<p>股票年末反彈</p><p>黃金和白銀創下歷史新高，其他貴金屬繼續上漲</p><p>美元承壓，投資者考慮美國利率</p><p>日元回暖但仍顯脆弱，干預擔憂依然存在</p><p>作者：Ankur Banerjee</p><p>新加坡，12 月 26 日（路透社）- 亞洲股市在週五上漲至六週來的最高點，貴金屬的強勁反彈沒有減弱的跡象，投資者希望在年末以高點收官，而疲軟的日元則使干預風險依然存在。</p><p>週五，澳大利亞、香港和大部分歐洲市場休市，流動性預計將較低。儘管如此，投資者仍在嘗試年末反彈，本週風險偏好有所回升。</p><p>日本的東證指數（.TOPX）攀升至歷史新高，最後上漲 0.5%。韓國基準指數（.KS11）上漲 0.6%，年內漲幅達到 72%，成為今年全球表現最佳的主要股市。</p><p>中國的藍籌股指數（.CSI300）上漲 0.27%，預計年內漲幅達到 18%，是自 2020 年以來最強勁的年度漲幅。</p><p>這推動 MSCI 亞太地區股票的廣泛指數（.MIAP00000PUS）升至自 11 月 14 日以來的最高水平。該指數最後上漲 0.4%，今年迄今已上漲 25%。</p><p>除了股票，貴金屬也備受關注，現貨白銀（XAG=）在週五上漲超過 4%，創下歷史新高，而黃金（XAU=）也達到了歷史最高點，最後報價為每盎司 4,503.39 美元。</p><p>MUFG 的商品分析師金秀珍表示，這一反彈得益於中央銀行的大量購買、對黃金 ETF 的強勁流入，以及投資者對貨幣貶值和全球債務上升的擔憂。</p><p>今年黃金價格飆升超過 71%，有望實現自 1979 年以來最強勁的年度漲幅，而白銀年內上漲 158%。</p><p>“隨着主要銀行預測到 2026 年將進一步上漲，實物需求的強勁和持續的地緣政治及貨幣不確定性表明貴金屬的反彈可能會繼續，” 金秀珍在一份報告中表示。</p><h3>美元的十二月低迷</h3><p>在新年即將來臨之際，投資者關注美國聯邦儲備委員會可能何時進一步降息以及降息幅度，交易員預計 2026 年將至少有兩次降息，儘管他們不認為美聯儲會在 6 月之前採取行動。</p><p>中央銀行本身預計明年將再降息一次，但分歧的美聯儲讓投資者對美國政策前景感到緊張。</p><p>投資者還在等待特朗普總統提名新的美聯儲主席以替代傑羅姆·鮑威爾，後者的任期將在 5 月結束，特朗普的任何決定都可能在未來一週內影響市場。</p><p>因此，美元承壓，歐元（EUR=）、英鎊（GBP=）和瑞士法郎（CHF=）均升至近期高點。</p><p>美元指數（=USD）衡量美元對六種競爭貨幣的表現，預計本週將下跌 0.8%，是自 7 月以來最弱的周表現。週五在亞洲交易時段保持在 97.935。</p><p>日元（JPY=）略微走弱，報 156.23 美元，但有望實現 1% 的周漲幅，為自 9 月底以來最大周漲幅，此前東京發出強烈的口頭警告，使干預風險依然存在。</p><p>儘管日本央行上週進行了預先通知的加息，但市場解讀行長植田和男的言論，認為央行不會急於進一步加息，日元仍然疲軟。</p><p>分析師和熟悉央行思路的消息人士告訴路透社，模糊的溝通可能旨在為加息的確切時機保留靈活性，並掩蓋日本央行繼續提高借貸成本的決心。</p><p>儘管如此，投資者仍對東京的官方買入日元保持警惕，特別是在年末交易量減少的情況下，分析師表示這是當局採取行動的良機。</p><p>週五，日本基準國債小幅上漲，因為對債務發行受限的預期幫助收益率從 26 年來的高點回落，首相高市早苗試圖緩解市場對其擴張性財政政策的擔憂。</p>

<p>亞洲股市達到六週來的最高點，受到年末反彈和貴金屬強勁上漲的推動。日本的東證指數和韓國基準指數均出現顯著上漲。黃金和白銀等貴金屬創下歷史新高，受到中央銀行購入和投資者對貨幣貶值的擔憂的支持。美元走弱，日元略有回升。投資者關注美國聯邦儲備委員會可能的降息以及新任美聯儲主席的提名。日本政府債券在對債務發行保持克制的預期下小幅上漲</p>

<p>Stocks stage year-end rally</p>
<div class="lb-trans"><p>股票年末反彈</p>
</div><p>Gold and silver at record highs, other precious metals build on gains</p>
<div class="lb-trans"><p>黃金和白銀創下歷史新高，其他貴金屬繼續上漲</p>
</div><p>Dollar on the back foot as investors consider US rates</p>
<div class="lb-trans"><p>美元承壓，投資者考慮美國利率</p>
</div><p>Yen back from the brink but remains frail, intervention worries linger</p>
<div class="lb-trans"><p>日元回暖但仍顯脆弱，干預擔憂依然存在</p>
</div><p>By Ankur Banerjee</p>
<div class="lb-trans"><p>作者：Ankur Banerjee</p>
</div><p>SINGAPORE, Dec 26 (Reuters) - Asian stocks rose to their highest in six weeks on Friday and a blistering rally in precious metals showed no signs of tempering as investors sought to close out the year on a high while a softer yen kept intervention risk in the fray.</p>
<div class="lb-trans"><p>新加坡，12 月 26 日（路透社）- 亞洲股市在週五上漲至六週來的最高點，貴金屬的強勁反彈沒有減弱的跡象，投資者希望在年末以高點收官，而疲軟的日元則使干預風險依然存在。</p>
</div><p>Markets in Australia, Hong Kong and most of Europe are closed on Friday, with liquidity expected to be thin. Still, investors are attempting a year-end rally, with risk appetite perking up this week.</p>
