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The Shanghai Composite dropped 1% to around 3,210 while the Shenzhen Component tumbled 1.1% to 10,185 on Wednesday, with the former hitting a one-week low after US President Donald Trump said his team was discussing a 10% tariff on goods imported from China that could take effect as early as Feb. 1. Trump’s comments overshadowed a more positive development from Friday, when he had an amicable phone call with Chinese President Xi Jinping, during which they discussed trade and fentanyl, among other topics. At the World Economic Forum, Chinese Vice Premier Ding Xuexiang emphasized that there are no winners in a trade war and called for greater international economic cooperation. Notable losses included Seres Group (-3.8%), ZTE Corp (-1.5%), East Money (-1.5%), Contemporary Amperex (-2.6%), and Fivocom Wireless (-4.4%).

周三，美元指数保持在108.1左右，在美国总统唐纳德·特朗普关税计划的不确定性挥之不去的情况下，美元指数最近有所下跌。特朗普周二表示，他正在考虑从2月1日开始对从中国进口的商品征收10%的关税，就在一天前，他曾威胁墨西哥和加拿大征收约25%的关税。然而，这些威胁尚未转化为政策，这增加了人们对政府可能对关税采取更谨慎态度的希望，这可能有助于降低通胀风险。自10月以来，美元一直处于上升轨道，原因是人们担心特朗普的“美国优先”政策和亲增长立场可能会导致更高的通货膨胀，从而可能阻止美联储进一步降息。尽管如此，市场仍预计美联储将在7月前降息，并有可能在今年晚些时候再次降息。

The dollar index held around 108.1 on Wednesday, holding a recent decline amid lingering uncertainty on US President Donald Trump’s tariff plans. Trump indicated on Tuesday that he is considering a 10% tariff on goods imported from China, set to begin on February 1, just one day after threatening Mexico and Canada with tariffs of approximately 25%. However, none of these threats have been turned into policy yet, fueling hopes that the administration may take a more cautious approach to tariffs, which could help mitigate inflation risks. The dollar has been on an upward trajectory since October, driven by concerns that Trump’s "America First" policies and pro-growth stance might lead to higher inflation, potentially preventing the Federal Reserve from implementing further rate cuts. Despite this, markets still expect the Fed to lower rates by July, with the possibility of another reduction later in the year.

香港股市周三早盘下跌319点，跌幅1.6%，至19787点，结束了前六个交易日的涨幅，此前美国总统特朗普表示，在将中国从他计划立即针对的国家名单中排除后，他可能对所有中国进口商品征收10%的关税。恒生指数从近四周的最高点回落，受到广泛疲软的拖累。尽管如此，华尔街隔夜的上涨帮助限制了进一步的损失，因为预计特朗普将宣布一项新的人工智能投资计划，由包括软银集团、OpenAI和甲骨文在内的大公司牵头。在国内，香港12月份的年通胀率为1.4%，连续第三个月保持不变，并保持在5月份以来的最低水平。早期落后者包括KE Holdings（-3.2%）、京东物流（-2.6%）和Longfor Group（-1.7%）。与此同时，吉利汽车股价下跌1.8%，尽管该公司计划与汉达尔汽车合作，在印度尼西亚建造二期工厂，并在第三季度开始运营。

Shares in Hong Kong slipped 319 points or 1.6% to 19,787 in early trade on Wednesday, ending gains in the prior six sessions after US President Trump said he could impose a 10% tariff on all Chinese imports after excluding China from the list of countries he planned to target immediately just a day earlier. The Hang Seng withdrew from its highest level in near four weeks, burdened by broad-based weakness. Still, gains on Wall Street overnight helped limit further losses, as Trump is expected to announce a new investment push for AI, led by big firms including Softbank Group Corp., OpenAI, and Oracle. At home, the annual inflation rate in Hong Kong was at 1.4% in December, keeping unchanged for the third month and staying at its lowest since May. Early laggards included KE Holdings (-3.2%), JD Logistics (-2.6%), and Longfor Group (-1.7%). Meantime, Geely Auto sank 1.8% despite planning to partner with Handal Motor to build a second-phase factory in Indonesia and start operation by Q3.

