<p>亚洲市场在周二以谨慎的态度开盘，交易者一方面关注油价，另一方面关注地缘政治。</p>
<p>美国与伊朗之间的紧张局势继续扰动全球市场。</p>
<p>MSCI 亚太地区（日本除外）股票的广泛指数在早盘交易中下跌了 0.3%，而澳大利亚的基准指数下滑了 0.4%。</p>
<p>由于日本和韩国因假期休市，交易量较少，市场容易出现夸大的波动。</p>
<p><strong>亚洲市场在假期交易中显得脆弱</strong></p>
<p>亚洲交易时段开始时的市场背景是谨慎的。</p>
<p>在北亚，市场气氛呈现出混合而非普遍疲软的状态。</p>
<p>香港的恒生指数下跌约 1.3%，成为该地区表现较弱的市场之一，全球风险情绪的影响显而易见。</p>
<p>相比之下，中国大陆的 CSI 300 指数几乎没有变化，反映出国内投资者的反应较为克制。</p>
<p>投资者正在消化前一天油价的激增、霍尔木兹海峡的最新动态，以及冲突可能继续推动通胀的可能性。</p>
<p>海湾地区重新爆发的敌对行动清楚地提醒人们，中东的战争远未结束。</p>
<p>这也解释了为何股市的回调幅度较小。这并不是一次广泛的抛售，而是市场在暂停中重新评估。</p>
<p>当假期导致交易量减少时，投资者通常不太愿意追逐任何方向。</p>
<p>这使得开盘显得脆弱，但也意味着任何关于供应中断、外交或军事升级的新消息都可能迅速影响价格。</p>
<p><strong>油价保持高位</strong></p>
<p>市场的真正压力点仍然是原油。</p>
<p>布伦特原油期货下跌 0.5%，至每桶 113.85 美元，美国原油下跌 1.3%，至 105.03 美元，但这两个基准价格在前一交易日大幅上涨后仍然高于 100 美元。</p>
<p>这很重要，因为油价的上涨重新引发了通胀担忧，复杂化了利率预期，并增加了更高的燃料成本可能开始对经济增长产生影响的风险。</p>
<p>市场不需要原油再出现一次爆炸性的波动来保持不安。</p>
<p>即使是轻微的回撤，如果潜在威胁没有消失，也会让交易者感到紧张。</p>
<p>在这种情况下，市场的担忧不仅在于油价本身，还在于通过重要航运路线可能出现的供应中断。</p>
<p><strong>日元紧张增加了另一层谨慎</strong></p>
<p>货币市场增加了第二个不安的来源，因为日元在前一交易中短暂上涨，重新引发了关于东京可能干预的猜测，随后稳定在每美元 157.22 左右。</p>
<p>日本财政大臣片山萨季基警告不要进行外汇投机交易，保持交易者对日元再次贬值时可能采取进一步行动的警觉。</p>
<p>这对亚洲股市很重要，因为波动的日元可能会影响出口商、债券市场以及更广泛的区域情绪。</p>
<p>在已经受到油价和地缘政治影响的交易时段中，这又是一个避免激进布局的理由。</p>
<p>即使在日本以外，美元的避险需求和期货市场的谨慎态度也显而易见，后者也略有下滑。</p>

恒生指数

南方恒指ETF

安硕恒生指数

盈富基金

南方恒生指数ETF

<p>亚洲市场周二谨慎开盘，受到油价和地缘政治紧张局势的影响，特别是美国与伊朗之间的紧张关系。MSCI 亚太指数下跌 0.3%，香港恒生指数下跌 1.3%。油价依然高企，重新引发了通胀担忧，而日元的波动性则加剧了市场的不安。由于日本和韩国的假期，交易量较少，导致市场波动加剧。投资者对潜在的供应中断和军事升级感到谨慎，使市场变得脆弱</p>

