<p>Investing.com - 美国股指期货小幅下跌，受到高企的政府债券收益率的压制，且伊朗局势似乎没有即将解决的迹象。油价持续在每桶 100 美元以上徘徊，通胀担忧依然存在。三星电子股价上涨，因韩国政府介入以避免该公司内存芯片业务可能发生的罢工。</p>
<p>1. 期货下跌</p>
<p>周一，美国股指期货指向下跌，全球政府债券收益率上升和油价上涨使市场情绪受到影响。</p>
<p>截至东部时间 03:28（格林威治时间 07:28），道琼斯期货合约下跌 321 点，跌幅为 0.7%；标准普尔 500 期货下滑 32 点，跌幅为 0.4%；纳斯达克 100 期货下降 96 点，跌幅为 0.3%。</p>
<p>周五，华尔街三大主要指数均下跌超过 1%，因对伊朗战争引发的能源冲击将导致通胀压力加大的担忧加剧。</p>
<p>尽管如此，围绕人工智能的大规模支出所带来的长期乐观情绪帮助市场减轻了损失。标准普尔 500 指数目前的交易水平远高于 2 月末美以联合对伊朗发动攻击前的水平。</p>
<p>本周晚些时候，随着半导体巨头英伟达的财报即将公布，人工智能热潮的持续性将面临严峻考验。英伟达在人工智能行业的重要性使其业务迅速崛起，成为全球最有价值的公司之一。</p>
<p>2. 债券市场成为焦点</p>
<p>不过，ING 的分析师在一份报告中表示，目前全球金融市场的&#34;主导故事&#34;围绕着债券市场的抛售。</p>
<p>高企的债券收益率不仅对家庭和政府施加了更高的借贷成本压力，还可能提高未来公司收益的折现率，从而影响股票估值。</p>
<p>美国 10 年期国债收益率已触及 15 个月来的最高点，而长期的 30 年期收益率也有所上升。欧洲和亚洲的政府债务收益率也在上升。</p>
<p>推动收益率上升的原因是油价在多周内大幅上涨，主要是由于霍尔木兹海峡的有效关闭，这是一条重要的水道，约五分之一的全球石油通过该水道运输。人们对油价飙升是否会进一步推高通胀并导致中央银行提高利率的担忧不断加剧。</p>
<p>事实上，市场普遍认为美联储今年加息的可能性大约为 50-50。</p>
<p>&#34;高油价和高债券收益率对风险资产构成了重大阻力，并将在短期内支撑美元，&#34;ING 的分析师表示。</p>
<p>3. 油价在脆弱的停火中上涨</p>
<p>随着伊朗战争进入第 80 天，油价继续上涨，几乎没有任何即将结束的迹象。</p>
<p>截至东部时间 03:59，布伦特原油期货合约上涨 1.0%，至每桶 110.32 美元。</p>
<p>在周末，一次无人机袭击在阿联酋的一处核设施引发火灾，而沙特阿拉伯表示已拦截三架无人机。</p>
<p>这些事态发展使华盛顿与德黑兰之间脆弱的停火关系蒙上了新的疑虑，特朗普在社交媒体上写道，&#34;时间在流逝&#34;，伊朗必须达成和平协议。特朗普随后表示：&#34;我可以告诉你一件事——他们渴望达成协议。&#34;</p>
<p>然而，德意志银行的分析师在一份报告中指出，停火现在已经持续的时间超过了最初的战斗阶段，他们表示这可能表明&#34;美国更倾向于避免&#34;进行新的轰炸，因为这将带来&#34;政治和经济后果。&#34;</p>
<p>油价飙升使美国的汽油价格特别昂贵，推动了通胀，恰逢 11 月关键的中期选举。观察人士认为，重新启动对伊朗的军事行动可能进一步加剧汽油价格和消费者支出的上涨。</p>
<p>&#34;因此，紧张的僵局仍在继续，&#34;德意志银行的分析师写道。</p>
<p>4. 三星电子股价在首尔介入工会罢工谈判后上涨</p>
<p>三星电子股份有限公司（KS:005930）股价上涨，因韩国政府介入以帮助避免该公司内存芯片业务即将发生的罢工。</p>
<p>三星及其韩国工会于周一启动了新一轮谈判，政府在其中进行调解。这是在韩国总统李在明在社交媒体上表示管理权应与劳动权同样受到尊重之后进行的。</p>
<p>韩国总理金敏锡在周末表示，三星芯片制造业务的停工将造成前所未有的经济损失，必须加以避免。</p>
<p>韩国法院还威胁对三星的韩国工会处以每日约 1 亿韩元（66,500 美元）的罚款，如果其未能遵守不罢工的命令。</p>
<p>三星芯片制造部门的工人原定于 5 月 21 日罢工，因关于增加补偿的谈判——尤其是在三星获得人工智能红利之后——大部分未能达成一致。三星是韩国最大的雇主，也是该国最大的公司。</p>
<p>5. 中国经济显示出意外疲软</p>
<p>官方数据显示，中国 4 月份的工业产出增长大幅放缓，而零售销售几乎没有增长，突显出脆弱的国内需求和持续的房地产低迷。</p>
<p>4 月份工业生产同比增长 4.1%，低于分析师预期的 6.0% 增长，且较 3 月份的 5.7% 增速放缓。</p>
<p>&#34;工业活动受到强劲外部需求的支持，但中国其他国内需求指标表现相当疲软，&#34;ING 的分析师在最近的一份报告中表示。</p>
<p>零售销售同比仅增长 0.2%，远低于预期的 2.0% 增长，且低于 3 月份的 1.7% 增长，表明消费者依然谨慎。</p>

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<p>美国股指期货因政府债券收益率上升和油价超过 100 美元而下跌，引发了通胀担忧。在政府干预以防止三星内存芯片业务罢工后，三星股价上涨。分析师指出，全球债券市场出现了显著的抛售，美国 10 年期国债收益率达到 15 个月来的最高点。由于伊朗持续紧张局势，油价继续攀升，这对通胀和经济稳定产生影响，尤其是在中期选举前</p>

<p>Investing.com - U.S. stock futures edge lower, weighed down by elevated government bond yields amid few signs of that a resolution to the Iran may be coming soon. Oil prices continue to float above $100 a barrel, keeping inflation concerns in play. Samsung Electronics shares gain after the South Korean government intervenes to attempt to avoid a possible strike at the company’s memory chip operations.</p>
<div class="lb-trans"><p>Investing.com - 美国股指期货小幅下跌，受到高企的政府债券收益率的压制，且伊朗局势似乎没有即将解决的迹象。油价持续在每桶 100 美元以上徘徊，通胀担忧依然存在。三星电子股价上涨，因韩国政府介入以避免该公司内存芯片业务可能发生的罢工。</p>
</div><p>1. Futures fell</p>
