<p>（歐洲交易期間的更新）</p><p>美國 9 月份個人消費支出數據即將公佈</p><p>歐洲股市上漲，銅價創下歷史新高</p><p>日本債券拋售，因日本央行加息信號日元走強</p><p>作者：阿曼達·庫珀</p><p>倫敦，12 月 5 日（路透社）-</p><p>全球股市在週五上漲，預計將迎來連續第二週的漲幅，投資者對即將公佈的美國通脹數據充滿信心，認為這不會阻止美聯儲下週降息，這對美元造成壓力並推動黃金上漲。</p><p>歐洲股市開盤走高，受礦業股上漲的推動，銅價創下歷史新高。STOXX 600 指數（.STOXX）本週上漲 0.7%，到上午中段上漲 0.3%。美國股指期貨（ESc1）（NQc1）上漲 0.2% 至 0.4%，預示華爾街稍後將出現温和反彈。</p><p>政府債券本週一直是市場活動的中心，在美國核心通脹數據公佈前保持穩定交易。</p><h3>債券焦點</h3><p>日本政府債券本週引領全球債務拋售。10 年期日本國債收益率已達到</p><p>自 2007 年中以來的最高點</p><p>, 而 30 年期收益率創下歷史新高，此前日本央行本週發出了最強烈的加息信號。</p><p>“如果他們真的採取行動，政策利率將上升至 0.75%，這是自 1995 年以來的最高水平，” 德意志銀行策略師吉姆·裏德表示。“這導致日本資產出現鷹派反應，日元今晨對美元升值 0.18%，而日經指數下跌 1.29%。”</p><p>美元（JPY=）當天最後下跌 0.1%，報 154.91 日元，低於上週的 10 個月高點 157.9。</p><p>週五美元承受廣泛壓力，經過連續九個交易日下跌後，隔夜有所企穩。美元指數（=USD）下跌 0.1%，報 99，周跌幅為 0.5%。</p><p>由於市場普遍預期日本央行將加息，而美聯儲則恢復降息，投資者正在購買日元以對抗美元，因為兩國的利率逐漸接近。交易者通常借入日元，然後賣出日元購買收益更高的美元資產，如科技股或加密貨幣，這被稱為套利交易。日元走強使得投資於這一交易的數十億美元面臨風險。</p><p>‘一次性解決？’</p><p>“關於這次（日本央行會議）有趣的是：‘這是否是一次性解決？’ 我認為這將是美聯儲和日本央行的重點，” 城市指數策略師菲奧娜·辛科塔表示。“所以儘管我們已經進入 12 月，事情應該逐漸平息，但仍然有兩個主要風險事件。”</p><p>美元疲軟的原因是市場預期美聯儲將在下週三降息 25 個基點，並在 2026 年至少再降息兩次。</p><p>儘管市場對美聯儲降息的預期達到 90%，但這可能是美聯儲多年來最具爭議的決定，因為多達 12 名投票成員中有五名公開表示反對進一步降息。</p><p>接下來是 9 月份的個人消費支出（PCE）價格指數——美聯儲首選的通脹指標——預計核心指標將上升 0.2%，使年率保持在 2.9% 不變。</p><p>週四的數據表明</p><p>失業救濟申請</p><p>上週下降，緩解了對勞動力市場急劇惡化的擔憂，但這可能是由於感恩節假期。</p><p>週五國債收益率在前一天上漲後保持穩定。兩年期國債收益率（US2YT=RR）下跌 1 個基點至 3.527%，在隔夜上漲 5 個基點後，10 年期收益率（US10YT=RR）幾乎沒有變化，報 4.11%。</p><h3>銅價飆升</h3><p>在商品市場，基準銅期貨（CMCU3）早些時候創下每噸 11,705 美元的歷史新高，此前花旗基於供應擔憂和對美聯儲降息的預期上調了價格預測。</p><p>布倫特原油（LCOc1）期貨預計本週將下跌 0.2%，報每桶 63.2 美元，日內下跌約 0.1%，而黃金（XAU=）上漲 0.3%，報每盎司 4,221 美元。白銀（XAG=）上漲 1.7%，報每盎司 58 美元。</p>

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<p>全球股市上漲，投資者預計美聯儲將降息，導致美元走弱，推動黃金上漲。歐洲股市因礦業股票上漲而獲利，而日本債券因日本銀行加息信號而遭到拋售。日元走強，影響了套利交易。銅價創下歷史新高，美元指數下跌。美聯儲預期的降息和日本銀行可能的加息是關鍵關注點，接下來美國個人消費支出數據將影響決策。國債收益率保持穩定，黃金和白銀等商品價格上漲</p>

<p>(Updates throughout with European trading)</p>
<div class="lb-trans"><p>（歐洲交易期間的更新）</p>
</div><p>US PCE data for September due later</p>
<div class="lb-trans"><p>美國 9 月份個人消費支出數據即將公佈</p>
</div><p>European stocks rise, copper hits record highs</p>
<div class="lb-trans"><p>歐洲股市上漲，銅價創下歷史新高</p>
</div><p>Japanese bonds sell off, yen strengthens on BOJ rate-hike signals</p>
<div class="lb-trans"><p>日本債券拋售，因日本央行加息信號日元走強</p>
</div><p>By Amanda Cooper</p>
<div class="lb-trans"><p>作者：阿曼達·庫珀</p>
</div><p>LONDON, Dec 5 (Reuters) -</p>
<div class="lb-trans"><p>倫敦，12 月 5 日（路透社）-</p>
</div><p>Global shares rose on Friday, heading for a second week of gains, ahead of a key read of U.S. inflation that investors are confident will not prevent the Federal Reserve from cutting rates next week, which weighed on the dollar and boosted gold.</p>
<div class="lb-trans"><p>全球股市在週五上漲，預計將迎來連續第二週的漲幅，投資者對即將公佈的美國通脹數據充滿信心，認為這不會阻止美聯儲下週降息，這對美元造成壓力並推動黃金上漲。</p>
