<p><img src="https://imageproxy.pbkrs.com/https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png"/></p>
<h2>早餐新聞：銀行順利通過壓力測試</h2>
<p>###2025 年 7 月 2 日</p>
<table>
<thead>
<tr>
<th>週二市場</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>標準普爾 500 指數</strong><br/>6,198 (-0.11%)</td>
</tr>
<tr>
<td><strong>納斯達克</strong><br/>20,203 (-0.82%)</td>
</tr>
<tr>
<td><strong>道瓊斯</strong><br/>44,495 (+0.91%)</td>
</tr>
<tr>
<td><strong>比特幣</strong><br/>$105,590 (-1.89%)</td>
</tr>
</tbody>
</table>
<p><img src="https://imageproxy.pbkrs.com/https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png/query-MTc1MTQ1MjY2Mw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png/query-MTc1MTQ1MjY2Mw"/></p>
<p>來源：Jester AI 創建的圖像。</p>
<h2>1. 美聯儲健康檢查為銀行提供綠燈</h2>
<p>主要美國銀行在通過美聯儲的壓力測試後宣佈了新的股息和回購計劃。今年的測試模擬了全球經濟衰退、10% 的失業率和房價下跌。雖然這些情景比 2024 年輕，但所有 22 家測試銀行的資本充足性均超過了要求。</p>
<ul>
<li><strong>“對股東可持續的資本分配水平”：</strong> <strong>摩根大通</strong>(JPM 0.15%) 將股息從 1.40 美元提高到 1.50 美元，並宣佈了 500 億美元的股票回購，首席執行官傑米·戴蒙表示這 “得益於我們強勁的財務表現”。</li>
<li><strong>平均 11.6% 的普通股一級資本充足率：</strong> <strong>美國銀行</strong>(BAC 1.70%)、<strong>富國銀行</strong>(WFC 1.64%) 和 <strong>花旗集團</strong>(C 1.33%) 等公司都推出了新的股東回報計劃，平均流動性指標遠高於最低要求的 4.5%。</li>
</ul>
<h2>2. 汽車市場的 “特朗普效應” 減弱</h2>
<p><strong>特斯拉</strong>(TSLA -5.03%) 的股票昨日下跌 5.3%，在公司第二季度交付數據即將公佈之際。分析師預計交付量將從去年同期的近 444,000 輛下降 13%，降至 385,000 輛。早期跡象表明，直到 5 月的五個月歐洲銷量下降可能會持續到 6 月。</p>
<ul>
<li><strong>價格比去年上漲 1,400 美元：</strong> 隨着消費者急於在關税上漲前購車，汽車銷售在 6 月似乎放緩。市場研究公司 J.D. Power 報告稱，3 月和 4 月的額外銷售達 173,000 輛，買家急於在關税前購車，平均價格有所上漲。</li>
<li><strong>“銷售速度迴歸我所稱的更正常水平”：</strong> <strong>豐田</strong>(TM -0.55%) 在 4 月至 6 月的三個月內銷量增長 7.2%，該公司美國銷售負責人大衞·克里斯特表示，6 月銷量持平。</li>
</ul>
<h2>3. Corona 的擁有者面臨啤酒恐慌</h2>
<p><strong>星座品牌</strong>(STZ 2.28%) 昨日公佈了 2026 財年第一季度的收入和盈利預期均未達標。調整後的每股收益為 3.22 美元，低於預期的 3.31 美元，而 25.2 億美元的收入僅略低於華爾街預測的 25.5 億美元。這家啤酒製造商嚴重依賴進口啤酒和鋁材，表示進口關税影響了其盈利能力。</p>
<ul>
<li><strong>“年度運營現金流和自由現金流預期保持不變”：</strong> 首席財務官加思·漢金森確認了約 30% 的股息支付比率，同時公司重申了 2026 財年的指導方針。</li>
<li><strong>股票年初至今下跌 25%：</strong> 在盤前交易中，股票小幅下跌，首席執行官比爾·紐蘭德將銷售疲軟歸因於 “非結構性社會經濟因素”。</li>
</ul>
<h2>4. 就業激增，PMI 勢頭增強</h2>
<p>昨日的職位空缺和勞動力流動調查（JOLTS）顯示，職位空缺意外地達到 2024 年 11 月以來的最高水平。美國勞工統計局的最新數據顯示，截至 5 月底，職位空缺數量為 776 萬，較上月的 739 萬有所上升，超出預測的 730 萬。</p>
<ul>
<li><strong>50 以上通常表明擴張：</strong> 標準普爾全球美國製造業 PMI 在 6 月上升至 52.9，較 5 月的 52 有所上升。供應管理協會的製造業指數為 49.0，優於預期，儘管關税仍然影響製造業前景。</li>
<li><strong>“我不考慮暫停”：</strong> 特朗普總統表示，他不打算延長 7 月 9 日的截止日期，因為美聯儲主席傑羅姆·鮑威爾表示，如果不是因為關税，利率現在就會被降低。</li>
</ul>
<h2>5. 你的看法</h2>
<p>你在投資組合中持有哪些金融公司（如果有的話）？是什麼促使你選擇投資這些公司而不是其他公司？與朋友和家人討論，或成為會員，聽聽其他投資者的看法。</p>

