<p>要點：</p>
<ul>
<li>儘管中國市場拋售，歐洲和亞洲股市大多上漲</li>
<li>債券市場在財政健康擔憂上升後保持平靜</li>
<li>疲弱的職位空缺數據和美聯儲的鴿派言論加強了降息預期</li>
</ul>
<p>週四，股市大多上漲，因為美聯儲官員的鴿派言論和日本超長期債務的順利拍賣緩解了近期政府債券市場的緊張情緒。</p>
<p>中國股市在隔夜因北京希望冷卻其股市，尤其是科技板塊的火熱反彈而暴跌，但歐洲的開局則順利得多。</p>
<p>該地區的 STOXX 600 指數上漲 0.3%，隨着交易的穩定，法國、英國和美國等國對長期政府借貸成本上升的擔憂逐漸平息。</p>
<p>在路透社報道 OPEC+ 官員計劃在本週末的會議上提高產量目標後，油價延續了疲軟的趨勢，而美元在週五關鍵的就業報告前處於震盪狀態。</p>
<p>幾位關鍵的美聯儲官員在最近幾天增強了市場對美聯儲即將降息的預期。交易員們現在預計在中央銀行 9 月 17 日的下次會議上幾乎 100% 會降息。</p>
<p>&#34;市場對本月美聯儲降息的信心有所增強，因此這對債券收益率施加了一定的温和下行壓力，&#34; MUFG 全球市場研究主管 Derek Halpenny 表示。</p>
<p>他補充説，中國股市的下跌在外匯市場上對澳元和新西蘭元造成了一定壓力，但總體而言，市場主要是&#34;整固並等待&#34;週五的就業數據。</p>
<p>歐洲的債券買家將德國 30 年期債券收益率（DE30YT=RR）下調了超過 1 個基點至 3.3%。法國的收益率也大致相同，降至 4.45%，此前在週二曾達到 4.523%，是自 2009 年 6 月以來的最高點，因擔心其政府可能再次崩潰。</p>
<p>下跌之星</p>
<p>隔夜，MSCI 亞太地區（不包括日本）的廣泛指數（.MIAPJ0000PUS）在彭博社報道金融監管機構正在準備市場降温措施後，結束時下跌 0.2%。</p>
<p>北京藍籌股下跌最多達 2.6%，而科技重磅的 STAR 50 指數在上個月飆升近 30% 後，單日下跌超過 6%，創下自 4 月以來的最差表現。</p>
<p>華爾街期貨指向輕鬆的重啓。雖然就業數據要到週五才會公佈，但交易員們將聽取美國總統特朗普提名的接替辭職的美聯儲董事會成員 Adriana Kugler 的 Stephen Miran 的提名聽證會。</p>
<p>&#34;聽聽參議員們對 Miran 關於美聯儲獨立性的看法的質詢將會很有趣，&#34; 德意志銀行全球宏觀研究負責人 Jim Reid 表示，考慮到特朗普已決定解僱另一位美聯儲官員 Lisa Cook，並且多次批評美聯儲主席 Jerome Powell。</p>
<p>在週三發佈的證詞中，Miran 表示他打算&#34;維護&#34;美聯儲的獨立性，證詞已發佈在參議院銀行委員會的網站上，供週四的聽證會參考。</p>
<p>由於獨立性問題對已經高企的政府債務水平造成的關注，東京的 30 年期日本債券拍賣順利進行讓人鬆了一口氣。</p>
<p>澳大利亞股市上漲 1%，從自 4 月以來最大的一日拋售中恢復，而日經 225 指數上漲 1.5%。</p>
<p>&#34;我們經歷了一兩天的疲軟，但買入的投資者已經介入，&#34; IG 市場分析師 Tony Sycamore 在悉尼表示。</p>
<p>印度基準的 Sensex 指數上漲 1%，在政府削減多種商品的税收以刺激消費並對抗美國關税後，市場重新開放。</p>
<p>週三的美聯儲&#34;褐皮書&#34;描繪了美國經濟健康的複雜局面，這似乎突顯了貨幣政策制定者的擔憂。ING 的分析師稱其相當&#34;黯淡&#34;，並表示&#34;充滿了&#34;對價格的關税警告。</p>
<p>基準 10 年期國債收益率在歐洲交易中微降至 4.2%，而對利率更敏感的 2 年期收益率（US2YT=RR）略高於 3.6%。</p>
<p>美元兑日元上漲 0.1%，報 148.25，保持在自 8 月初以來的交易區間內。</p>
<p>美元兑歐元也微升至 1.1650。在商品市場上，布倫特原油下跌 0.6%，至每桶 67.17 美元，黃金在週三創下每盎司 3,578.5 美元的歷史高點後回落 0.8%。</p>

明晟

<p>歐洲和亞洲股市大多上漲，儘管中國市場出現拋售，因美聯儲官員的鴿派言論以及日本長期債務的順利拍賣緩解了債券市場的緊張情緒。STOXX 600 指數上漲了 0.3%，而在 OPEC+ 產量討論中，油價有所下跌。交易員預計美聯儲在下次會議上降息的可能性接近 100%。MSCI 亞太指數下跌了 0.2%，中國科技股出現顯著下跌。澳大利亞股市上漲了 1%，印度的 Sensex 指數在減税以刺激消費後上漲了 1%</p>

<p>Key points:</p>
<div class="lb-trans"><p>要點：</p>
</div><ul>
<li>European and Asian stocks mostly rise despite China selloff</li>
<li>Bond market calm after rising fiscal health concerns</li>
<li>Weak job openings data, Fed's dovish comments reinforce rate cut bets</li>
</ul>
<div class="lb-trans"><ul>
<li>儘管中國市場拋售，歐洲和亞洲股市大多上漲</li>
<li>債券市場在財政健康擔憂上升後保持平靜</li>
<li>疲弱的職位空缺數據和美聯儲的鴿派言論加強了降息預期</li>
</ul>
</div><p>Stocks were mostly higher on Thursday as dovish comments from Federal Reserve officials and a smooth auction of super long-term debt in Japan eased some of the recent government bond market jitters.</p>
<div class="lb-trans"><p>週四，股市大多上漲，因為美聯儲官員的鴿派言論和日本超長期債務的順利拍賣緩解了近期政府債券市場的緊張情緒。</p>
</div><p>China bourses had tumbled overnight on reports Beijing wanted to cool the red hot rally in its equity markets, especially the tech sector , , but Europe had a much smoother start.</p>
<div class="lb-trans"><p>中國股市在隔夜因北京希望冷卻其股市，尤其是科技板塊的火熱反彈而暴跌，但歐洲的開局則順利得多。</p>
