<p>亚洲市场周五开盘时谨慎，油价的剧烈波动使得风险偏好脆弱，并提醒交易者中东的新闻如何迅速影响全球市场。</p>
<p>周四，布伦特原油价格在美国军方将向总统唐纳德·特朗普简报可能对伊朗采取的行动后，短暂飙升至每桶 126 美元以上，创下四年来的新高。</p>
<p>到周五，布伦特原油价格维持在每桶 111.60 美元附近，美国原油价格约为 105.50 美元，显示市场仍然波动，但不再处于恐慌状态。</p>
<p><strong>石油将地缘政治置于中心位置</strong></p>
<p>对交易者来说，更大的问题不仅仅是油价的水平，而是价格变动的速度。</p>
<p>布伦特 6 月合约在周四触及 126.41 美元后到期，周五仍维持在 111.66 美元的高位，而美国原油价格为 105.53 美元。</p>
<p>这种剧烈波动很重要，因为它迅速影响通胀预期、运输成本以及对依赖进口的亚洲各国中央银行的前景。</p>
<p>亚洲特别容易受到能源价格上涨的影响，因为该地区大部分依赖进口石油和天然气。</p>
<p><strong>日本和澳大利亚表现稳健</strong></p>
<p>区域市场的基调混合，并非完全风险偏好。</p>
<p>澳大利亚的 S&amp;P/ASX 200 指数上涨 1%，东京的日经 225 指数上涨 0.7%，受到油价恐慌情绪减弱和美国企业盈利支持的推动。</p>
<p>周五，亚洲股市反弹，假期闭市限制了该地区的反应，帮助保持交易清淡。</p>
<p>MSCI 除日本外的亚太广泛指数上涨 0.3%，强调整体情况是稳定而非热情。</p>
<p>在其他地方，市场基调较弱。</p>
<p>香港恒生指数收于 25,776.53 点，下跌 1.28%；韩国 KOSPI 指数下跌 1.38%，至 6,598.87 点。</p>
<p>中国大陆市场仅小幅上涨，上海指数上涨 0.11%。</p>
<p><strong>地缘政治驱动市场情绪</strong></p>
<p>在接下来的交易中，投资者将关注油价是否能维持在当前水平或恢复上涨。</p>
<p>持续的上涨将对亚洲的通胀、货币市场和进口账单施加压力，尤其是对那些严重依赖能源进口的经济体。</p>
<p>市场仍在平衡这种风险与来自强劲的美国科技和工业盈利的广泛支持，包括 Alphabet、卡特彼勒和苹果的业绩，这些都帮助了华尔街并改善了全球股票的背景。</p>
<p>这使得亚洲市场呈现出熟悉的分化：出口商和一些周期性股票仍能找到买家，但风险敏感的市场在地缘政治新闻主导的情况下更不愿追逐收益。</p>
<p>由于许多交易所因五一劳动节闭市，且该地区的交易量因假期而减少，周五的交易更多受到地缘政治、原油和全球盈利势头的驱动，而非国内数据。</p>

油气开采 ETF - SPDR

油气服务 ETF - Market Vectors

2525

<p>亚洲市场开盘谨慎，油价波动影响了风险偏好。布伦特原油价格一度飙升至每桶超过 126 美元，但到周五稳定在 111.60 美元左右。油价的波动影响了通胀预期和运输成本，尤其是在依赖能源的亚洲地区。尽管日本的日经 225 指数上涨了 0.7%，澳大利亚的 S&P/ASX 200 指数上涨了 1%，但香港的恒生指数和韩国的 KOSPI 指数下跌。投资者关注油价的稳定性，面对地缘政治紧张局势和强劲的美国企业盈利，导致该地区市场情绪呈现混合状态</p>

