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美欧贸易协议未能给人留下深刻印象，欧元面临压力。周二，欧元难以弥补其大幅下跌，因为投资者清醒地认识到，美国和欧盟之间的贸易协议条款倾向于前者，几乎没有提升欧元区的经济前景。

Euro under pressure as US-EU trade deal fails to impress.The euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the U.S. and the European Union favoured the former and hardly lifted the economic outlook of the bloc.

周二，美国股指期货保持稳定，此前华尔街本周表现喜忧参半。周一，标准普尔500指数和纳斯达克综合指数分别微涨0.02%和0.33%，创下历史新高。相比之下，道琼斯指数下跌了0.14%。市场对新的美欧贸易协定做出了反应，并为繁忙的一周做好了准备，这一周充满了企业盈利和关键经济事件。特朗普总统宣布与欧盟达成一项贸易协议，将基准关税定为15%，而围绕美中贸易休战可能延长的乐观情绪也在增长。投资者还展望了Meta、微软、苹果和亚马逊等主要科技公司的收益。与此同时，人们的注意力转向了美联储周三的政策决定，交易员将密切关注9月份可能降息的信号。本周晚些时候还将公布个人消费支出通胀和7月份就业报告的关键经济数据。

US stock futures held steady on Tuesday following a mixed performance on Wall Street to start the week. On Monday, the S&P 500 and Nasdaq Composite edged up 0.02% and 0.33%, respectively, with both indexes notching fresh record highs. In contrast, the Dow slipped 0.14%. The market reacted to a new US-EU trade agreement and braced for a busy week packed with corporate earnings and key economic events. President Trump announced a trade deal with the EU that sets a baseline tariff of 15%, while optimism grew around a possible extension of the US-China trade truce. Investors also looked ahead to earnings from major tech names including Meta, Microsoft, Apple, and Amazon. Meanwhile, attention turns to the Federal Reserve’s policy decision on Wednesday, where traders will be watching for signals of a possible rate cut in September. Key economic data on PCE inflation and the July jobs report are also due later in the week.

美国和中国将于今天晚些时候恢复贸易谈判，此前两国高级经济官员周一在斯德哥尔摩会晤了五个多小时，以解决长期争端，并将贸易休战延长三个月。美国财政部长斯科特·贝森特和中国副总理何立峰在瑞典罗森巴德政府办公室领导了谈判。此次会议是在8月12日最后期限之前举行的，该期限是在5月和6月达成缓解紧张局势的初步协议后，与特朗普政府敲定一项持久的关税协议。如果没有解决方案，全球供应链将面临重大中断的风险，因为美国的关税可能会回落到三位数水平，实际上相当于贸易禁运。美国贸易代表杰米森·格里尔也参加了会谈，他说：“我预计今天不会有什么巨大的突破。”。谈判代表离开会场时没有发表评论，预计将于周二继续讨论。

The U.S. and China will resume trade talks later today after top economic officials from both countries met in Stockholm on Monday for over five hours to resolve longstanding disputes and extend their trade truce by three months. U.S. Treasury Chief Scott Bessent and China’s Vice Premier He Lifeng led the negotiations, held at Sweden’s Rosenbad government office. The meeting comes ahead of an August 12 deadline to finalize a lasting tariff agreement with the Trump administration, following initial deals in May and June that eased tensions. Without a resolution, global supply chains risk major disruption as U.S. tariffs could snap back to triple-digit levels, effectively amounting to a trade embargo. “I don’t expect some kind of enormous breakthrough today,” said U.S. Trade Representative Jamieson Greer, who also attended the talks. Negotiators left the venue without commenting and are expected to continue discussions Tuesday.

新西兰元50指数在周二上午的波动中上涨24点，涨幅0.2%，至12935点，这是其第四个交易日的上涨，主要得益于工业服务、通信和能源矿产的强劲表现。周一，华尔街标准普尔500指数和纳斯达克指数创下历史新高，在美国与欧盟宣布达成贸易协议缓解全球风险担忧后，市场情绪受到支撑。另外，美国和中国恢复了谈判，越来越多的人押注将关税休战延长90天。与此同时，特朗普总统表示，全球基准关税率可能会“在15%至20%的范围内”下降。与此同时，美联储本周将保持利率稳定的希望鼓励市场参与者增加新的头寸。然而，在本周晚些时候新西兰公布关键商业和消费者信心数据之前，谨慎态度限制了进一步上涨。早期跑赢大盘的公司包括Spark NZ（2.4%）、Third Age Health Services（2.3%）、South Port NZ（2.0%）和PGG Wrightson（1.8%）。

The NZX 50 rose 24 points or 0.2% to 12,935 in a volatile session on Tuesday morning, marking its fourth session of gains, driven by strength in industrial services, communications, and energy minerals. Record-high closes on Wall Street's S&P 500 and Nasdaq Monday supported sentiment following the announcement of a U.S.-EU trade deal that eased global risk concerns. Separately, the U.S. and China resumed talks, with bets growing for a 90-day extension to their tariff truce. Meanwhile, President Trump said the baseline global tariff rate will likely fall “in the range of 15 to 20%.” At the same time, hopes that the U.S. Federal Reserve will hold interest rates steady this week encouraged market participants to add new positions. However, further gains were limited by caution ahead of key business and consumer confidence data in New Zealand due later this week. Early outperformers included Spark NZ (2.4%), Third Age Health Services (2.3%), South Port NZ (2.0%), and PGG Wrightson (1.8%).