</div><p>The region's STOXX 600  ticked up 0.3% as trading settled and the angst about rising long-term government borrowing costs in the likes of France, Britain and U.S. gave way to relative calm.</p>
<div class="lb-trans"><p>該地區的 STOXX 600 指數上漲 0.3%，隨着交易的穩定，法國、英國和美國等國對長期政府借貸成本上升的擔憂逐漸平息。</p>
</div><p>Oil prices  extended their weak week after a Reuters report that OPEC+ officials were eyeing an increase in output targets at their meeting this weekend, while the dollar was in drift mode ahead of Friday's crucial jobs report.</p>
<div class="lb-trans"><p>在路透社報道 OPEC+ 官員計劃在本週末的會議上提高產量目標後，油價延續了疲軟的趨勢，而美元在週五關鍵的就業報告前處於震盪狀態。</p>
</div><p>Several key Federal Reserve officials have bolstered expectations of an imminent Fed rate cut in recent days. Traders are now pricing in a near 100% chance that one will be delivered at the central bank's next meeting on Sept. 17.</p>
<div class="lb-trans"><p>幾位關鍵的美聯儲官員在最近幾天增強了市場對美聯儲即將降息的預期。交易員們現在預計在中央銀行 9 月 17 日的下次會議上幾乎 100% 會降息。</p>
</div><p>&#34;The markets have become a little bit more convinced about a Fed rate cut this month, so that has put some modest downward pressure on bond yields,&#34; MUFG's global markets division head of research, Derek Halpenny, said.</p>
<div class="lb-trans"><p>&#34;市場對本月美聯儲降息的信心有所增強，因此這對債券收益率施加了一定的温和下行壓力，&#34; MUFG 全球市場研究主管 Derek Halpenny 表示。</p>
</div><p>He added that the Chinese equity market dip had weighed a little on the Aussie and Kiwi dollars in the FX markets, but otherwise it was largely a case of &#34;consolidate and wait&#34; for Friday's payrolls numbers.</p>
<div class="lb-trans"><p>他補充説，中國股市的下跌在外匯市場上對澳元和新西蘭元造成了一定壓力，但總體而言，市場主要是&#34;整固並等待&#34;週五的就業數據。</p>
</div><p>Europe's bond buyers nudged the German 30-year bond yield (DE30YT=RR) down just over 1 basis point to 3.3%. France’s was down roughly the same at 4.45%, having hit 4.523% on Tuesday, its highest since June 2009 on worries its government could collapse again.</p>
<div class="lb-trans"><p>歐洲的債券買家將德國 30 年期債券收益率（DE30YT=RR）下調了超過 1 個基點至 3.3%。法國的收益率也大致相同，降至 4.45%，此前在週二曾達到 4.523%，是自 2009 年 6 月以來的最高點，因擔心其政府可能再次崩潰。</p>
</div><p>FALLING STAR</p>
<div class="lb-trans"><p>下跌之星</p>
</div><p>Overnight, MSCI's broadest index of Asia-Pacific shares excluding those from Japan (.MIAPJ0000PUS) had ended 0.2% lower after a Bloomberg report that financial regulators were preparing cooling measures for the market.</p>
<div class="lb-trans"><p>隔夜，MSCI 亞太地區（不包括日本）的廣泛指數（.MIAPJ0000PUS）在彭博社報道金融監管機構正在準備市場降温措施後，結束時下跌 0.2%。</p>
</div><p>Beijing bluechips  fell as much as 2.6%, while the tech-heavy STAR 50 index, which soared nearly 30% last month, dropped more than 6% in its worst day since April.</p>
<div class="lb-trans"><p>北京藍籌股下跌最多達 2.6%，而科技重磅的 STAR 50 指數在上個月飆升近 30% 後，單日下跌超過 6%，創下自 4 月以來的最差表現。</p>
</div><p>Wall Street futures  were pointing to an easy restart. Payrolls aren't till Friday, but traders will get to hear the nomination hearing of Stephen Miran, U.S. President Donald Trump's pick to replace resigning Fed board member Adriana Kugler.</p>
<div class="lb-trans"><p>華爾街期貨指向輕鬆的重啓。雖然就業數據要到週五才會公佈，但交易員們將聽取美國總統特朗普提名的接替辭職的美聯儲董事會成員 Adriana Kugler 的 Stephen Miran 的提名聽證會。</p>