</div><p>European stock markets opened higher, propelled by gains in mining stocks, after the price of copper hit record highs. The STOXX 600 (.STOXX) , which has gained 0.7% this week, was up 0.3% by mid-morning. U.S. stock futures (ESc1) (NQc1) were up 0.2% to 0.4%, pointing to a modest rally on Wall Street later.</p>
<div class="lb-trans"><p>歐洲股市開盤走高，受礦業股上漲的推動，銅價創下歷史新高。STOXX 600 指數（.STOXX）本週上漲 0.7%，到上午中段上漲 0.3%。美國股指期貨（ESc1）（NQc1）上漲 0.2% 至 0.4%，預示華爾街稍後將出現温和反彈。</p>
</div><p>Government bonds, which have been at the centre of a lot of market action this week, traded steadily ahead of monthly U.S. core inflation data.</p>
<div class="lb-trans"><p>政府債券本週一直是市場活動的中心，在美國核心通脹數據公佈前保持穩定交易。</p>
</div><h3>BONDS IN FOCUS</h3>
<div class="lb-trans"><h3>債券焦點</h3>
</div><p>Japanese government bonds have led a global debt selloff this week. Yields on 10-year JGBs have hit their</p>
<div class="lb-trans"><p>日本政府債券本週引領全球債務拋售。10 年期日本國債收益率已達到</p>
</div><p>highest point since mid-2007</p>
<div class="lb-trans"><p>自 2007 年中以來的最高點</p>
</div><p>, while 30-year yields have hit record highs, after the Bank of Japan gave its strongest signal yet this week that rates were likely to rise this month.</p>
<div class="lb-trans"><p>, 而 30 年期收益率創下歷史新高，此前日本央行本週發出了最強烈的加息信號。</p>
</div><p>“If they do proceed, that would take the policy rate up to 0.75%, the highest since 1995,” said Jim Reid, a strategist at Deutsche Bank. “That’s led to a hawkish reaction among Japanese assets, with the yen strengthening 0.18% this morning against the U.S. dollar, whilst the Nikkei is down 1.29%.”</p>
<div class="lb-trans"><p>“如果他們真的採取行動，政策利率將上升至 0.75%，這是自 1995 年以來的最高水平，” 德意志銀行策略師吉姆·裏德表示。“這導致日本資產出現鷹派反應，日元今晨對美元升值 0.18%，而日經指數下跌 1.29%。”</p>
</div><p>The dollar (JPY=) was last down 0.1% on the day at 154.91 yen, off last week’s 10-month high of 157.9.</p>
<div class="lb-trans"><p>美元（JPY=）當天最後下跌 0.1%，報 154.91 日元，低於上週的 10 個月高點 157.9。</p>
</div><p>The U.S. currency was under broad pressure on Friday, having steadied overnight after falling for nine straight sessions. The dollar index (=USD) was down 0.1% to 99 - and down 0.5% for the week.</p>
<div class="lb-trans"><p>週五美元承受廣泛壓力，經過連續九個交易日下跌後，隔夜有所企穩。美元指數（=USD）下跌 0.1%，報 99，周跌幅為 0.5%。</p>
</div><p>With the BOJ widely expected to deliver a rate rise just as the Fed resumes cutting, investors are buying the Japanese yen against the dollar as interest rates in the two countries edged towards one another. Traders frequently borrow the yen to then sell it and buy higher-yielding assets in dollars, like tech stocks or cryptocurrencies - this is known as a carry trade. A stronger yen puts billions of dollars invested in this trade at risk.</p>
<div class="lb-trans"><p>由於市場普遍預期日本央行將加息，而美聯儲則恢復降息，投資者正在購買日元以對抗美元，因為兩國的利率逐漸接近。交易者通常借入日元，然後賣出日元購買收益更高的美元資產，如科技股或加密貨幣，這被稱為套利交易。日元走強使得投資於這一交易的數十億美元面臨風險。</p>
</div><p>‘ONE AND DONE?’</p>
<div class="lb-trans"><p>‘一次性解決？’</p>
