<p>投資者在美聯儲戲劇之後期待關鍵的英偉達財報</p>
<p>美聯儲獨立性面臨威脅，導致國債收益率陡峭化</p>
<p>美元因降息押注承壓</p>
<p>法國政治危機再度引發關注</p>
<p>（更新至亞洲下午）</p>
<p>作者：Ankur Banerjee</p>
<p>新加坡，8 月 27 日（路透社）- 亞洲股市在週三徘徊，等待人工智能領軍企業英偉達（NVDA.O）的財報，這將影響近期的風險情緒，同時由於投資者對美聯儲獨立性的攻擊感到緊張，美元也出現波動。</p>
<p>歐洲期貨（STXEc1）顯示開盤上漲，但投資者可能對法國總理弗朗索瓦·巴伊魯為其深受歡迎的減債計劃爭取支持的賭注失敗感到失望。</p>
<p>最新的政治動盪發生在法國在 2024 年末因預算問題失去了最後一位總理米歇爾·巴爾尼耶，後者在任職僅三個月後遭到不信任投票。</p>
<p>與此同時，自唐納德·特朗普總統週一下令解僱美聯儲理事麗莎·庫克以來，美國國債收益率曲線一直在陡峭化，這一前所未有的舉動可能導致法律爭鬥，因為庫克的律師表示她將提起訴訟以阻止這一決定。</p>
<p>“美聯儲表示將遵循法院對麗莎·庫克的任何裁決，但現實是美聯儲陷入了困境，” TD 證券亞太區利率策略師普拉尚特·紐納哈説。</p>
<p>“如果法院最終裁定支持特朗普，這可能使主席（傑羅姆）鮑威爾面臨被解僱的風險，因為他允許非美聯儲員工代表美聯儲董事會做出決策，” 他説。</p>
<p>兩年期國債收益率（US2YT=RR）通常與利率預期同步，觸及自 5 月以來的最低點 3.654%，但最後上漲 1.8 個基點至 3.661%。30 年期國債收益率（US30YT=RR）上漲 1.4 個基點至 4.922%。</p>
<p>特朗普多次批評鮑威爾和政策制定者未能降息。市場觀察者解讀鮑威爾上週的言論為暗示降息可能即將到來。</p>
<p>這導致投資者押注下個月會降息，交易員預計美聯儲在 9 月行動的概率為 84%，並預計到 6 月將有超過 100 個基點的降息。</p>
<p>在亞洲交易時段，美元在前一交易日下跌後小幅反彈。歐元（EUR=EBS）下跌 0.2%，報 1.161825 美元，而日元兑美元貶值至 147.87。（FRX/）</p>
<p>“我認為投資者更關注即將公佈的就業數據，以及這對 9 月加息的影響，” 法律與一般投資管理公司的亞太區投資策略師本·貝內特表示。</p>
<p>“希望在勞動力市場沒有急劇惡化的情況下，降息仍然在考慮之中。今晚的英偉達財報對市場的短期方向也將至關重要。”</p>
<p>數據顯示，期權交易者預計英偉達在財報發佈後市值將波動約 2600 億美元，其在中國的業務將因與特朗普政府達成的異常利潤分享協議而受到關注。</p>
<p>在中美貿易戰的交火中，英偉達在中國的業務命運取決於世界兩大經濟體在關税談判和芯片貿易限制上的立場。</p>
<p>MSCI 亞太地區（不包括日本）股票的廣泛指數（.MIAPJ0000PUS）變化不大。儘管如此，中國股市依然強勁，藍籌股指數（.CSI300）創下三年新高，受到科技行業的提振。</p>
<p>在商品市場，現貨黃金（XAU=）在前一交易日觸及兩週高點後下跌 0.47%。</p>
<p>油價在前一交易日下跌後趨於穩定，市場關注烏克蘭戰爭的新進展，投資者權衡美國對印度這一全球第三大原油消費國的新關税。</p>
<p>布倫特原油期貨（LCOc1）上漲 5 美分，報每桶 67.27 美元，而西德克薩斯中質原油期貨（CLc1）上漲 3 美分，報每桶 63.28 美元。</p>
<p>世界外匯匯率年初至今 在此</p>

英偉達

<p>亞洲股市波動，投資者在等待英偉達的財報，預計該財報將影響市場情緒。對美聯儲獨立性的擔憂導致國債收益率上升，而由於預期降息，美元仍面臨壓力。法國的政治不穩定也影響了投資者情緒。兩年期國債收益率最近有所上升，交易員們預計下個月美聯儲降息的可能性很高。英偉達的財報尤其重要，因為其與中國的商業關係在持續的貿易緊張局勢中顯得尤為關鍵</p>