星座品牌-A

摩根大通

<p>主要的美國銀行通過了美聯儲的壓力測試，導致新的股息和回購計劃。摩根大通提高了股息並宣佈了 500 億美元的回購計劃。特斯拉的股票在預計交付下降前下跌，而星座品牌因進口關税未能達到收入和盈利預期。職位空缺意外上升，製造業指數顯示出擴張跡象。特朗普總統表示沒有計劃延長關於關税的 7 月 9 日截止日期。投資者被鼓勵討論他們的金融投資組合</p>

<p><img src="https://imageproxy.pbkrs.com/https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png" alt="" original-src="https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png"/></p>
<h2>Breakfast News: Banks Ace Stress Tests</h2>
<div class="lb-trans"><h2>早餐新聞：銀行順利通過壓力測試</h2>
</div><h3>July 2, 2025</h3>
<div class="lb-trans"><p>###2025 年 7 月 2 日</p>
</div><table>
<thead>
<tr>
<th>Tuesday's Markets</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>S&amp;P 500</strong><br/>6,198 (-0.11%)</td>
</tr>
<tr>
<td><strong>Nasdaq</strong><br/>20,203 (-0.82%)</td>
</tr>
<tr>
<td><strong>Dow</strong><br/>44,495 (+0.91%)</td>
</tr>
<tr>
<td><strong>Bitcoin</strong><br/>$105,590 (-1.89%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>週二市場</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>標準普爾 500 指數</strong><br/>6,198 (-0.11%)</td>
</tr>
<tr>
<td><strong>納斯達克</strong><br/>20,203 (-0.82%)</td>
</tr>
<tr>
<td><strong>道瓊斯</strong><br/>44,495 (+0.91%)</td>
</tr>
<tr>
<td><strong>比特幣</strong><br/>$105,590 (-1.89%)</td>
</tr>
</tbody>
</table>
</div><p><img src="https://imageproxy.pbkrs.com/https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png/query-MTc1MTQ1MjY2Mw" alt="" original-src="https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png?1751452663"/></p>
<p>Source: Image Created by Jester AI.</p>
<div class="lb-trans"><p>來源：Jester AI 創建的圖像。</p>
</div><h2>1. Fed Health Check Gives Banks Green Light</h2>
<div class="lb-trans"><h2>1. 美聯儲健康檢查為銀行提供綠燈</h2>
</div><p>Major U.S. banks announced new dividend and buyback plans after passing the Federal Reserve's stress tests. This year they simulated a global recession, 10% unemployment, and falling house prices. The scenarios were less severe than in 2024, but each of the tested 22 banks came through with more than enough capital.</p>
<div class="lb-trans"><p>主要美國銀行在通過美聯儲的壓力測試後宣佈了新的股息和回購計劃。今年的測試模擬了全球經濟衰退、10% 的失業率和房價下跌。雖然這些情景比 2024 年輕，但所有 22 家測試銀行的資本充足性均超過了要求。</p>
</div><ul>
<li><strong>&#34;A sustainable level of capital distribution to our shareholders&#34;:</strong> <strong>JPMorgan</strong>(JPM 0.15%) raised its dividend from $1.40 to $1.50 and announced a $50 billion share buyback, which CEO Jamie Dimon said is &#34;supported by our strong financial performance.&#34;</li>
