<p>Rae Wee 對歐洲和全球市場的前景分析</p><p>市場在週三的美聯儲利率決策前面臨着全球經濟、貿易和地緣政治關係的不確定性。</p><p>隨着以色列與伊朗的空戰進入第六天，七國集團富裕國家在烏克蘭衝突上難以達成一致，以及美國經濟脆弱跡象的增多，負面新聞的不斷湧現給投資者帶來了很少的喘息機會。</p><p>美國總統唐納德·特朗普呼籲伊朗無條件投降，並表示對伊朗採取更強硬立場的言論也加劇了人們對美國更大介入的擔憂。</p><p>週三市場再次呈現風險規避的基調，亞洲股市下跌，美元則保持強勢。</p><p>股指期貨同樣指向歐洲開盤大多走低，儘管油價在前一交易日上漲超過 4% 後稍微企穩。</p><p>在全球背景嚴峻的情況下，美聯儲主席傑羅姆·鮑威爾及其同事面臨着越來越困難的局面，市場對中央銀行政策決策的關注將集中在其更新的經濟預測摘要上。</p><p>目前，市場仍在預計到 12 月美聯儲將降息兩次，但如果鮑威爾在當天稍晚時採取更鷹派的語氣，這一預期可能會發生變化。</p><p>在美聯儲結果公佈之前，英國的通脹數據也將在週三公佈，預計消費者價格在經歷了 4 月份超預期的激增後，5 月份將略有放緩。</p><p>這一數據發佈恰逢英國央行週四的政策決策，市場普遍預期央行將維持利率不變。</p><p>儘管如此，投資者仍將關注經濟放緩和工資增長疲軟是否會加快寬鬆的步伐。</p><p>週三，英國一家主要商業團體因特朗普的關税和工資税增加的逆風，調低了對 2025 年及明年經濟增長的預測，調查顯示。</p><p>可能影響週三市場的關鍵發展：</p><ul><li>美聯儲利率決策</li><li>英國消費者物價指數（5 月）想要跟上最新的關税新聞嗎？我們的新每日新聞摘要提供了影響全球貿易的主要市場動態頭條。請在此註冊 Tariff Watch。</li></ul><p>美國原油價格（以美元計）每桶</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/c1d9d89e8e3896c76000574d1d3734ec?x-oss-process=style/lg" alt="" width="1420" height="844" original-src="https://pub.pbkrs.com/uploads/2025/c1d9d89e8e3896c76000574d1d3734ec"/></figure><p>英國通脹的變化情況</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/8e8fbb3232a71d64169cce4e7b39b845?x-oss-process=style/lg" alt="" width="1420" height="918" original-src="https://pub.pbkrs.com/uploads/2025/8e8fbb3232a71d64169cce4e7b39b845"/></figure><p>（編輯：Muralikumar Anantharaman）</p>

<p>市場在美聯儲的利率決策前面臨不確定性，受到全球經濟脆弱性、地緣政治緊張局勢以及美國總統特朗普對伊朗的強硬立場的影響。亞洲股市下跌，而美元保持強勢。投資者預計到 12 月美聯儲將降息兩次，這取決於鮑威爾的語氣。預計英國的通脹數據將顯示出輕微放緩，這將影響英格蘭銀行即將做出的政策決定。由於關税和税收增加，英國一家領先的商業團體下調了對 2025 年及明年的增長預測</p>