<p>Investors await pivotal Nvidia earnings after Fed drama</p>
<div class="lb-trans"><p>投資者在美聯儲戲劇之後期待關鍵的英偉達財報</p>
</div><p>Fed independence under threat, leads Treasury yields to steepen</p>
<div class="lb-trans"><p>美聯儲獨立性面臨威脅，導致國債收益率陡峭化</p>
</div><p>Dollar under pressure on rate-cut wagers</p>
<div class="lb-trans"><p>美元因降息押注承壓</p>
</div><p>French political crisis back in focus</p>
<div class="lb-trans"><p>法國政治危機再度引發關注</p>
</div><p>(Updates to Asia afternoon)</p>
<div class="lb-trans"><p>（更新至亞洲下午）</p>
</div><p>By Ankur Banerjee</p>
<div class="lb-trans"><p>作者：Ankur Banerjee</p>
</div><p>SINGAPORE, Aug 27 (Reuters) - Asian stocks meandered on Wednesday ahead of an earnings report from AI leader Nvidia (NVDA.O) that will shape near-term risk sentiment, while the U.S. dollar wobbled as investors remained nervous about attacks on Federal Reserve autonomy.</p>
<div class="lb-trans"><p>新加坡，8 月 27 日（路透社）- 亞洲股市在週三徘徊，等待人工智能領軍企業英偉達（NVDA.O）的財報，這將影響近期的風險情緒，同時由於投資者對美聯儲獨立性的攻擊感到緊張，美元也出現波動。</p>
</div><p>European futures (STXEc1) indicated a higher open but investors are likely to take a dim view of the political drama in France after Prime Minister Francois Bayrou’s gamble to win backing for his deeply unpopular debt-reduction plan backfired.</p>
<div class="lb-trans"><p>歐洲期貨（STXEc1）顯示開盤上漲，但投資者可能對法國總理弗朗索瓦·巴伊魯為其深受歡迎的減債計劃爭取支持的賭注失敗感到失望。</p>
</div><p>The latest political turmoil comes after France lost its last prime minister, Michel Barnier, to a no-confidence vote over the budget in late 2024, after just three months in office.</p>
<div class="lb-trans"><p>最新的政治動盪發生在法國在 2024 年末因預算問題失去了最後一位總理米歇爾·巴爾尼耶，後者在任職僅三個月後遭到不信任投票。</p>
</div><p>Meanwhile, the U.S. Treasury yield curve has been steepening since President Donald Trump on Monday ordered the firing of Federal Reserve Governor Lisa Cook, an unprecedented move that could lead to a legal tussle after a lawyer for Cook said she will file a lawsuit to prevent it.</p>
<div class="lb-trans"><p>與此同時，自唐納德·特朗普總統週一下令解僱美聯儲理事麗莎·庫克以來，美國國債收益率曲線一直在陡峭化，這一前所未有的舉動可能導致法律爭鬥，因為庫克的律師表示她將提起訴訟以阻止這一決定。</p>
</div><p>“The Fed has said it will abide by any decision the court makes on Lisa Cook but the reality is the Fed is in a bind,” said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities.</p>
<div class="lb-trans"><p>“美聯儲表示將遵循法院對麗莎·庫克的任何裁決，但現實是美聯儲陷入了困境，” TD 證券亞太區利率策略師普拉尚特·紐納哈説。</p>
</div><p>“If the court ends up ruling in favour of Trump, this potentially puts Chair (Jerome) Powell in line to be fired for permitting a non-Fed employee to make decisions on behalf of the Fed Board” should Cook continue to serve between Trump’s firing and the court’s decision.</p>
<div class="lb-trans"><p>“如果法院最終裁定支持特朗普，這可能使主席（傑羅姆）鮑威爾面臨被解僱的風險，因為他允許非美聯儲員工代表美聯儲董事會做出決策，” 他説。</p>
</div><p>The yield on the two-year note (US2YT=RR) , which typically moves in step with interest rate expectations, hit its lowest since May at 3.654% but was last up 1.8 basis points at 3.661%. The yield on the 30-year note (US30YT=RR) was 1.4 bps higher at 4.922%.</p>
<div class="lb-trans"><p>兩年期國債收益率（US2YT=RR）通常與利率預期同步，觸及自 5 月以來的最低點 3.654%，但最後上漲 1.8 個基點至 3.661%。30 年期國債收益率（US30YT=RR）上漲 1.4 個基點至 4.922%。</p>
</div><p>Trump has repeatedly criticised Powell and policymakers for not cutting interest rates. Market watchers interpreted Powell comments last week as indicating cuts could be on the way.</p>