</div><p>“What’s going to be interesting about that (BOJ meeting): is, is ‘it one and done?’ I think that’s going to be the big focus for both central banks, for the Fed and for the BOJ,” said City Index strategist Fiona Cincotta. “So it feels like even though we’re in December and things should be winding down, there are still two major risk events.”</p>
<div class="lb-trans"><p>“關於這次（日本央行會議）有趣的是：‘這是否是一次性解決？’ 我認為這將是美聯儲和日本央行的重點，” 城市指數策略師菲奧娜·辛科塔表示。“所以儘管我們已經進入 12 月，事情應該逐漸平息，但仍然有兩個主要風險事件。”</p>
</div><p>The weakness in the U.S. currency has been driven by expectations that the Fed will cut interest rates by a quarter point next Wednesday and deliver at least two reductions in 2026.</p>
<div class="lb-trans"><p>美元疲軟的原因是市場預期美聯儲將在下週三降息 25 個基點，並在 2026 年至少再降息兩次。</p>
</div><p>While markets are 90% priced for a Fed rate cut, it could be the most contentious decision in years for the central bank because as many as five of the 12 voting members have publicly said they oppose reducing rates further.</p>
<div class="lb-trans"><p>儘管市場對美聯儲降息的預期達到 90%，但這可能是美聯儲多年來最具爭議的決定，因為多達 12 名投票成員中有五名公開表示反對進一步降息。</p>
</div><p>Next up is the September personal consumption expenditures (PCE) price index - the Fed’s preferred gauge of inflation - which is expected to show a 0.2% rise in the core measure, leaving the annual rate unchanged at 2.9%.</p>
<div class="lb-trans"><p>接下來是 9 月份的個人消費支出（PCE）價格指數——美聯儲首選的通脹指標——預計核心指標將上升 0.2%，使年率保持在 2.9% 不變。</p>
</div><p>Data on Thursday showed</p>
<div class="lb-trans"><p>週四的數據表明</p>
</div><p>jobless claims</p>
<div class="lb-trans"><p>失業救濟申請</p>
</div><p>fell last week, assuaging concerns about a sharp deterioration in the labour market, but that might be due to the Thanksgiving holiday.</p>
<div class="lb-trans"><p>上週下降，緩解了對勞動力市場急劇惡化的擔憂，但這可能是由於感恩節假期。</p>
</div><p>Treasury yields held steady on Friday after rising the previous day. Two-year Treasury yields (US2YT=RR) fell 1 basis point to 3.527%, having risen 5 basis points overnight, while the 10-year yield (US10YT=RR) was virtually unchanged at 4.11%.</p>
<div class="lb-trans"><p>週五國債收益率在前一天上漲後保持穩定。兩年期國債收益率（US2YT=RR）下跌 1 個基點至 3.527%，在隔夜上漲 5 個基點後，10 年期收益率（US10YT=RR）幾乎沒有變化，報 4.11%。</p>
</div><h3>COPPER SURGES</h3>
<div class="lb-trans"><h3>銅價飆升</h3>
</div><p>In commodities, benchmark copper futures (CMCU3) hit an all-time high of $11,705 a tonne earlier, after Citi upgraded its price forecast based on supply concerns and expectations for a Fed rate cut.</p>
<div class="lb-trans"><p>在商品市場，基準銅期貨（CMCU3）早些時候創下每噸 11,705 美元的歷史新高，此前花旗基於供應擔憂和對美聯儲降息的預期上調了價格預測。</p>
</div><p>Brent crude (LCOc1) futures were set to end the week 0.2% lower at $63.2 a barrel, down around 0.1% on the day, while gold (XAU=) was up 0.3% to $4,221 an ounce. Silver (XAG=) was up 1.7% at $58 an ounce.</p>
<div class="lb-trans"><p>布倫特原油（LCOc1）期貨預計本週將下跌 0.2%，報每桶 63.2 美元，日內下跌約 0.1%，而黃金（XAU=）上漲 0.3%，報每盎司 4,221 美元。白銀（XAG=）上漲 1.7%，報每盎司 58 美元。</p>
</div>

全球市場——股市上漲，美元走軟，投資者準備迎接美聯儲降息