日本劳工谈判预测工资将大幅上涨；日本央行利率决策迫在眉睫。大公司已经承诺大幅加薪，这加强了日本央行（BOJ）本周晚些时候加息的理由。

Japanese Labor Talks Forecast Big Wage Hikes; BOJ Interest Rate Decision Looms.Major companies have already committed to substantial salary increases, strengthening the case for the Bank of Japan (BOJ) to raise interest rates later this week.

在面临阻力之前，卢比将与亚洲同行一起开盘上涨。周三开盘时，印度卢比可能会小幅上涨，追随大多数亚洲同行的上涨趋势，随后预计印度卢比将不得不应对进口商和投机者对美元的需求。

Rupee set to rise at open, alongside Asian peers, before facing resistance.The Indian rupee will likely inch up at the open on Wednesday, tracking an uptick in most of its Asian peers, following which it is expected to have to contend with demand for the U.S. dollar from importers and speculators.

周三，布伦特原油期货交易价格约为每桶79美元，在美国总统唐纳德·特朗普重申考虑对中国这个最大的石油消费国征收10%的关税后，延续了最近几个交易日的跌幅。在他一天前就可能对加拿大和墨西哥征收高额关税发表声明后，这加剧了人们对贸易战的担忧。市场还继续评估特朗普通过宣布国家能源紧急状态来放宽许可、开放种植面积和扭转拜登时代的清洁能源政策，从而提高石油产量的承诺的影响。与此同时，美国最近对俄罗斯的制裁扰乱了实体石油和油轮市场，为油价提供了一些结转支持。据该州管道管理局称，周二，一场冬季风暴席卷了美国墨西哥湾沿岸，北达科他州的石油产量下降了13万至16万桶/日。

Brent crude oil futures traded around $79 per barrel on Wednesday, extending losses from recent sessions after US President Donald Trump reiterated his consideration of a 10% tariff on China, a top oil consumer. This amplified trade war concerns, following his statement a day earlier about potentially imposing hefty levies on Canada and Mexico. Markets also continued to assess the implications of Trump's pledges to boost oil production by declaring a national energy emergency to ease permitting, open up acreage, and reverse Biden-era clean energy policies. Meanwhile, recent US sanctions on Russia have disrupted physical oil and tanker markets, offering some carryover support to oil prices. Elsewhere, a winter storm swept across the US Gulf Coast on Tuesday, with North Dakota's oil production falling by 130 thousand to 160 thousand bpd, according to the state's pipeline authority.

周三，WTI原油期货交易价格低于每桶76美元，延续了最近几个交易日的跌幅，此前美国总统唐纳德·特朗普重申了他对中国这个最大石油消费国征收10%关税的考虑。在他一天前就可能对加拿大和墨西哥征收高额关税发表声明后，这加剧了人们对贸易战的担忧。市场还继续评估特朗普通过宣布国家能源紧急状态来放宽许可、开放种植面积和扭转拜登时代的清洁能源政策，从而提高石油产量的承诺的影响。与此同时，美国最近对俄罗斯的制裁扰乱了实体石油和油轮市场，为油价提供了一些结转支持。据该州管道管理局称，周二，一场冬季风暴席卷了美国墨西哥湾沿岸，北达科他州的石油产量下降了13万至16万桶/日。

WTI crude oil futures traded below $76 per barrel on Wednesday, extending losses from recent sessions after US President Donald Trump reiterated his consideration of a 10% tariff on China, a top oil consumer. This amplified trade war concerns, following his statement a day earlier about potentially imposing hefty levies on Canada and Mexico. Markets also continued to assess the implications of Trump's pledges to boost oil production by declaring a national energy emergency to ease permitting, open up acreage, and reverse Biden-era clean energy policies. Meanwhile, recent US sanctions on Russia have disrupted physical oil and tanker markets, offering some carryover support to oil prices. Elsewhere, a winter storm swept across the US Gulf Coast on Tuesday, with North Dakota's oil production falling by 130 thousand to 160 thousand bpd, according to the state's pipeline authority.