<div class="lb-trans"><p>1. 期货下跌</p>
</div><p>U.S. stock futures pointed lower on Monday, with a climb in government bond yields around the world and rising oil prices clouding sentiment.</p>
<div class="lb-trans"><p>周一，美国股指期货指向下跌，全球政府债券收益率上升和油价上涨使市场情绪受到影响。</p>
</div><p>By 03:28 ET (07:28 GMT), the Dow futures contract had shed 321 points, or 0.7%, S&amp;P 500 futures had slipped by 32 points, or 0.4%, and Nasdaq 100 futures had declined by 96 points, or 0.3%.</p>
<div class="lb-trans"><p>截至东部时间 03:28（格林威治时间 07:28），道琼斯期货合约下跌 321 点，跌幅为 0.7%；标准普尔 500 期货下滑 32 点，跌幅为 0.4%；纳斯达克 100 期货下降 96 点，跌幅为 0.3%。</p>
</div><p>All three of the major indices on Wall Street ended down by more than 1% on Friday, dented by mounting worries that an energy shock sparked by the Iran war will lead to a wave of inflationary pressure.</p>
<div class="lb-trans"><p>周五，华尔街三大主要指数均下跌超过 1%，因对伊朗战争引发的能源冲击将导致通胀压力加大的担忧加剧。</p>
</div><p>Still, longstanding optimism around massive spending on artificial intelligence has helped to mitigate losses in markets. The benchmark S&amp;P 500 is now trading well above levels prior to the start of the joint U.S. and Israeli assault on Iran in late February.</p>
<div class="lb-trans"><p>尽管如此，围绕人工智能的大规模支出所带来的长期乐观情绪帮助市场减轻了损失。标准普尔 500 指数目前的交易水平远高于 2 月末美以联合对伊朗发动攻击前的水平。</p>
</div><p>The longevity of the AI boom will receive a stern test later this week, when results are due out from Nvidia, the semiconductor giant whose importance to the AI industry has supercharged a meteoric rise in the business into one of the world's most valuable companies.</p>
<div class="lb-trans"><p>本周晚些时候，随着半导体巨头英伟达的财报即将公布，人工智能热潮的持续性将面临严峻考验。英伟达在人工智能行业的重要性使其业务迅速崛起，成为全球最有价值的公司之一。</p>
</div><p>2. Bond market in focus</p>
<div class="lb-trans"><p>2. 债券市场成为焦点</p>
</div><p>But the &#34;dominant story&#34; in global financial markets at the moment revolves around a sell-off in bond markets, analysts at ING said in a note.</p>
<div class="lb-trans"><p>不过，ING 的分析师在一份报告中表示，目前全球金融市场的&#34;主导故事&#34;围绕着债券市场的抛售。</p>
</div><p>Along with exerting pressure on households and governments through higher borrowing costs, elevated bond yields can also raise the discount for future company earnings, possibly denting stock valuations.</p>
<div class="lb-trans"><p>高企的债券收益率不仅对家庭和政府施加了更高的借贷成本压力，还可能提高未来公司收益的折现率，从而影响股票估值。</p>
</div><p>The yield on the U.S. 10-year note has touched a 15-month high, while the longer-dated 30-year yield has also edged up. Yields on government debt in Europe and Asia have increased as well.</p>
<div class="lb-trans"><p>美国 10 年期国债收益率已触及 15 个月来的最高点，而长期的 30 年期收益率也有所上升。欧洲和亚洲的政府债务收益率也在上升。</p>
</div><p>Driving the uptick has been a multi-week spike in oil prices due largely to the effective closure of the Strait of Hormuz, a vital waterway off Iran's southern coast through which roughly a fifth of the world's oil traverses. Fears have swirled around whether surging oil costs will, in turn, push inflation higher and lead central banks to lift interest rates.</p>