<p>A look at the day ahead in European and global markets from Rae Wee</p>
<div class="lb-trans"><p>Rae Wee 對歐洲和全球市場的前景分析</p>
</div><p>Markets head into Wednesday’s Federal Reserve rates decision with much uncertainty around the global economy, trade and geopolitical ties.</p>
<div class="lb-trans"><p>市場在週三的美聯儲利率決策前面臨着全球經濟、貿易和地緣政治關係的不確定性。</p>
</div><p>With the Israel-Iran air war entering a sixth day, the G7 wealthy nations struggling to find unity over the conflict in Ukraine, and more signs of fragility in the U.S. economy, the drumbeat of negative headlines offered little respite for investors.</p>
<div class="lb-trans"><p>隨着以色列與伊朗的空戰進入第六天，七國集團富裕國家在烏克蘭衝突上難以達成一致，以及美國經濟脆弱跡象的增多，負面新聞的不斷湧現給投資者帶來了很少的喘息機會。</p>
</div><p>U.S. President Donald Trump’s call for Iran’s unconditional surrender and comments from him suggesting a more aggressive stance toward Iran have also stoked worries of greater U.S. involvement.</p>
<div class="lb-trans"><p>美國總統唐納德·特朗普呼籲伊朗無條件投降，並表示對伊朗採取更強硬立場的言論也加劇了人們對美國更大介入的擔憂。</p>
</div><p>It was again a risk-off tone in markets on Wednesday, with shares in Asia falling and the dollar buoyant.</p>
<div class="lb-trans"><p>週三市場再次呈現風險規避的基調，亞洲股市下跌，美元則保持強勢。</p>
</div><p>Stock futures similarly pointed to a mostly lower opening in Europe, though oil prices steadied a little after surging more than 4% in the previous session.</p>
<div class="lb-trans"><p>股指期貨同樣指向歐洲開盤大多走低，儘管油價在前一交易日上漲超過 4% 後稍微企穩。</p>
</div><p>It’s an increasingly difficult line for Fed Chair Jerome Powell and his colleagues to tread given the challenging global backdrop, and much attention on the central bank’s policy decision will be on its updated Summary of Economic Projections.</p>
<div class="lb-trans"><p>在全球背景嚴峻的情況下，美聯儲主席傑羅姆·鮑威爾及其同事面臨着越來越困難的局面，市場對中央銀行政策決策的關注將集中在其更新的經濟預測摘要上。</p>
</div><p>For now, markets are still pricing in two Fed cuts by December, but that could very well change should Powell strike a more hawkish tone later in the day.</p>
<div class="lb-trans"><p>目前，市場仍在預計到 12 月美聯儲將降息兩次，但如果鮑威爾在當天稍晚時採取更鷹派的語氣，這一預期可能會發生變化。</p>
</div><p>Ahead of the Fed outcome, UK inflation data is also due on Wednesday, where consumer prices are expected to have slowed slightly in May after April’s bigger-than-expected surge.</p>
<div class="lb-trans"><p>在美聯儲結果公佈之前，英國的通脹數據也將在週三公佈，預計消費者價格在經歷了 4 月份超預期的激增後，5 月份將略有放緩。</p>
</div><p>The reading comes ahead of a policy decision by the Bank of England on Thursday, where expectations are for the central bank to keep rates on hold.</p>
<div class="lb-trans"><p>這一數據發佈恰逢英國央行週四的政策決策，市場普遍預期央行將維持利率不變。</p>
</div><p>Still, investors will be looking for hints on whether a slowing economy and weaker wage growth could speed up the pace of easing.</p>
<div class="lb-trans"><p>儘管如此，投資者仍將關注經濟放緩和工資增長疲軟是否會加快寬鬆的步伐。</p>
</div><p>One of Britain’s leading business groups on Wednesday slashed its forecast for economic growth in 2025 and next year due to headwinds from Trump’s tariffs and an increase in payroll taxes, a survey showed.</p>
<div class="lb-trans"><p>週三，英國一家主要商業團體因特朗普的關税和工資税增加的逆風，調低了對 2025 年及明年經濟增長的預測，調查顯示。</p>
</div><p>Key developments that could influence markets on Wednesday:</p>
<div class="lb-trans"><p>可能影響週三市場的關鍵發展：</p>
</div><ul>
<li>Federal Reserve rate decision</li>
</ul>
<div class="lb-trans"><ul>
<li>美聯儲利率決策</li>
</ul>
</div><ul>
<li>UK CPI (May) Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.</li>
</ul>
<div class="lb-trans"><ul>
<li>英國消費者物價指數（5 月）想要跟上最新的關税新聞嗎？我們的新每日新聞摘要提供了影響全球貿易的主要市場動態頭條。請在此註冊 Tariff Watch。</li>
</ul>
</div><p>US crude oil price in USD per barrel</p>
<div class="lb-trans"><p>美國原油價格（以美元計）每桶</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/3ZAfJKO" alt="" original-src="https://reut.rs/3ZAfJKO"/></p>
<p>How inflation in the UK has moved</p>
<div class="lb-trans"><p>英國通脹的變化情況</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/43lsOJ2" alt="" original-src="https://reut.rs/43lsOJ2"/></p>
<p>(Editing by Muralikumar Anantharaman)</p>
<div class="lb-trans"><p>（編輯：Muralikumar Anantharaman）</p>
</div>

Gloom pervades ahead of Fed meet's outcome

- 市場在美聯儲利率決策前充滿不確定性。  
- 以色列與伊朗的衝突持續，全球經濟面臨挑戰。  
- 英國通脹數據將影響市場預期，投資者關注經濟放緩跡象。  

在美聯儲會議結果公佈前，悲觀情緒籠罩