<p>要點：</p>
<ul>
<li>華爾街股票連續第二週上漲</li>
<li>歐洲股票收盤持平，銅價創下歷史新高</li>
<li>日本債券拋售，日元因日本央行加息信號而走強</li>
<li>美國 9 月個人消費支出數據符合預期</li>
</ul>
<p>作者：Chibuike Oguh 和 Amanda Cooper</p>
<p>全球股市在週五上漲，因為美國關鍵經濟數據鞏固了投資者對下週美聯儲降息的預期，這一可能性對美元施加了壓力，並推動了黃金的上漲。</p>
<p>華爾街股票收盤上漲，連續第二週上漲，通信服務、消費品和科技股領漲。公用事業、能源和醫療保健股票則拖累了市場表現。</p>
<p>道瓊斯工業平均指數上漲 0.22%，標準普爾 500 指數上漲 0.19%，納斯達克綜合指數上漲 0.31%。</p>
<p>歐洲股市收盤變化不大，本週小幅上漲 0.41%。MSCI 全球股票指數 EURONEXT:IACWI 上漲 0.06%，連續第二個交易日上漲。</p>
<p>降息預期已被計入</p>
<p>9 月份，個人消費支出（PCE）價格指數——美聯儲首選的通脹指標——上漲 0.3%，符合分析師預期。美國 9 月份消費者支出小幅增加，但較上月有所放緩，表明經濟動能減弱，依據美國商務部的數據。</p>
<p>該報告因創紀錄的 43 天政府停擺而延遲發佈。</p>
<p>根據密歇根大學的調查，最近的數據表明，美國消費者信心在 12 月初有所改善，但對高物價和勞動力市場的擔憂依然存在。</p>
<p>市場普遍預計美聯儲將在下週的政策會議結束時降息 25 個基點。根據 CME 的 FedWatch 工具，投資者預計降息的可能性接近 90%。</p>
<p>“美聯儲對市場非常寬鬆——尤其是它提前很好地傳達了降息的信號——因此這些股票市場在年末前看起來相當不錯，” 休斯頓 SanJac Alpha 的首席投資官 Andrew Wells 表示。</p>
<p>“美聯儲會降息。我認為這幾乎沒有疑問，並且已經被市場計入，” Wells 説。</p>
<p>在貨幣市場，歐元兑美元持平，報 1.645 美元。美元兑日元上漲 0.14%，報 155.30 日元。</p>
<p>美元在主要貨幣中下跌，此前在前一個交易日結束了連續 9 天的下跌。美元受到美聯儲降息預期的壓力。</p>
<p>美元指數衡量美元對包括日元和歐元在內的一籃子貨幣的表現，下跌 0.10%，報 98.98，連續第二週下跌。</p>
<p>債券市場關注</p>
<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達到自 2007 年中以來的最高點，而 30 年期收益率創下歷史新高，此前日本央行發出了最強烈的加息信號。</p>
<p>“如果他們繼續這樣做，政策利率將上升至 0.75%，這是自 1995 年以來的最高水平，” 德意志銀行的策略師 Jim Reid 表示。</p>
<p>“這導致日本資產出現鷹派反應，日元今晨對美元上漲 0.18%，而日經指數下跌 1.29%。” 他説。</p>
<p>由於市場普遍預計日本央行將在美聯儲恢復降息時加息，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。</p>
<p>交易者通常借入日元，然後將其出售併購買收益更高的美元資產，如科技股或加密貨幣——這種做法被稱為套利交易。更強的日元使得投資於這一交易的數十億美元面臨風險。</p>
<p>基準美國 10 年期國債收益率上漲 2.9 個基點，報 4.137%。通常與美聯儲利率預期同步的兩年期國債（US2YT=RR）收益率上漲 3.4 個基點，報 3.565%。</p>
<p>銅價飆升</p>
<p>在商品市場，基準銅期貨早些時候創下每公噸 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>布倫特原油期貨上漲 0.8%，收於每桶 63.75 美元，而美國西德克薩斯中質原油（WTI）上漲 0.7%，收於每桶 60.08 美元。黃金下跌 0.17%，報每盎司 4,200.40 美元。白銀上漲 2.25%，報每盎司 58.41 美元。</p>

納斯達克 OMX 交易所

<p>全球股市上漲，投資者預計美聯儲將降息，推動華爾街股票連續第二週上漲。道瓊斯指數、標準普爾 500 指數和納斯達克指數均有所上漲，而歐洲股票則保持平穩。由於市場對美聯儲降息的預期，美元走弱，預計將連續第二週下跌。日本債券遭到拋售，日元因日本央行加息信號而走強。銅價創下歷史新高，布倫特原油和西德克薩斯中質原油上漲，而黃金略微下跌</p>

<p>Key points:</p>
<div class="lb-trans"><p>要點：</p>
</div><ul>
<li>Wall Street stocks notch second straight week of gains</li>
<li>European stocks finish flat, copper hits record highs</li>
<li>Japanese bonds sell off, yen strengthens on BOJ rate-hike signals</li>
<li>US September PCE data rises in line with expectations</li>
</ul>
<div class="lb-trans"><ul>
<li>華爾街股票連續第二週上漲</li>
<li>歐洲股票收盤持平，銅價創下歷史新高</li>
<li>日本債券拋售，日元因日本央行加息信號而走強</li>
<li>美國 9 月個人消費支出數據符合預期</li>
</ul>
</div><p>By Chibuike Oguh and Amanda Cooper</p>
<div class="lb-trans"><p>作者：Chibuike Oguh 和 Amanda Cooper</p>
</div><p>Global shares gained on Friday, after key U.S. economic data solidified investor expectations of a Federal Reserve rate cut next week, a likelihood that weighed on the dollar and boosted gold.</p>
<div class="lb-trans"><p>全球股市在週五上漲，因為美國關鍵經濟數據鞏固了投資者對下週美聯儲降息的預期，這一可能性對美元施加了壓力，並推動了黃金的上漲。</p>