<div class="lb-trans"><p>特朗普多次批評鮑威爾和政策制定者未能降息。市場觀察者解讀鮑威爾上週的言論為暗示降息可能即將到來。</p>
</div><p>That has led to investors wagering a cut next month, with traders pricing in an 84% chance of the Fed moving in September and expecting more than 100 bps of easing by June.</p>
<div class="lb-trans"><p>這導致投資者押注下個月會降息，交易員預計美聯儲在 9 月行動的概率為 84%，並預計到 6 月將有超過 100 個基點的降息。</p>
</div><p>The dollar staged a small recovery in Asian hours after dropping in the previous session. The euro (EUR=EBS) eased 0.2% at $1.161825, while the yen weakened to 147.87 a dollar. (FRX/)</p>
<div class="lb-trans"><p>在亞洲交易時段，美元在前一交易日下跌後小幅反彈。歐元（EUR=EBS）下跌 0.2%，報 1.161825 美元，而日元兑美元貶值至 147.87。（FRX/）</p>
</div><p>“I think investors are focused more on the upcoming payroll print and what that means for a September rate move,” said Ben Bennett, APAC investment strategist at Legal and General Investment Management.</p>
<div class="lb-trans"><p>“我認為投資者更關注即將公佈的就業數據，以及這對 9 月加息的影響，” 法律與一般投資管理公司的亞太區投資策略師本·貝內特表示。</p>
</div><p>“The hope is that a rate cut is still on the cards without a sharp deterioration in the labour market. Tonight’s Nvidia results will also be important for the near-term direction of markets.”</p>
<div class="lb-trans"><p>“希望在勞動力市場沒有急劇惡化的情況下，降息仍然在考慮之中。今晚的英偉達財報對市場的短期方向也將至關重要。”</p>
</div><p>Data showed options traders are pricing in about a $260 billion swing in Nvidia’s market value after the firm reports earnings, where its business in China will be in focus following an unusual profit-sharing deal with the Trump administration.</p>
<div class="lb-trans"><p>數據顯示，期權交易者預計英偉達在財報發佈後市值將波動約 2600 億美元，其在中國的業務將因與特朗普政府達成的異常利潤分享協議而受到關注。</p>
</div><p>Caught in the crossfire of a Sino-U.S. trade war, the fate of Nvidia’s China business hangs on where the world’s two largest economies land on tariff talks and chip trade curbs.</p>
<div class="lb-trans"><p>在中美貿易戰的交火中，英偉達在中國的業務命運取決於世界兩大經濟體在關税談判和芯片貿易限制上的立場。</p>
</div><p>MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was little changed. Chinese stocks though remain on the charge with the blue-chip stock index (.CSI300) hitting a three-year high, buoyed by tech sector.</p>
<div class="lb-trans"><p>MSCI 亞太地區（不包括日本）股票的廣泛指數（.MIAPJ0000PUS）變化不大。儘管如此，中國股市依然強勁，藍籌股指數（.CSI300）創下三年新高，受到科技行業的提振。</p>
</div><p>In commodities, spot gold (XAU=) was 0.47% lower after hitting a two-week high in the previous session.</p>
<div class="lb-trans"><p>在商品市場，現貨黃金（XAU=）在前一交易日觸及兩週高點後下跌 0.47%。</p>
</div><p>Oil prices steadied after falling in the previous session, as the market watched for fresh developments in the Ukraine war and investors weighed hefty new U.S. tariffs on India, the world’s third-biggest crude consumer.</p>
<div class="lb-trans"><p>油價在前一交易日下跌後趨於穩定，市場關注烏克蘭戰爭的新進展，投資者權衡美國對印度這一全球第三大原油消費國的新關税。</p>
</div><p>Brent crude futures (LCOc1) rose 5 cents to $67.27 per barrel, while West Texas Intermediate crude futures (CLc1) were up 3 cents at $63.28.</p>
<div class="lb-trans"><p>布倫特原油期貨（LCOc1）上漲 5 美分，報每桶 67.27 美元，而西德克薩斯中質原油期貨（CLc1）上漲 3 美分，報每桶 63.28 美元。</p>
</div><p>World FX rates YTD here</p>
<div class="lb-trans"><p>世界外匯匯率年初至今 在此</p>
</div>

GLOBAL MARKETS-Asia stocks meander ahead of Nvidia; investors wary over Fed independence

- 亞洲股市在等待 Nvidia 財報，市場情緒不穩。  
- 法國政治危機加劇，影響投資者信心。  
- 美元因降息預期承壓，市場關注即將公佈的就業數據。

全球市場 - 亞洲股市在英偉達發佈前徘徊；投資者對美聯儲的獨立性保持謹慎