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澳大利亚西太平洋银行领先指数下跌，关税冲击开始产生影响。3月份，澳大利亚西太平洋银行领先指数从0.9%跌至0.6%。西太平洋银行指出，该指数才刚刚开始反映美国总统唐纳德·特朗普4月2日宣布的互惠关税所造成的不断升级的干扰。

Australia Westpac leading index falls as tariff shock starting to weigh.Australia's Westpac Leading Index slipped from 0.9% to 0.6% in March. Westpac noted that the index has only just begun to reflect the escalating disruptions caused by US President Donald Trump's reciprocal tariff announcement on April 2.

中国第一季度GDP数据公布后，澳元保持坚挺。周三，澳元（AUD）对美元（USD）连续第六个交易日延续涨势，在澳大利亚西太平洋领先指数公布后，澳元/美元对保持坚挺。该指数的六个月年化增长率预测了未来三到九个月相对于趋势的经济势头，从2月份的0.9%降至3月份的0.6%。

Australian Dollar remains firm after release of China's Q1 GDP data.The Australian Dollar (AUD) extends its winning streak against the US Dollar (USD) for a sixth consecutive session on Wednesday, with the AUD/USD pair holding firm after the release of Australia's Westpac Leading Index. The index's six-month annualised growth rate, which forecasts economic momentum relative to the trend over the next three to nine months, eased to 0.6% in March from 0.9% in February.

西太平洋银行墨尔本研究所澳大利亚领先经济指数在2025年3月环比下降0.1%，扭转了前两个月0.1%的增长。与此同时，六个月的年化增长率（表明经济活动相对于未来三到九个月趋势的可能速度）从2月份的0.9%降至0.6%。最新数据显示，经济开始感受到贸易政策中断的影响，在美国总统特朗普4月2日宣布“互惠”关税后，贸易政策中断加剧。西太平洋银行目前预计，到2025年，国内生产总值同比增长将放缓至1.9%左右，低于此前预测的2.2%。澳大利亚宏观预测主管Matthew Hassan表示，外部环境疲软和国内通胀持续放缓的证据越来越多，这可能会促使澳大利亚储备银行在5月份的会议上再次降息25个基点。

The Westpac-Melbourne Institute Leading Economic Index for Australia edged down 0.1% month-over-month in March 2025, reversing the 0.1% increases in the previous two months. Meanwhile, the six-month annualized growth rate—which indicates the likely pace of economic activity relative to the trend three to nine months ahead—fell to 0.6% from 0.9% in February. The latest data suggest the economy is beginning to feel the impact of trade policy disruptions that intensified following U.S. President Trump’s “reciprocal” tariff announcement on April 2. Westpac now expects GDP growth to slow to around 1.9% year-over-year in 2025, down from a previous forecast of 2.2%. According to Matthew Hassan, Head of Australian Macro-Forecasting, the weakening external environment and mounting evidence of sustained slowing in domestic inflation will likely prompt the Reserve Bank of Australia to deliver an additional 25bps rate cut at its May meeting.

标准普尔/澳交所200指数周三下跌0.1%，至7760以下，结束了连续两天的上涨。此前，由于唐纳德·特朗普总统快速发展的贸易政策打压了投资者情绪，华尔街隔夜下跌。在美国与主要合作伙伴，尤其是中国进行潜在贸易谈判之前，市场仍处于紧张状态。在国内，投资者将注意力转向周四的就业数据，这可能会为劳动力市场提供新的见解，并影响澳大利亚储备银行的政策方向。主要公司领跌，包括必和必拓集团（-1.3%）、CSL有限公司（-1%）和伍德赛德能源公司（-1.6%）。Zip公司逆势上涨超过12%，此前该公司公布了创纪录的季度现金收益，并上调了2025财年的盈利预期。

The S&P/ASX 200 Index fell 0.1% to below 7,760 on Wednesday, ending a two-day winning streak after Wall Street declined overnight as President Donald Trump’s fast-evolving trade policies weighed on investor sentiment. Markets remained on edge ahead of potential trade negotiations between the U.S. and key partners, especially China. At home, investors turned their focus to Thursday’s employment data, which could offer fresh insights into the labor market and influence the Reserve Bank of Australia’s policy direction. Losses were led by major names, including BHP Group (-1.3%), CSL Ltd (-1%), and Woodside Energy (-1.6%). Bucking the trend, Zip Co surged over 12% after reporting record quarterly cash earnings and raising its fiscal 2025 earnings outlook.