</div><p>Wall Street stocks finished higher and notched a second straight week of gains, with communication services, consumer discretionary, and technology leading the pack. Utilities, energy and healthcare stocks drove losses.</p>
<div class="lb-trans"><p>華爾街股票收盤上漲，連續第二週上漲，通信服務、消費品和科技股領漲。公用事業、能源和醫療保健股票則拖累了市場表現。</p>
</div><p>The Dow Jones Industrial Average  rose 0.22%, the S&amp;P 500  rose 0.19%, and the Nasdaq Composite  rose 0.31%.</p>
<div class="lb-trans"><p>道瓊斯工業平均指數上漲 0.22%，標準普爾 500 指數上漲 0.19%，納斯達克綜合指數上漲 0.31%。</p>
</div><p>European stock markets  finished little changed and secured a modest 0.41% gain for the week. MSCI's index of stocks across the globe EURONEXT:IACWI edged up 0.06%, on track for the second straight session of gains.</p>
<div class="lb-trans"><p>歐洲股市收盤變化不大，本週小幅上漲 0.41%。MSCI 全球股票指數 EURONEXT:IACWI 上漲 0.06%，連續第二個交易日上漲。</p>
</div><p>FED CUT PRICED IN</p>
<div class="lb-trans"><p>降息預期已被計入</p>
</div><p>In September, the Personal Consumption Expenditures (PCE) Price Index - which is the Fed's preferred inflation gauge - increased 0.3%, in line with analyst expectations. U.S. consumer spending increased marginally in September but eased from the prior month, suggesting a loss of momentum in the economy, according to U.S. Commerce Department data.</p>
<div class="lb-trans"><p>9 月份，個人消費支出（PCE）價格指數——美聯儲首選的通脹指標——上漲 0.3%，符合分析師預期。美國 9 月份消費者支出小幅增加，但較上月有所放緩，表明經濟動能減弱，依據美國商務部的數據。</p>
</div><p>The report was delayed by a record 43-day government shutdown.</p>
<div class="lb-trans"><p>該報告因創紀錄的 43 天政府停擺而延遲發佈。</p>
</div><p>In more recent data, U.S. consumer sentiment improved in early December, but worries about high prices and the labor market persisted, a University of Michigan survey showed.</p>
<div class="lb-trans"><p>根據密歇根大學的調查，最近的數據表明，美國消費者信心在 12 月初有所改善，但對高物價和勞動力市場的擔憂依然存在。</p>
</div><p>The Fed is widely expected to cut interest rates by 25 basis points at the end of its policy meeting next week. Investors are pricing in a near 90% chance of a rate cut, according to the CME's FedWatch tool.</p>
<div class="lb-trans"><p>市場普遍預計美聯儲將在下週的政策會議結束時降息 25 個基點。根據 CME 的 FedWatch 工具，投資者預計降息的可能性接近 90%。</p>
</div><p>&#34;The Fed has been so accommodative to markets - especially as it's telegraphing really well its rate cuts in advance - that these equities markets look in pretty good shape going into the end of the year,&#34; said Andrew Wells, chief investment officer at SanJac Alpha in Houston.</p>
<div class="lb-trans"><p>“美聯儲對市場非常寬鬆——尤其是它提前很好地傳達了降息的信號——因此這些股票市場在年末前看起來相當不錯，” 休斯頓 SanJac Alpha 的首席投資官 Andrew Wells 表示。</p>
</div><p>&#34;The Fed will cut. I think there's very little question about that and it's priced in,&#34; Wells said.</p>
<div class="lb-trans"><p>“美聯儲會降息。我認為這幾乎沒有疑問，並且已經被市場計入，” Wells 説。</p>
</div><p>In currency markets, the euro  was flat at $1.645 against the dollar. The dollar was up 0.14% at 155.30 against the Japanese yen .</p>
<div class="lb-trans"><p>在貨幣市場，歐元兑美元持平，報 1.645 美元。美元兑日元上漲 0.14%，報 155.30 日元。</p>