<div class="lb-trans"><p>推动收益率上升的原因是油价在多周内大幅上涨，主要是由于霍尔木兹海峡的有效关闭，这是一条重要的水道，约五分之一的全球石油通过该水道运输。人们对油价飙升是否会进一步推高通胀并导致中央银行提高利率的担忧不断加剧。</p>
</div><p>Indeed, a hike in borrowing costs by the Federal Reserve this year is now viewed as a roughly 50-50 possibility.</p>
<div class="lb-trans"><p>事实上，市场普遍认为美联储今年加息的可能性大约为 50-50。</p>
</div><p>&#34;High oil prices and higher bond yields are a big headwind to risk assets and stand to keep the dollar supported in the near term,&#34; the ING analysts said.</p>
<div class="lb-trans"><p>&#34;高油价和高债券收益率对风险资产构成了重大阻力，并将在短期内支撑美元，&#34;ING 的分析师表示。</p>
</div><p>3. Oil climbs amid shaky ceasefire</p>
<div class="lb-trans"><p>3. 油价在脆弱的停火中上涨</p>
</div><p>Oil prices continued to climb, as the Iran war entered its 80th day showing little if any sign of approaching an imminent conclusion.</p>
<div class="lb-trans"><p>随着伊朗战争进入第 80 天，油价继续上涨，几乎没有任何即将结束的迹象。</p>
</div><p>At 03:59 ET, the Brent crude futures contract, the global oil benchmark, had risen by 1.0% to $110.32 a barrel.</p>
<div class="lb-trans"><p>截至东部时间 03:59，布伦特原油期货合约上涨 1.0%，至每桶 110.32 美元。</p>
</div><p>Over the weekend, a drone attack sparked a fire at a nuclear facility in the United Arab Emirates, while Saudi Arabia said it had intercepted three drones.</p>
<div class="lb-trans"><p>在周末，一次无人机袭击在阿联酋的一处核设施引发火灾，而沙特阿拉伯表示已拦截三架无人机。</p>
</div><p>The developments cast fresh doubt around a fragile ceasefire between Washington and Tehran, with President Donald Trump writing on social media that &#34;the clock is ticking&#34; for Iran to reach a peace agreement. Trump later said: &#34;I can tell you one thing - they're dying to sing [a deal].&#34;</p>
<div class="lb-trans"><p>这些事态发展使华盛顿与德黑兰之间脆弱的停火关系蒙上了新的疑虑，特朗普在社交媒体上写道，&#34;时间在流逝&#34;，伊朗必须达成和平协议。特朗普随后表示：&#34;我可以告诉你一件事——他们渴望达成协议。&#34;</p>
</div><p>However, as analysts at Deutsche Bank pointed out in a note, the ceasefire has now lasted longer than the initial phase of fighting, which they said may indicate that &#34;the U.S. would prefer to avoid&#34; carrying out renewed bombardments given the &#34;political and economic consequences.&#34;</p>
<div class="lb-trans"><p>然而，德意志银行的分析师在一份报告中指出，停火现在已经持续的时间超过了最初的战斗阶段，他们表示这可能表明&#34;美国更倾向于避免&#34;进行新的轰炸，因为这将带来&#34;政治和经济后果。&#34;</p>
</div><p>Surging oil prices have made gasoline-pump costs in the U.S. particularly more expensive, fueling inflation just before crucial mid-term elections in November. Observers have argued that restarting a military campaign in Iran could further exacerbate the jump in gasoline costs and consumer expenses in general.</p>
<div class="lb-trans"><p>油价飙升使美国的汽油价格特别昂贵，推动了通胀，恰逢 11 月关键的中期选举。观察人士认为，重新启动对伊朗的军事行动可能进一步加剧汽油价格和消费者支出的上涨。</p>
</div><p>&#34;As a result, the tense stalemate continues,&#34; the Deutsche Bank analysts wrote.</p>
<div class="lb-trans"><p>&#34;因此，紧张的僵局仍在继续，&#34;德意志银行的分析师写道。</p>
</div><p>4. Samsung Electronics shares rise after Seoul intervenes in union strike talks</p>
<div class="lb-trans"><p>4. 三星电子股价在首尔介入工会罢工谈判后上涨</p>
