<p>來自 Stella Qiu 對歐洲和全球市場的展望</p><p>因此，特朗普總統表示我們可能需要再等兩週，才能決定是否對伊朗發起美國攻擊。與此同時，市場大多鬆了一口氣，但對中東衝突仍保持謹慎。</p><p>布倫特原油價格在週五下跌 2.5%，抹去了一些近期的漲幅，但仍有望實現 3.7% 的周漲幅，連續第三週上漲。</p><p>油價下跌似乎給歐洲股市帶來了歡呼的理由，EUROSTOXX 50 期貨（STXEc1）上漲 0.7%，FTSE 期貨（FFIc1）上漲 0.3%。納斯達克期貨（NQc1）和標準普爾 500 期貨（ESc1）均下跌 0.2%。</p><p>一些分析師指出，特朗普對其他關鍵決策設定的兩週期限，包括對美國貿易伙伴的關税談判信件，期望德黑蘭在此期間受到壓力，能夠回到談判桌上。</p><p>週五，亞洲股市表現不一，日本和澳大利亞下跌，而中國上漲。韓國股指基準（.KS11）表現優異，跳漲 1.1%，首次突破 3000 點，自 2022 年初以來首次，因新當選的總統李在明宣佈了一項刺激支出計劃。</p><p>美元也處於弱勢，儘管由於中東衝突引發的避險資金流入，預計本週將上漲 0.5%。不過，一週的漲幅並不能扭轉近期的下跌趨勢，許多分析師預計美元的損失還有進一步擴大空間。</p><p>中國在週五保持基準貸款利率不變，符合廣泛預期，而日本的數據則顯示核心通脹達到兩年高點，給日本央行再次加息施加壓力。然而，投資者懷疑這樣的舉措會在 12 月之前出現。</p><p>隔夜，歐洲的一些中央銀行發出了鴿派信號，包括挪威央行自 2020 年以來首次降息。瑞士國家銀行將利率降至零，並未排除進一步降至負值的可能，而英格蘭銀行則維持政策不變，但認為需要進一步放鬆。</p><p>可能影響週五市場的關鍵發展：</p><p>– 德國 5 月份 PPI 數據</p><p>– 英國 5 月份零售銷售數據</p><p>– 歐洲央行發佈經濟公報</p><p>G10 央行利率變化情況</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/961f09fef7ce57396f8879d013d1d41f?x-oss-process=style/lg" alt="" width="1420" height="744" original-src="https://pub.pbkrs.com/uploads/2025/961f09fef7ce57396f8879d013d1d41f"/></figure><p>（作者：Stella Qiu；編輯：Edmund Klamann）</p>

<p>特朗普總統推遲了對可能對伊朗發動攻擊的決定，這在市場上引發了謹慎的樂觀情緒。布倫特原油價格下跌了 2.5%，而歐洲股市則出現上漲，EUROSTOXX 50 期貨上漲了 0.7%。亞洲市場表現不一，韓國基準指數因刺激計劃上漲了 1.1%。儘管美元在周內有所上漲，但仍然走弱，歐洲的中央銀行發出了鴿派信號。預計來自德國和英國的關鍵經濟數據將影響市場</p>

