早盘报价：美国CPI中发现关税印记。Kevin Buckland展望欧洲和全球市场未来一天

Morning Bid: Tariff imprint spied in US CPI.A look at the day ahead in European and global markets from Kevin Buckland

越南总理范明钦周三表示，尽管面临越来越多的挑战，越南政府今年的目标是将国内生产总值提高8.3%至8.5%。在河内的一次会议上，Chinh列举了一系列不利因素，包括地缘政治冲突、全球竞争加剧、贸易紧张局势、供应链中断和气候变化。越南立法者早些时候批准了2025年至少8%的GDP增长目标。根据政府声明，Chinh补充道，该目标与去年7.09%的增长率相比，旨在“为2026-2030年期间的两位数增长奠定坚实基础”。越南经济在2025年第二季度增长了7.96%，这是自2022年第三季度以来的最快增速，高于第一季度的6.93%。本月早些时候，美国和越南达成了一项贸易协议，根据该协议，美国将对越南进口商品征收20%的关税，低于此前计划的46%。

Vietnam’s government will aim to raise its GDP by 8.3% to 8.5% this year despite mounting challenges, Prime Minister Pham Minh Chinh said on Wednesday. Speaking at a meeting in Hanoi, Chinh cited a range of headwinds including geopolitical conflicts, rising global competition, trade tensions, supply chain disruptions, and climate change. Vietnamese lawmakers had earlier approved a GDP growth target of at least 8% for 2025. The goal compares with the country’s 7.09% growth last year and is intended to “create a firm foundation for double-digit growth in the 2026–2030 period,” Chinh added, according to a government statement. Vietnam’s economy grew 7.96% in the second quarter of 2025, the fastest pace since Q3 2022, accelerating from 6.93% in Q1. Earlier this month, the US and Vietnam reached a trade agreement under which the US will impose a 20% tariff on Vietnamese imports, down from the previously planned 46%.

越南10年期政府债券收益率升至3.36%，为2023年5月以来的最高水平。在过去的4周里，越南10年期债券收益率上涨了7.70个基点，在过去的12个月里，它上涨了45.20个基点。

Vietnam 10 Year Government Bond Yield increased to 3.36%, the highest since May 2023. Over the past 4 weeks, Vietnam 10Y Bond Yield gained 7.70 basis points, and in the last 12 months, it increased 45.20 basis points.

周三，日本10年期政府债券收益率攀升至1.6%，达到2008年底以来的最高水平，因为人们越来越期待在7月20日上议院选举前扩大财政支出。随着政策制定者采取行动支持经济增长，市场越来越重视新的刺激措施的可能性，包括潜在的消费税削减。尽管财政部缩减了超长期债券的发行，但收益率飙升，这表明短期利率面临强劲的上行压力。投资者也在等待即将公布的贸易和通胀数据，以了解美国关税威胁可能如何影响日本经济。此外，日本国债收益率追随美国国债收益率走高，此前最新的美国消费者通胀数据导致交易员下调了对美联储近期降息的预期。

Japan’s 10-year government bond yield climbed toward 1.6% on Wednesday, reaching its highest level since late 2008 amid growing expectations of expanded fiscal spending ahead of the Upper House election on July 20. Markets are increasingly pricing in the possibility of fresh stimulus measures, including a potential consumption tax cut, as policymakers move to support economic growth. The yield surge came despite the Ministry of Finance scaling back issuances of super-long bonds, indicating strong upward pressure on shorter-term rates. Investors are also awaiting upcoming trade and inflation data for signals on how US tariff threats may be affecting Japan’s economy. Additionally, Japanese yields tracked US Treasury yields higher after the latest US consumer inflation data led traders to dial back expectations for near-term Federal Reserve rate cuts.