</div><p>The dollar was down against major currencies after snapping a 9-day losing streak in the previous session. The greenback has been weighed down by Fed rate cut expectations.</p>
<div class="lb-trans"><p>美元在主要貨幣中下跌，此前在前一個交易日結束了連續 9 天的下跌。美元受到美聯儲降息預期的壓力。</p>
</div><p>The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, eased 0.10% to 98.98. It is set for a second straight week of losses.</p>
<div class="lb-trans"><p>美元指數衡量美元對包括日元和歐元在內的一籃子貨幣的表現，下跌 0.10%，報 98.98，連續第二週下跌。</p>
</div><p>BONDS IN FOCUS</p>
<div class="lb-trans"><p>債券市場關注</p>
</div><p>Japanese government bonds have led a global debt selloff this week. Yields on 10-year JGBs have hit their highest point since mid-2007, while 30-year yields have hit record highs, after the Bank of Japan gave its strongest signal yet that rates were likely to rise this month.</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達到自 2007 年中以來的最高點，而 30 年期收益率創下歷史新高，此前日本央行發出了最強烈的加息信號。</p>
</div><p>&#34;If they do proceed, that would take the policy rate up to 0.75%, the highest since 1995,&#34; said Jim Reid, a strategist at Deutsche Bank.</p>
<div class="lb-trans"><p>“如果他們繼續這樣做，政策利率將上升至 0.75%，這是自 1995 年以來的最高水平，” 德意志銀行的策略師 Jim Reid 表示。</p>
</div><p>&#34;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%,&#34; he said.</p>
<div class="lb-trans"><p>“這導致日本資產出現鷹派反應，日元今晨對美元上漲 0.18%，而日經指數下跌 1.29%。” 他説。</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 toward each other.</p>
<div class="lb-trans"><p>由於市場普遍預計日本央行將在美聯儲恢復降息時加息，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。</p>
</div><p>Traders frequently borrow the yen to then sell it and buy higher-yielding assets in dollars, like tech stocks or cryptocurrencies - a practice known as a carry trade. A stronger yen puts billions of dollars invested in this trade at risk.</p>
<div class="lb-trans"><p>交易者通常借入日元，然後將其出售併購買收益更高的美元資產，如科技股或加密貨幣——這種做法被稱為套利交易。更強的日元使得投資於這一交易的數十億美元面臨風險。</p>
</div><p>The yield on benchmark U.S. 10-year notes  rose 2.9 basis points to 4.137%. The two-year note (US2YT=RR) yield, which typically moves in step with Fed rate expectations, rose 3.4 basis points to 3.565%.</p>
<div class="lb-trans"><p>基準美國 10 年期國債收益率上漲 2.9 個基點，報 4.137%。通常與美聯儲利率預期同步的兩年期國債（US2YT=RR）收益率上漲 3.4 個基點，報 3.565%。</p>
</div><p>COPPER SURGES</p>
<div class="lb-trans"><p>銅價飆升</p>
</div><p>In commodities, benchmark copper futures  hit an all-time high of $11,705 a metric ton 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，基準銅期貨早些時候創下每公噸 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  futures rose 0.8% to settle at $63.75 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.7% to settle at $60.08. Gold  fell 0.17% at $4,200.40 an ounce. Silver  was up 2.25% at $58.41 an ounce.</p>
<div class="lb-trans"><p>布倫特原油期貨上漲 0.8%，收於每桶 63.75 美元，而美國西德克薩斯中質原油（WTI）上漲 0.7%，收於每桶 60.08 美元。黃金下跌 0.17%，報每盎司 4,200.40 美元。白銀上漲 2.25%，報每盎司 58.41 美元。</p>
</div>

股市上漲，美元連續第二週下跌，投資者關注美聯儲的降息