<p>A look at the day ahead in European and global markets from Stella Qiu</p>
<div class="lb-trans"><p>來自 Stella Qiu 對歐洲和全球市場的展望</p>
</div><p>So, President Donald Trump said we may need to wait two more weeks until he decides whether to launch a U.S. attack on Iran. In the meantime, markets are mostly breathing a sigh of relief but remain cautious over conflict in the Middle East.</p>
<div class="lb-trans"><p>因此，特朗普總統表示我們可能需要再等兩週，才能決定是否對伊朗發起美國攻擊。與此同時，市場大多鬆了一口氣，但對中東衝突仍保持謹慎。</p>
</div><p>Brent crude oil prices fell 2.5% on Friday, erasing some of their recent gains but still on track for a 3.7% weekly rise, up for a third straight week.</p>
<div class="lb-trans"><p>布倫特原油價格在週五下跌 2.5%，抹去了一些近期的漲幅，但仍有望實現 3.7% 的周漲幅，連續第三週上漲。</p>
</div><p>Falling oil prices appear to have given European stocks a reason to cheer, with EUROSTOXX 50 futures (STXEc1) rising 0.7% and FTSE futures (FFIc1) up 0.3%. Nasdaq futures (NQc1) and S&amp;P 500 futures (ESc1) were both 0.2% lower.</p>
<div class="lb-trans"><p>油價下跌似乎給歐洲股市帶來了歡呼的理由，EUROSTOXX 50 期貨（STXEc1）上漲 0.7%，FTSE 期貨（FFIc1）上漲 0.3%。納斯達克期貨（NQc1）和標準普爾 500 期貨（ESc1）均下跌 0.2%。</p>
</div><p>Some analysts have pointed to Trump’s two-week deadlines for other key decisions, including in letters to U.S. trade partners on tariff negotiations, and the hope is that Tehran in the interim will be pressured to come to the negotiating table.</p>
<div class="lb-trans"><p>一些分析師指出，特朗普對其他關鍵決策設定的兩週期限，包括對美國貿易伙伴的關税談判信件，期望德黑蘭在此期間受到壓力，能夠回到談判桌上。</p>
</div><p>Stocks were mixed in Asia on Friday, with Japan and Australia falling while China was higher. South Korea’s share benchmark (.KS11) outperformed with a jump of 1.1%, topping the 3,000 level for the first time since early 2022, after newly elected President Lee Jae Myung announced a stimulus spending plan.</p>
<div class="lb-trans"><p>週五，亞洲股市表現不一，日本和澳大利亞下跌，而中國上漲。韓國股指基準（.KS11）表現優異，跳漲 1.1%，首次突破 3000 點，自 2022 年初以來首次，因新當選的總統李在明宣佈了一項刺激支出計劃。</p>
</div><p>The U.S. dollar was also on the back foot, although it is set for a weekly gain of 0.5% on safe-haven flows spurred by the Middle East conflict. Still, one week of gains would not reverse the recent declining trend and many analysts expect the dollar’s losses have further to run.</p>
<div class="lb-trans"><p>美元也處於弱勢，儘管由於中東衝突引發的避險資金流入，預計本週將上漲 0.5%。不過，一週的漲幅並不能扭轉近期的下跌趨勢，許多分析師預計美元的損失還有進一步擴大空間。</p>
</div><p>China kept its benchmark lending rates unchanged on Friday as widely expected while data from Japan showed core inflation at a two-year high, keeping pressure on the Bank of Japan to hike rates again. Investors, however, doubt that such a move would come before December.</p>
<div class="lb-trans"><p>中國在週五保持基準貸款利率不變，符合廣泛預期，而日本的數據則顯示核心通脹達到兩年高點，給日本央行再次加息施加壓力。然而，投資者懷疑這樣的舉措會在 12 月之前出現。</p>
</div><p>Overnight, a number of central banks in Europe sent out dovish signals, including Norway’s central bank which delivered its first rate cut since 2020. The Swiss National Bank cut rates to zero and did not rule out going negative, while the Bank of England held policy steady but saw a need for further easing.</p>
<div class="lb-trans"><p>隔夜，歐洲的一些中央銀行發出了鴿派信號，包括挪威央行自 2020 年以來首次降息。瑞士國家銀行將利率降至零，並未排除進一步降至負值的可能，而英格蘭銀行則維持政策不變，但認為需要進一步放鬆。</p>
</div><p>Key developments that could influence markets on Friday:</p>
<div class="lb-trans"><p>可能影響週五市場的關鍵發展：</p>
</div><p>– Germany PPI data for May</p>
<div class="lb-trans"><p>– 德國 5 月份 PPI 數據</p>
</div><p>– UK retail sales data for May</p>
<div class="lb-trans"><p>– 英國 5 月份零售銷售數據</p>
</div><p>– ECB releases its economic bulletin</p>
<div class="lb-trans"><p>– 歐洲央行發佈經濟公報</p>
</div><p>How interest rates have changed among G10 central banks</p>
<div class="lb-trans"><p>G10 央行利率變化情況</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/3ZFQh6F" alt="" original-src="https://reut.rs/3ZFQh6F"/></p>
<p>(By Stella Qiu; Editing by Edmund Klamann)</p>
<div class="lb-trans"><p>（作者：Stella Qiu；編輯：Edmund Klamann）</p>
</div>

Markets breathe easier as Trump hedges on Iran

- 特朗普表示可能需再等兩週決定是否對伊朗採取行動，市場保持謹慎。  
- 布倫特原油價格下跌 2.5%，但仍有 3.7% 的周漲幅。  
- 亞洲股市表現不一，韓國股指上漲 1.1%，創 2022 年以來新高。  

隨着特朗普對伊朗採取對沖措施，市場鬆了一口氣