<p>Asian markets opened Friday on a cautious note as a sharp swing in oil prices kept risk appetite fragile and reminded traders how quickly Middle East headlines can ripple through global markets.</p>
<div class="lb-trans"><p>亚洲市场周五开盘时谨慎，油价的剧烈波动使得风险偏好脆弱，并提醒交易者中东的新闻如何迅速影响全球市场。</p>
</div><p>Brent crude briefly surged to a four-year high above $126 a barrel on Thursday after reports that the US military would brief President Donald Trump on possible action against Iran.</p>
<div class="lb-trans"><p>周四，布伦特原油价格在美国军方将向总统唐纳德·特朗普简报可能对伊朗采取的行动后，短暂飙升至每桶 126 美元以上，创下四年来的新高。</p>
</div><p>By Friday, Brent was holding near $111.60 a barrel, and US crude was around $105.50, a sign that the market was still volatile but no longer in panic mode.</p>
<div class="lb-trans"><p>到周五，布伦特原油价格维持在每桶 111.60 美元附近，美国原油价格约为 105.50 美元，显示市场仍然波动，但不再处于恐慌状态。</p>
</div><p><strong>Oil keeps geopolitics front and centre</strong></p>
<div class="lb-trans"><p><strong>石油将地缘政治置于中心位置</strong></p>
</div><p>The bigger issue for traders is not just the level of oil, but the speed of the move.</p>
<div class="lb-trans"><p>对交易者来说，更大的问题不仅仅是油价的水平，而是价格变动的速度。</p>
</div><p>Brent’s June contract touched $126.41 before expiring on Thursday, and remained elevated on Friday at $111.66 for Brent and $105.53 for US crude.</p>
<div class="lb-trans"><p>布伦特 6 月合约在周四触及 126.41 美元后到期，周五仍维持在 111.66 美元的高位，而美国原油价格为 105.53 美元。</p>
</div><p>That kind of whipsaw matters because it quickly feeds into inflation expectations, transport costs and the outlook for central banks across import-dependent Asia.</p>
<div class="lb-trans"><p>这种剧烈波动很重要，因为它迅速影响通胀预期、运输成本以及对依赖进口的亚洲各国中央银行的前景。</p>
</div><p>Asia remains especially exposed to higher energy prices because much of the region relies on imported oil and gas.</p>
<div class="lb-trans"><p>亚洲特别容易受到能源价格上涨的影响，因为该地区大部分依赖进口石油和天然气。</p>
</div><p><strong>Japan and Australia hold up</strong></p>
<div class="lb-trans"><p><strong>日本和澳大利亚表现稳健</strong></p>
</div><p>The regional tone was mixed, not outright risk-on.</p>
<div class="lb-trans"><p>区域市场的基调混合，并非完全风险偏好。</p>
</div><p>Australia’s S&amp;P/ASX 200 rose 1%, and Tokyo’s Nikkei 225 gained 0.7%, helped by a softer sense of panic around oil and a supportive lead from US corporate earnings.</p>
<div class="lb-trans"><p>澳大利亚的 S&amp;P/ASX 200 指数上涨 1%，东京的日经 225 指数上涨 0.7%，受到油价恐慌情绪减弱和美国企业盈利支持的推动。</p>
</div><p>Asian shares were rebounding on Friday, with holiday closures limiting the reaction across the region and helping to keep trading thin.</p>
<div class="lb-trans"><p>周五，亚洲股市反弹，假期闭市限制了该地区的反应，帮助保持交易清淡。</p>
</div><p>MSCI’s broad Asia-Pacific index outside Japan edged 0.3% higher, underscoring that the broad picture was one of stability rather than enthusiasm.</p>
<div class="lb-trans"><p>MSCI 除日本外的亚太广泛指数上涨 0.3%，强调整体情况是稳定而非热情。</p>
</div><p>Elsewhere, the tone was weaker.</p>
<div class="lb-trans"><p>在其他地方，市场基调较弱。</p>
</div><p>Hong Kong’s Hang Seng index ended at 25,776.53, down 1.28%, while South Korea’s KOSPI fell 1.38% to 6,598.87.</p>
<div class="lb-trans"><p>香港恒生指数收于 25,776.53 点，下跌 1.28%；韩国 KOSPI 指数下跌 1.38%，至 6,598.87 点。</p>
</div><p>Mainland China was only marginally firmer, with Shanghai up 0.11%.</p>
<div class="lb-trans"><p>中国大陆市场仅小幅上涨，上海指数上涨 0.11%。</p>
</div><p><strong>Geopolitics drives market mood</strong></p>
<div class="lb-trans"><p><strong>地缘政治驱动市场情绪</strong></p>
</div><p>For the rest of the session, investors will be focused on whether oil can hold around current levels or resume its climb.</p>
<div class="lb-trans"><p>在接下来的交易中，投资者将关注油价是否能维持在当前水平或恢复上涨。</p>
</div><p>A sustained move higher would keep pressure on Asian inflation, currency markets and import bills, especially for economies that rely heavily on energy imports.</p>
<div class="lb-trans"><p>持续的上涨将对亚洲的通胀、货币市场和进口账单施加压力，尤其是对那些严重依赖能源进口的经济体。</p>
</div><p>The markets are still balancing that risk against broader support from strong US tech and industrial earnings, including results from Alphabet, Caterpillar and Apple, which have helped Wall Street and improved the global backdrop for equities.</p>
<div class="lb-trans"><p>市场仍在平衡这种风险与来自强劲的美国科技和工业盈利的广泛支持，包括 Alphabet、卡特彼勒和苹果的业绩，这些都帮助了华尔街并改善了全球股票的背景。</p>
</div><p>That leaves Asia trading with a familiar split: exporters and some cyclicals can still find buyers, but risk-sensitive markets are more reluctant to chase gains as geopolitical headlines dominate.</p>
<div class="lb-trans"><p>这使得亚洲市场呈现出熟悉的分化：出口商和一些周期性股票仍能找到买家，但风险敏感的市场在地缘政治新闻主导的情况下更不愿追逐收益。</p>
</div><p>With many bourses closed for May Day and the region running on a holiday-thinned tape, Friday’s action is being driven less by domestic data and more by geopolitics, crude and global earnings momentum.</p>
<div class="lb-trans"><p>由于许多交易所因五一劳动节闭市，且该地区的交易量因假期而减少，周五的交易更多受到地缘政治、原油和全球盈利势头的驱动，而非国内数据。</p>
</div>

随着油价波动的缓解，日经 225 指数引领亚洲市场走高