</div><p>Samsung Electronics Co Ltd (KS:005930) shares gained after South Korea’s government stepped in to help avert a looming strike at the company’s memory chip operations.</p>
<div class="lb-trans"><p>三星电子股份有限公司（KS:005930）股价上涨，因韩国政府介入以帮助避免该公司内存芯片业务即将发生的罢工。</p>
</div><p>Samsung and its South Korean labor union kicked off a new round of talks on Monday, with the government mediating the discussions. This came after South Korea’s President Lee Jae Myung said in a social media post that management rights should be respected as much as labor rights.</p>
<div class="lb-trans"><p>三星及其韩国工会于周一启动了新一轮谈判，政府在其中进行调解。这是在韩国总统李在明在社交媒体上表示管理权应与劳动权同样受到尊重之后进行的。</p>
</div><p>Prime Minister Kim Min-seok said over the weekend that a work stoppage at Samsung’s chipmaking operations would cause unprecedented economic damage and needed to be averted.</p>
<div class="lb-trans"><p>韩国总理金敏锡在周末表示，三星芯片制造业务的停工将造成前所未有的经济损失，必须加以避免。</p>
</div><p>A South Korean court also threatened to fine Samsung’s South Korea union about 100 million won ($66,500) per day if it fails to comply with orders to not strike.</p>
<div class="lb-trans"><p>韩国法院还威胁对三星的韩国工会处以每日约 1 亿韩元（66,500 美元）的罚款，如果其未能遵守不罢工的命令。</p>
</div><p>Workers at Samsung’s chipmaking unit were set to strike from May 21 after talks over increased compensation - especially in the wake of Samsung’s AI windfall - largely fell through. Samsung is South Korea’s largest employer, and also the country’s biggest company.</p>
<div class="lb-trans"><p>三星芯片制造部门的工人原定于 5 月 21 日罢工，因关于增加补偿的谈判——尤其是在三星获得人工智能红利之后——大部分未能达成一致。三星是韩国最大的雇主，也是该国最大的公司。</p>
</div><p>5. China's economy shows unexpected softness</p>
<div class="lb-trans"><p>5. 中国经济显示出意外疲软</p>
</div><p>China’s factory output growth slowed sharply in April while retail sales barely rose, highlighting fragile domestic demand and a prolonged property downturn, official data showed on Monday.</p>
<div class="lb-trans"><p>官方数据显示，中国 4 月份的工业产出增长大幅放缓，而零售销售几乎没有增长，突显出脆弱的国内需求和持续的房地产低迷。</p>
</div><p>Industrial production rose 4.1% in April from a year earlier, missing analysts’ expectations for 6.0% growth and slowing from March’s 5.7% pace.</p>
<div class="lb-trans"><p>4 月份工业生产同比增长 4.1%，低于分析师预期的 6.0% 增长，且较 3 月份的 5.7% 增速放缓。</p>
</div><p>&#34;Industrial activity has been supported by strong external demand, but the rest of China’s domestic demand indicators have been quite lacklustre,&#34; ING analysts said in a recent note.</p>
<div class="lb-trans"><p>&#34;工业活动受到强劲外部需求的支持，但中国其他国内需求指标表现相当疲软，&#34;ING 的分析师在最近的一份报告中表示。</p>
</div><p>Retail sales increased just 0.2% year-on-year, sharply below forecasts for a 2.0% rise and down from 1.7% growth in March, pointing to continued caution among consumers.</p>
<div class="lb-trans"><p>零售销售同比仅增长 0.2%，远低于预期的 2.0% 增长，且低于 3 月份的 1.7% 增长，表明消费者依然谨慎。</p>
</div>

Buckling global bonds in focus; Samsung shares jump - what’s moving markets

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全球债券市场的动荡成为焦点；三星股价上涨——市场的驱动力是什么