<li><strong>Average 11.6% common equity tier 1 capital ratio:</strong> <strong>Bank of America</strong>(BAC 1.70%), <strong>Wells Fargo</strong>(WFC 1.64%), and <strong>Citigroup</strong>(C 1.33%) are among those with new shareholder return plans, as the average liquidity measure came in well above the required minimum 4.5%.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>“對股東可持續的資本分配水平”：</strong> <strong>摩根大通</strong>(JPM 0.15%) 將股息從 1.40 美元提高到 1.50 美元，並宣佈了 500 億美元的股票回購，首席執行官傑米·戴蒙表示這 “得益於我們強勁的財務表現”。</li>
<li><strong>平均 11.6% 的普通股一級資本充足率：</strong> <strong>美國銀行</strong>(BAC 1.70%)、<strong>富國銀行</strong>(WFC 1.64%) 和 <strong>花旗集團</strong>(C 1.33%) 等公司都推出了新的股東回報計劃，平均流動性指標遠高於最低要求的 4.5%。</li>
</ul>
</div><h2>2. Auto Market's 'Trump Bump' Fades</h2>
<div class="lb-trans"><h2>2. 汽車市場的 “特朗普效應” 減弱</h2>
</div><p><strong>Tesla</strong>(TSLA -5.03%) stock fell 5.3% yesterday, ahead of the company's second-quarter deliveries figures due today. Analysts expect a 13% decline to 385,000 deliveries from almost 444,000 in the same period a year ago. Early signs suggest five months of European sales declines up to May are likely to have continued into June.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -5.03%) 的股票昨日下跌 5.3%，在公司第二季度交付數據即將公佈之際。分析師預計交付量將從去年同期的近 444,000 輛下降 13%，降至 385,000 輛。早期跡象表明，直到 5 月的五個月歐洲銷量下降可能會持續到 6 月。</p>
</div><ul>
<li><strong>Prices up $1,400 from a year ago:</strong> Auto sales look set to have slowed in June as the rush to get ahead of tariff price rises cools. Market research firm J.D. Power reports an extra 173,000 sales in March and April as buyers rushed to get ahead of tariffs, saying average prices have risen.</li>
<li><strong>&#34;Sales pace returned to what I call more normal&#34;:</strong> <strong>Toyota</strong>(TM -0.55%) sales in the three months from April to June rose 7.2%, as the company's U.S. sales head David Christ said June was flat.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>價格比去年上漲 1,400 美元：</strong> 隨着消費者急於在關税上漲前購車，汽車銷售在 6 月似乎放緩。市場研究公司 J.D. Power 報告稱，3 月和 4 月的額外銷售達 173,000 輛，買家急於在關税前購車，平均價格有所上漲。</li>
<li><strong>“銷售速度迴歸我所稱的更正常水平”：</strong> <strong>豐田</strong>(TM -0.55%) 在 4 月至 6 月的三個月內銷量增長 7.2%，該公司美國銷售負責人大衞·克里斯特表示，6 月銷量持平。</li>
</ul>
</div><h2>3. Corona Owner Beer Fear</h2>
<div class="lb-trans"><h2>3. Corona 的擁有者面臨啤酒恐慌</h2>
</div><p><strong>Constellation Brands</strong>(STZ 2.28%) posted misses on revenue and earnings estimates for the first quarter of fiscal 2026 yesterday. Adjusted earnings per share of $3.22 fell short of the expected $3.31, while $2.52 billion revenue only just missed Wall Street's $2.55 billion prediction. The brewer, which relies heavily on imported beer and aluminum, said import tariffs impacted its profitability.</p>
<div class="lb-trans"><p><strong>星座品牌</strong>(STZ 2.28%) 昨日公佈了 2026 財年第一季度的收入和盈利預期均未達標。調整後的每股收益為 3.22 美元，低於預期的 3.31 美元，而 25.2 億美元的收入僅略低於華爾街預測的 25.5 億美元。這家啤酒製造商嚴重依賴進口啤酒和鋁材，表示進口關税影響了其盈利能力。</p>