<p>Asian markets opened on a cautious note on Tuesday, with traders keeping one eye on oil and the other on geopolitics.</p>
<div class="lb-trans"><p>亚洲市场在周二以谨慎的态度开盘，交易者一方面关注油价，另一方面关注地缘政治。</p>
</div><p>The tensions between the United States and Iran continued to unsettle global markets.</p>
<div class="lb-trans"><p>美国与伊朗之间的紧张局势继续扰动全球市场。</p>
</div><p>MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3% in early trade, while Australia’s benchmark slipped 0.4%.</p>
<div class="lb-trans"><p>MSCI 亚太地区（日本除外）股票的广泛指数在早盘交易中下跌了 0.3%，而澳大利亚的基准指数下滑了 0.4%。</p>
</div><p>With Japan and South Korea closed for holidays, the session was thin and prone to exaggerated moves.</p>
<div class="lb-trans"><p>由于日本和韩国因假期休市，交易量较少，市场容易出现夸大的波动。</p>
</div><p><strong>Asian markets open fragile in thin holiday trade</strong></p>
<div class="lb-trans"><p><strong>亚洲市场在假期交易中显得脆弱</strong></p>
</div><p>The market backdrop at the start of the Asian session was one of caution.</p>
<div class="lb-trans"><p>亚洲交易时段开始时的市场背景是谨慎的。</p>
</div><p>In North Asia, the tone was mixed rather than uniformly weak.</p>
<div class="lb-trans"><p>在北亚，市场气氛呈现出混合而非普遍疲软的状态。</p>
</div><p>Hong Kong’s Hang Seng Index fell about 1.3%, making it one of the softer performers in the region as global risk sentiment weighed.</p>
<div class="lb-trans"><p>香港的恒生指数下跌约 1.3%，成为该地区表现较弱的市场之一，全球风险情绪的影响显而易见。</p>
</div><p>In contrast, mainland China’s CSI 300 Index was little changed, reflecting a more contained reaction from domestic investors.</p>
<div class="lb-trans"><p>相比之下，中国大陆的 CSI 300 指数几乎没有变化，反映出国内投资者的反应较为克制。</p>
</div><p>Investors were digesting the previous day’s surge in oil prices, the latest developments in the Strait of Hormuz, and the possibility that the conflict could continue to feed inflation.</p>
<div class="lb-trans"><p>投资者正在消化前一天油价的激增、霍尔木兹海峡的最新动态，以及冲突可能继续推动通胀的可能性。</p>
</div><p>The renewed hostilities in the Gulf served as a stark reminder that the war in the Middle East was far from over.</p>
<div class="lb-trans"><p>海湾地区重新爆发的敌对行动清楚地提醒人们，中东的战争远未结束。</p>
</div><p>That helps explain why the pullback in equities was modest. This was not a broad sell-off so much as a market pausing to reassess.</p>
<div class="lb-trans"><p>这也解释了为何股市的回调幅度较小。这并不是一次广泛的抛售，而是市场在暂停中重新评估。</p>
</div><p>When trading is thinned by holidays, investors are often less willing to chase either direction.</p>
<div class="lb-trans"><p>当假期导致交易量减少时，投资者通常不太愿意追逐任何方向。</p>
</div><p>That makes the open look fragile, but it also means any new updates on supply disruptions, diplomacy, or military escalation can move prices quickly.</p>
<div class="lb-trans"><p>这使得开盘显得脆弱，但也意味着任何关于供应中断、外交或军事升级的新消息都可能迅速影响价格。</p>
</div><p><strong>Oil prices stay elevated</strong></p>
<div class="lb-trans"><p><strong>油价保持高位</strong></p>
</div><p>The real pressure point for markets remained crude.</p>
<div class="lb-trans"><p>市场的真正压力点仍然是原油。</p>
</div><p>Brent futures fell 0.5% to $113.85 a barrel and US crude slipped 1.3% to $105.03, but both benchmarks stayed well above $100 after a sharp jump in the previous session.</p>
<div class="lb-trans"><p>布伦特原油期货下跌 0.5%，至每桶 113.85 美元，美国原油下跌 1.3%，至 105.03 美元，但这两个基准价格在前一交易日大幅上涨后仍然高于 100 美元。</p>
</div><p>That matters because oil prices are reviving inflation fears, complicating rate expectations and raising the risk that higher fuel costs begin to weigh on growth.</p>
<div class="lb-trans"><p>这很重要，因为油价的上涨重新引发了通胀担忧，复杂化了利率预期，并增加了更高的燃料成本可能开始对经济增长产生影响的风险。</p>
</div><p>Markets do not need another explosive move in crude to stay uneasy.</p>
<div class="lb-trans"><p>市场不需要原油再出现一次爆炸性的波动来保持不安。</p>
</div><p>Even a slight retreat can leave traders on edge if the underlying threat has not gone away.</p>
<div class="lb-trans"><p>即使是轻微的回撤，如果潜在威胁没有消失，也会让交易者感到紧张。</p>
</div><p>In this case, the market’s concern is not only the price of oil itself, but the possibility of supply disruption through a vital shipping route.</p>
<div class="lb-trans"><p>在这种情况下，市场的担忧不仅在于油价本身，还在于通过重要航运路线可能出现的供应中断。</p>
</div><p><strong>Yen nerves add another layer of caution</strong></p>
<div class="lb-trans"><p><strong>日元紧张增加了另一层谨慎</strong></p>
</div><p>Currency markets added a second source of unease as the Japanese yen briefly jumped in the previous session, reviving speculation about possible intervention from Tokyo, before stabilizing around 157.22 per dollar.</p>
<div class="lb-trans"><p>货币市场增加了第二个不安的来源，因为日元在前一交易中短暂上涨，重新引发了关于东京可能干预的猜测，随后稳定在每美元 157.22 左右。</p>
</div><p>Japanese Finance Minister Satsuki Katayama warned against speculative trading in foreign exchange, keeping traders alert for further action if the yen weakens again.</p>
<div class="lb-trans"><p>日本财政大臣片山萨季基警告不要进行外汇投机交易，保持交易者对日元再次贬值时可能采取进一步行动的警觉。</p>
</div><p>That matters for Asian equities because a volatile yen can ripple through exporters, bond markets and regional sentiment more broadly.</p>
<div class="lb-trans"><p>这对亚洲股市很重要，因为波动的日元可能会影响出口商、债券市场以及更广泛的区域情绪。</p>
</div><p>In a session already clouded by oil and geopolitics, it was one more reason to avoid aggressive positioning.</p>
<div class="lb-trans"><p>在已经受到油价和地缘政治影响的交易时段中，这又是一个避免激进布局的理由。</p>
</div><p>Even outside Japan, safe-haven demand was visible in the dollar and in the restrained tone of futures markets, which were also slightly lower.</p>
<div class="lb-trans"><p>即使在日本以外，美元的避险需求和期货市场的谨慎态度也显而易见，后者也略有下滑。</p>
</div>

由于对石油和地缘政治的谨慎态度，恒生指数下滑，亚洲市场也变得更加谨慎