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新西兰股市周一早盘微涨13点，涨幅0.1%，至12866点，旨在延续连续第三个交易日的涨幅，其中耐用消费品、消费服务和工业服务领涨。特朗普总统宣布与欧盟达成贸易协议，将大多数进口商品的关税从拟议的30%降至15%后，美国期货价格飙升，提振了市场情绪。对美中贸易关系的乐观情绪也支持了风险偏好，此前《南华早报》报道称，双方可能会在本周第三轮谈判前将关税休战再延长三个月。然而，在美国主要科技公司盈利、美联储关键会议、特朗普8月1日的关税最后期限和美国通胀数据公布之前的谨慎态度限制了上行空间。在当地，投资者等待本周晚些时候公布的7月份商业和消费者信心数据。值得注意的上涨股包括斯科特科技（3.1%）、AFT制药（2.2%）、新西兰餐饮品牌（1.3%）和特纳汽车（1.0%）。

Shares in New Zealand edged up 13 points, or 0.1%, to 12,866 on Monday morning deals, aiming to extend gains for the third straight session, led by consumer durables, consumer services, and industrial services. Sentiment was buoyed by a jump in U.S. futures after President Trump announced a trade deal with the EU, lowering tariffs to 15% from a proposed 30% on most imports. Optimism over U.S.–China trade relations also supported risk appetite after the South China Morning Post reported that both sides are likely to extend their tariff truce by another three months ahead of a third round of talks this week. However, upside was capped by caution ahead of earnings from major U.S. tech firms, a key Fed meeting, Trump’s August 1 tariff deadline, and U.S. inflation data. Locally, investors awaited July business and consumer confidence data due later this week. Notable gainers included Scott Technology (3.1%), AFT Pharma (2.2%), Restaurant Brands NZ (1.3%), and Turners Automotive (1.0%).

周五，恒生指数下跌279点，跌幅1.1%，收于25388点，结束了连续五个交易日的上涨，交易员在下周重要的政治局会议前锁定了利润。市场从近四年的峰值回落，因为人们越来越怀疑北京将推出大规模刺激措施，注意力转向美中贸易谈判。两国代表团将于下周在斯德哥尔摩举行会议，在8月12日最后期限之前就延长目前的休战进行谈判。如果没有达成协议，美国出口商品的关税可能会跃升至145%，中国商品的关税将跃升至125%。跌幅较大的包括快手科技（-4.9%）、股份有限公司（-3.3%）、美团（-3.0%）和Pop-Mart国际（-2.8%）。尽管每日下跌，该指数本周仍上涨2.3%，连续第三周上涨，这得益于对西藏一个大型水电项目的乐观情绪和北京的新政策支持，包括旨在遏制过度竞争和价格战的定价法修正案草案。

The Hang Seng Index lost 279 points or 1.1% to close at 25,388 on Friday, snapping a five-session winning streak as traders locked in profits ahead of a key Politburo meeting next week. Markets pulled back from a near four-year peak amid growing skepticism that Beijing will unveil large-scale stimulus, with attention shifting to U.S.-China trade talks. Delegations from both countries are set to meet in Stockholm next week to negotiate an extension of the current truce before the August 12 deadline. Without a deal, tariffs could jump to 145% on U.S. exports and 125% on Chinese goods. Notable decliners included Kuaishou Tech (-4.9%), Akeso Inc. (-3.3%), Meituan (-3.0%), and Pop Mart Intl. (-2.8%). Despite the daily loss, the index gained 2.3% for the week—its third straight weekly advance—supported by optimism over a major hydropower project in Tibet and new policy support from Beijing, including a draft amendment to the pricing law aimed at curbing excessive competition and price wars.

周五，新西兰元50指数上涨48点，涨幅0.4%，收于12853点，延续了第二个交易日的涨幅。此前，美国期货小幅上涨，周四华尔街标准普尔500指数和纳斯达克指数创下历史新高，原因是本周早些时候与日本达成协议后，人们对美国与欧盟和中国的潜在贸易协议持乐观态度。新西兰储备银行经济学家Paul Conway的言论为乐观基调增添了色彩，他表示，由于美国主导的关税可能会削弱新西兰经济并缓解成本压力，央行仍有降息的空间。生产者制造业、医疗保健和零售贸易股领涨。在单一股票中，Colonial Motor上涨2.7%，其次是Infratil有限公司（2.3%）、Summerset Group（1.6%）和Mercury NZ有限公司（1.4%）。尽管周五有所上涨，但该指数本周下跌0.2%，与前一时期的强势相比有所波动，因为下周美中贸易谈判以及7月份商业和消费者信心的关键本地数据越来越谨慎。

The NZX 50 rose 48 points or 0.4% to close at 12,853 on Friday, extending gains for the second session. The advance followed a modest rise in U.S. futures, after record highs on Wall Street’s S&P 500 and Nasdaq Thursday, due to optimism over potential U.S. trade deals with the EU and China, after a pact with Japan earlier this week. Adding to the bullish tone were comments from RBNZ economist Paul Conway, who said the central bank still sees room to cut interest rates, as U.S.-led tariffs could weaken New Zealand’s economy and ease cost pressures. Gains were led by producer manufacturing, healthcare, and retail trade stocks. Among single stocks, Colonial Motor jumped 2.7%, followed by Infratil Ltd. (2.3%), Summerset Group (1.6%), and Mercury NZ Ltd. (1.4%). Despite Friday’s gains, the index fell 0.2% for the week, swinging from strength in the prior period, amid growing caution ahead of next week’s U.S.-China trade talks and key local data on July business and consumer confidence.

香港股市周五上午下跌262点，跌幅1.0%，至25410点，为六个交易日来首次下跌，因本周早些时候市场触及近4年高点后，交易员获利回吐。在下周于斯德哥尔摩与美国举行的第三轮贸易谈判之前，人们也越来越谨慎，该谈判旨在延长将于8月12日到期的关税休战。与此同时，华尔街隔夜涨跌互现，美国劳工数据强劲后美国国债收益率上升，强化了对美联储长期保持利率的押注。大多数行业下跌，科技、消费者和金融板块领跌。早期落后者包括快手科技（-4.1%）、股份有限公司（-3.2%）和小米公司（-1.9%）。尽管如此，恒生指数仍有望连续第三周上涨，迄今为止上涨约2.4%，这得益于对西藏一个大型水电项目的乐观情绪，以及北京对关键行业的新政策支持。投资者也在等待中国即将召开的政治局会议，该会议可能为2025年下半年的经济政策定下基调。

Hong Kong stocks slipped 262 points or 1.0% to 25,410 on Friday morning, down for the first time in six sessions as traders took profits after markets hit a near 4-year top earlier in the week. Caution also mounted ahead of next week’s third round of trade talks with the U.S. in Stockholm, aimed at extending a tariff truce set to expire on August 12. Meanwhile, Wall Street ended mixed overnight, amid a rise in U.S. Treasury yields following strong U.S labor data, reinforcing bets for a prolonged Fed rate hold. Most sectors dipped, led by tech, consumers, and financials. Early laggards included Kuaishou Tech (-4.1%), Akeso Inc. (-3.2%), and Xiaomi Corp. (-1.9%). Still, the Hang Seng remains on track for a third straight weekly gain, up roughly 2.4% so far, lifted by optimism over a major hydropower project in Tibet, and fresh policy backing from Beijing for key sectors. Investors also awaited China’s upcoming Politburo meeting, which could set the tone for economic policy in H2 of 2025.