</div><p>&#34;It’ll be interesting to hear senators' questioning of Miran's views on Fed independence,&#34; Deutsche Bank's Global Head of Macro Research, Jim Reid, said, given that Trump has moved to fire another Fed official, Lisa Cook, and has been repeatedly criticising Fed Chairman Jerome Powell.</p>
<div class="lb-trans"><p>&#34;聽聽參議員們對 Miran 關於美聯儲獨立性的看法的質詢將會很有趣，&#34; 德意志銀行全球宏觀研究負責人 Jim Reid 表示，考慮到特朗普已決定解僱另一位美聯儲官員 Lisa Cook，並且多次批評美聯儲主席 Jerome Powell。</p>
</div><p>In testimony posted to the Senate Banking Committee's website on Wednesday ahead of Thursday's hearing, Miran said he intended to &#34;preserve&#34; that independence.</p>
<div class="lb-trans"><p>在週三發佈的證詞中，Miran 表示他打算&#34;維護&#34;美聯儲的獨立性，證詞已發佈在參議院銀行委員會的網站上，供週四的聽證會參考。</p>
</div><p>With all the focus the independence issues have created on already sky-high government debt levels, there was relief that an auction of 30-year Japanese bonds had gone smoothly in Tokyo overnight.</p>
<div class="lb-trans"><p>由於獨立性問題對已經高企的政府債務水平造成的關注，東京的 30 年期日本債券拍賣順利進行讓人鬆了一口氣。</p>
</div><p>Australian shares  advanced 1%, recovering from their biggest one-day sell-off since April, while the Nikkei 225  ended 1.5% higher.</p>
<div class="lb-trans"><p>澳大利亞股市上漲 1%，從自 4 月以來最大的一日拋售中恢復，而日經 225 指數上漲 1.5%。</p>
</div><p>&#34;We got one or two days of weakness but the dip-buyers have stepped in,&#34; Tony Sycamore, market analyst at IG in Sydney, said.</p>
<div class="lb-trans"><p>&#34;我們經歷了一兩天的疲軟，但買入的投資者已經介入，&#34; IG 市場分析師 Tony Sycamore 在悉尼表示。</p>
</div><p>India's benchmark Sensex  rose 1% as markets reopened, after the government slashed levies on several goods to fire up consumption and counteract U.S. tariffs.</p>
<div class="lb-trans"><p>印度基準的 Sensex 指數上漲 1%，在政府削減多種商品的税收以刺激消費並對抗美國關税後，市場重新開放。</p>
</div><p>Wednesday's Federal Reserve's &#34;Beige Book&#34; had painted a mixed picture of U.S. economic health, which appeared to underscore monetary policymakers' concerns. Analysts at ING called it quite &#34;bleak&#34; and said it was &#34;littered with&#34; tariff warnings on prices.</p>
<div class="lb-trans"><p>週三的美聯儲&#34;褐皮書&#34;描繪了美國經濟健康的複雜局面，這似乎突顯了貨幣政策制定者的擔憂。ING 的分析師稱其相當&#34;黯淡&#34;，並表示&#34;充滿了&#34;對價格的關税警告。</p>
</div><p>The yield on benchmark 10-year Treasury notes  inched down to 4.2% in European trading with the more rate-sensitive 2-year yield (US2YT=RR) just above 3.6%.</p>
<div class="lb-trans"><p>基準 10 年期國債收益率在歐洲交易中微降至 4.2%，而對利率更敏感的 2 年期收益率（US2YT=RR）略高於 3.6%。</p>
</div><p>The dollar edged up 0.1% against the yen at 148.25 , keeping within the trading range where it has stayed since the beginning of August.</p>
<div class="lb-trans"><p>美元兑日元上漲 0.1%，報 148.25，保持在自 8 月初以來的交易區間內。</p>
</div><p>It was also fractionally higher against the euro  at $1.1650. In commodities markets, Brent crude  dipped 0.6% to $67.17 a barrel and gold  edged back 0.8% after hitting a record high of 3,578.5 an ounce on Wednesday.</p>
<div class="lb-trans"><p>美元兑歐元也微升至 1.1650。在商品市場上，布倫特原油下跌 0.6%，至每桶 67.17 美元，黃金在週三創下每盎司 3,578.5 美元的歷史高點後回落 0.8%。</p>
</div>

Shares shake off China selloff as bond markets keep calm