<div class="lb-trans"><p>週五，澳大利亞、香港和大部分歐洲市場休市，流動性預計將較低。儘管如此，投資者仍在嘗試年末反彈，本週風險偏好有所回升。</p>
</div><p>Japan’s Topix (.TOPX) climbed to a record high and was last up 0.5%. South Korea’s benchmark index (.KS11) rose 0.6%, taking its annual gain to 72% and making it the best-performing major stock market in the world this year.</p>
<div class="lb-trans"><p>日本的東證指數（.TOPX）攀升至歷史新高，最後上漲 0.5%。韓國基準指數（.KS11）上漲 0.6%，年內漲幅達到 72%，成為今年全球表現最佳的主要股市。</p>
</div><p>China’s blue-chip stock index (.CSI300) was 0.27% higher, on pace to clock an 18% gain for the year, its strongest annual surge since 2020.</p>
<div class="lb-trans"><p>中國的藍籌股指數（.CSI300）上漲 0.27%，預計年內漲幅達到 18%，是自 2020 年以來最強勁的年度漲幅。</p>
</div><p>That pushed MSCI’s broadest index of Asia-Pacific shares (.MIAP00000PUS) to its highest level since November 14. The index was last up 0.4% and has gained 25% so far this year.</p>
<div class="lb-trans"><p>這推動 MSCI 亞太地區股票的廣泛指數（.MIAP00000PUS）升至自 11 月 14 日以來的最高水平。該指數最後上漲 0.4%，今年迄今已上漲 25%。</p>
</div><p>Beyond stocks, precious metals are in the spotlight with spot silver (XAG=) surging over 4% to a record high on Friday, while gold (XAU=) also hit a record peak, last fetching $4,503.39 per ounce.</p>
<div class="lb-trans"><p>除了股票，貴金屬也備受關注，現貨白銀（XAG=）在週五上漲超過 4%，創下歷史新高，而黃金（XAU=）也達到了歷史最高點，最後報價為每盎司 4,503.39 美元。</p>
</div><p>Soojin Kim, commodities analyst at MUFG, said the rally has been supported by heavy central bank purchases, strong inflows into gold-backed ETFs, and investor concerns over currency debasement and rising global debt.</p>
<div class="lb-trans"><p>MUFG 的商品分析師金秀珍表示，這一反彈得益於中央銀行的大量購買、對黃金 ETF 的強勁流入，以及投資者對貨幣貶值和全球債務上升的擔憂。</p>
</div><p>Gold has soared over 71% this year, on pace for its strongest annual gain since 1979, while silver is up 158% for the year. (GOL/)</p>
<div class="lb-trans"><p>今年黃金價格飆升超過 71%，有望實現自 1979 年以來最強勁的年度漲幅，而白銀年內上漲 158%。</p>
</div><p>“With major banks forecasting further gains into 2026, the strength of physical demand and persistent geopolitical and monetary uncertainties suggest the precious metals rally could continue,” Kim said in a note.</p>
<div class="lb-trans"><p>“隨着主要銀行預測到 2026 年將進一步上漲，實物需求的強勁和持續的地緣政治及貨幣不確定性表明貴金屬的反彈可能會繼續，” 金秀珍在一份報告中表示。</p>
</div><h3>DOLLAR’S DECEMBER BLUES</h3>
<div class="lb-trans"><h3>美元的十二月低迷</h3>
</div><p>Heading into the new year, investors are focused on when the U.S. Federal Reserve might further cut interest rates and by how much, with traders pricing in at least two cuts in 2026, although they do not expect the Fed to move before June.</p>
<div class="lb-trans"><p>在新年即將來臨之際，投資者關注美國聯邦儲備委員會可能何時進一步降息以及降息幅度，交易員預計 2026 年將至少有兩次降息，儘管他們不認為美聯儲會在 6 月之前採取行動。</p>
