-trans"><p>演讲没有提供更清晰的结束方案，而是留下了进一步升级的可能性。</p>
</div><p>That mattered because markets had already spent the previous session leaning toward a more hopeful interpretation of the conflict.</p>
<div class="lb-trans"><p>这很重要，因为市场在前一交易日已经倾向于对冲突进行更乐观的解读。</p>
</div><p><strong>Oil prices rebound, keeping pressure on sentiment</strong></p>
<div class="lb-trans"><p><strong>油价反弹，继续对情绪施加压力</strong></p>
</div><p>Oil was the clearest transmission channel into Asian equities.</p>
<div class="lb-trans"><p>油价是传导到亚洲股市的最明显渠道。</p>
</div><p>After the speech, Brent crude climbed roughly 5% to around $106 a barrel, while US West Texas Intermediate rose more than 4% to just above $104.</p>
<div class="lb-trans"><p>在演讲后，布伦特原油价格上涨约 5%，至每桶约 106 美元，而美国西德克萨斯中质原油上涨超过 4%，刚刚超过 104 美元。</p>
</div><p>Those moves reversed earlier weakness and put energy risk back at the centre of the market narrative.</p>
<div class="lb-trans"><p>这些变动扭转了早前的疲软，并将能源风险重新置于市场叙事的中心。</p>
</div><p>The surge in crude prices matters directly for Asia’s trade-heavy economies.</p>
<div class="lb-trans"><p>原油价格的飙升直接影响到亚洲以贸易为主的经济体。</p>
</div><p>Higher crude prices raise import bills, add to inflation pressure, squeeze corporate margins, and threaten consumer demand.</p>
<div class="lb-trans"><p>更高的原油价格提高了进口账单，增加了通胀压力，挤压了企业利润，并威胁到消费者需求。</p>
</div><p>They also darken the outlook for central banks that had been hoping to manage softer growth without another external price shock.</p>
<div class="lb-trans"><p>它们还使得中央银行的前景变得更加黯淡，中央银行原本希望在没有外部价格冲击的情况下管理较软的增长。</p>
</div>

Kospi slides 2.8%, Nikkei 1.4% as Trump Iran warning jolts Asian markets

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Kospi 指数下跌 2.8%，Nikkei 指数下跌 1.4%，因特朗普对伊朗的警告震动了亚洲市场