俄罗斯RTS指数 (RTS) 加自选

中国的债务打击将地方政府融资平台推向了昂贵的影子贷款，重新引发了人们对潜在风险的担忧。中国对地方政府借贷的打击甚至将富裕的省份重新推向影子银行市场，在那里，国有实体正在接受高成本贷款以填补资金缺口。

China debt crackdown pushes LGFVs into costly shadow loans, reviving hidden-risk worries.China's crackdown on local-government borrowing is pushing even wealthy provinces back into the shadow-banking market, where state-run entities are taking on high-cost loans to plug funding gaps.

澳元/日元前景：看涨信号与债券风险上升相冲突。澳元/日元重新扮演了风险代理的角色，因低波动性而飙升，收益率差扩大到2024年年中的水平。与股票和波动性指数的相关性证实了该货币对对风险偏好的敏感性，但全球债券收益率的上升给看涨的说法蒙上了阴影。

AUD/JPY outlook: Bullish signals clash with rising bond risks.AUD/JPY has reclaimed its role as a risk proxy, surging on low volatility and widening yield spreads to levels last seen in mid-2024. Correlations with equities and volatility indices confirm the pair's sensitivity to risk appetite, but rising global bond yields cast a shadow over the bullish narrative.

日本11月外汇储备从之前的13474亿美元降至10亿美元。日本11月外汇储备从之前的13474亿美元降至10亿美元

Japan JP Foreign Reserves declined to $1B in November from previous $1347.4B.Japan JP Foreign Reserves declined to $1B in November from previous $1347.4B

日本数据严重失误——10月份家庭支出暴跌，同比下降3%，而预期为+1%。10月份，日本家庭支出大幅下降，突显出消费者需求持续疲软，并挑战了工资上涨正在影响消费的观点。

Japan data huge miss - Household spending plummets in Oct, down 3% y/y vs. +1% expected.Japan's household spending slumped sharply in October, underscoring persistent weakness in consumer demand and challenging the view that wage gains are feeding through to consumption.