</div><p>The central bank itself has projected one more cut next year but a divided Fed has left investors on edge about the U.S. policy outlook.</p>
<div class="lb-trans"><p>中央銀行本身預計明年將再降息一次，但分歧的美聯儲讓投資者對美國政策前景感到緊張。</p>
</div><p>Investors are also waiting for President Donald Trump to nominate a Fed chair to replace Jerome Powell, whose term ends in May, and any inkling of Trump’s decision could sway markets in the coming week.</p>
<div class="lb-trans"><p>投資者還在等待特朗普總統提名新的美聯儲主席以替代傑羅姆·鮑威爾，後者的任期將在 5 月結束，特朗普的任何決定都可能在未來一週內影響市場。</p>
</div><p>The U.S. dollar has been under pressure as a result, pushing the euro (EUR=) , sterling (GBP=) and the Swiss franc (CHF=) to recent highs.</p>
<div class="lb-trans"><p>因此，美元承壓，歐元（EUR=）、英鎊（GBP=）和瑞士法郎（CHF=）均升至近期高點。</p>
</div><p>The dollar index (=USD) , which measures the dollar against six rivals, was poised for a 0.8% drop for the week, its weakest weekly performance since July. It was steady at 97.935 in Asian hours on Friday.</p>
<div class="lb-trans"><p>美元指數（=USD）衡量美元對六種競爭貨幣的表現，預計本週將下跌 0.8%，是自 7 月以來最弱的周表現。週五在亞洲交易時段保持在 97.935。</p>
</div><p>The Japanese yen (JPY=) was a shade weaker at 156.23 per U.S. dollar but on course for a 1% weekly rise, its biggest weekly gain since the end of September, after strong bouts of verbal warnings from Tokyo that have left intervention risks on the table.</p>
<div class="lb-trans"><p>日元（JPY=）略微走弱，報 156.23 美元，但有望實現 1% 的周漲幅，為自 9 月底以來最大周漲幅，此前東京發出強烈的口頭警告，使干預風險依然存在。</p>
</div><p>The yen has weakened despite the Bank of Japan delivering a well-telegraphed rate hike last week as markets interpreted comments from Governor Kazuo Ueda to suggest the central bank will not rush further rate hikes.</p>
<div class="lb-trans"><p>儘管日本央行上週進行了預先通知的加息，但市場解讀行長植田和男的言論，認為央行不會急於進一步加息，日元仍然疲軟。</p>
</div><p>Analysts and sources familiar with the central bank’s thinking told Reuters the ambiguous communication is likely aimed at leaving flexibility on the exact rate-hike timing and belies the BOJ’s resolve to keep pushing up borrowing costs.</p>
<div class="lb-trans"><p>分析師和熟悉央行思路的消息人士告訴路透社，模糊的溝通可能旨在為加息的確切時機保留靈活性，並掩蓋日本央行繼續提高借貸成本的決心。</p>
</div><p>Still, investors are vigilant to official yen-buying from Tokyo, particularly as trading volumes thin towards the year-end, which analysts say is an opportune time for authorities to take action.</p>
<div class="lb-trans"><p>儘管如此，投資者仍對東京的官方買入日元保持警惕，特別是在年末交易量減少的情況下，分析師表示這是當局採取行動的良機。</p>
</div><p>Benchmark Japanese government bonds gained slightly on Friday as expectations for restrained debt issuance helped yields retreat from a 26-year peak as Prime Minister Sanae Takaichi sought to ease market concerns over her expansionary fiscal policy.</p>
<div class="lb-trans"><p>週五，日本基準國債小幅上漲，因為對債務發行受限的預期幫助收益率從 26 年來的高點回落，首相高市早苗試圖緩解市場對其擴張性財政政策的擔憂。</p>
</div>

全球市場 - 亞洲股市升至六週高位；貴金屬表現強勁