</div><ul>
<li><strong>&#34;Annual operating cash flow and free cash flow expectations are unchanged&#34;:</strong> CFO Garth Hankinson confirmed a dividend payout ratio of approximately 30%, while the company reiterated its fiscal 2026 guidance.</li>
<li><strong>Stock down 25% year to date:</strong> The stock was down marginally in pre-market trading as CEO Bill Newlands put weaker sales down to &#34;non-structural socioeconomic factors.&#34;</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>“年度運營現金流和自由現金流預期保持不變”：</strong> 首席財務官加思·漢金森確認了約 30% 的股息支付比率，同時公司重申了 2026 財年的指導方針。</li>
<li><strong>股票年初至今下跌 25%：</strong> 在盤前交易中，股票小幅下跌，首席執行官比爾·紐蘭德將銷售疲軟歸因於 “非結構性社會經濟因素”。</li>
</ul>
</div><h2>4. Jobs Jump, PMI Momentum Builds</h2>
<div class="lb-trans"><h2>4. 就業激增，PMI 勢頭增強</h2>
</div><p>Yesterday's Job Openings and Labor Turnover Survey (JOLTS) showed openings unexpectedly at their highest since November 2024. The latest from the Bureau of Labor Statistics showed a count of 7.76 million at the end of May, up from 7.39 million a month previously and ahead of the forecast 7.3 million.</p>
<div class="lb-trans"><p>昨日的職位空缺和勞動力流動調查（JOLTS）顯示，職位空缺意外地達到 2024 年 11 月以來的最高水平。美國勞工統計局的最新數據顯示，截至 5 月底，職位空缺數量為 776 萬，較上月的 739 萬有所上升，超出預測的 730 萬。</p>
</div><ul>
<li><strong>Above 50 generally suggests expansion:</strong> The S&amp;P Global US Manufacturing PMI rose to 52.9 in June, up from 52. The Institute for Supply Management's manufacturing index came in at 49.0, better than expected, as tariffs continue to cloud the manufacturing outlook.</li>
<li><strong>&#34;I'm not thinking about the pause&#34;:</strong> President Trump indicated he's not planning to extend the July 9 deadline, as Fed chair Jerome Powell said rates would have been cut by now if not for tariffs.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>50 以上通常表明擴張：</strong> 標準普爾全球美國製造業 PMI 在 6 月上升至 52.9，較 5 月的 52 有所上升。供應管理協會的製造業指數為 49.0，優於預期，儘管關税仍然影響製造業前景。</li>
<li><strong>“我不考慮暫停”：</strong> 特朗普總統表示，他不打算延長 7 月 9 日的截止日期，因為美聯儲主席傑羅姆·鮑威爾表示，如果不是因為關税，利率現在就會被降低。</li>
</ul>
</div><h2>5. Your Take</h2>
<div class="lb-trans"><h2>5. 你的看法</h2>
</div><p>Which, if any, financial companies do you have in your portfolio? What led you toward investing in those rather than any others? Discuss with friends and family, or become a member to hear what your fellow Fools are saying.</p>
<div class="lb-trans"><p>你在投資組合中持有哪些金融公司（如果有的話）？是什麼促使你選擇投資這些公司而不是其他公司？與朋友和家人討論，或成為會員，聽聽其他投資者的看法。</p>
</div>

Breakfast News: Banks Ace Stress Tests

- 美國主要銀行通過美聯儲壓力測試，宣佈新的股息和回購計劃。  
- 特斯拉股價下跌，預計第二季度交付量將下降 13%。  
- Constellation Brands 第一季度營收和盈利未達預期，受進口關税影響。  

早餐新聞：銀行在壓力測試中表現優異