基准韩国综合股价指数周三上涨0.7%，至2537点左右，扭转了前一交易日的跌幅，这得益于美国总统唐纳德·特朗普在关税问题上采取不那么激进的立场后华尔街的上涨。与此同时，韩国工业部周三会见了企业，以解决特朗普第二任期内的美国出口风险，并向出口商介绍了贸易政策。交易员们现在正在为本周晚些时候的一些主要企业盈利做准备。在主要股指中，芯片巨头SK海力士和汽车制造商现代汽车分别上涨0.2%和0.7%，领先于明天公布的盈利结果。LG能源解决方案（1.6%）和三星生物制品（2.8%）也实现了显著增长。在经济数据方面，韩国消费者信心从12月的88.2微升至2025年1月的91.2，反映出经济情绪略有改善。

The benchmark KOSPI rose 0.7% to around 2,537 points on Wednesday, reversing losses from the previous session, buoyed by Wall Street gains following US President Donald Trump's less aggressive stance on tariffs. Meanwhile, South Korea's Industry Ministry met with businesses Wednesday to address US export risks under Trump’s second term and brief exporters on trade policies. Traders now braced for some major corporate earnings later this week. Among key stock indexes, chip giant SK Hynix and automaker Hyundai Motor advanced 0.2% and 0.7%, respectively, ahead of their earnings result due tomorrow. Notable gains were also seen from LG Energy Solutions (1.6%) and Samsung Biologics (2.8%). On the economic data front, South Korea’s consumer confidence edged up to 91.2 in January 2025 from 88.2 in December, reflecting a modest improvement in economic sentiment.

日经225指数上涨1.4%，超过39500点，而更广泛的东证指数周三上涨0.7%，达到近两周来的最高水平，并在一夜之间追随华尔街的涨势。此次反弹发生之际，美国总统唐纳德·特朗普选择不实施关税威胁，为全球市场提供了缓解。尽管有所上涨，但在日本央行本周即将做出货币政策决定之前，投资者仍持谨慎态度，日本央行官员暗示有可能加息。几乎所有行业都参与了反弹，主要指数权重股均大幅上涨，包括迪斯科（+5.3%）、Advantest（+3.4%）、藤仓（+4.7%）、任天堂（+2.5%）和丰田汽车（+1.2%）。在特朗普宣布对软银集团进行重大人工智能基础设施投资后，软银集团也飙升了7.5%。

The Nikkei 225 Index jumped 1.4% to surpass 39,500, while the broader Topix Index gained 0.7% to 2,732 on Wednesday, reaching their highest levels in nearly two weeks and tracking gains on Wall Street overnight. The rally came as US President Donald Trump chose not to impose his tariff threats, offering relief to global markets. Despite the gains, investors remained cautious ahead of the Bank of Japan's upcoming monetary policy decision this week, with BOJ officials suggesting the possibility of a rate hike. Nearly all sectors participated in the rally, with notable gains from key index heavyweights, including Disco (+5.3%), Advantest (+3.4%), Fujikura (+4.7%), Nintendo (+2.5%), and Toyota Motor (+1.2%). SoftBank Group also soared 7.5% after Trump announced a significant AI infrastructure investment involving the company.

日元兑美元汇率下跌；在日本央行加息押注下，下行空间似乎有限。周三亚洲时段，日元兑美元汇率小幅下跌，但仍接近前一天触及的一个多月高点。日元继续受到日本央行（BoJ）周五加息预期的支撑。

Japanese Yen drifts lower against USD; downside seems limited amid BoJ rate hike bets.The Japanese Yen (JPY) edges lower against its American counterpart during the Asian session on Wednesday, though it remains close to over a one-month peak touched the previous day. The JPY continues to draw support from firming expectations that the Bank of Japan (BoJ) will hike interest rates on Friday.

2024年第四季度新西兰CPI小幅上涨。2024年第四季度，新西兰的消费者价格通胀略高于预期，环比上涨0.5%，年增长率稳定在2.2%。

New Zealand CPI Ticked Slightly Higher in Q4 2024.New Zealand's consumer price inflation came in slightly above expectations in the fourth quarter of 2024, rising 0.5% quarter-on-quarter and holding steady at 2.2% annually.

2024年11月，约旦生产者价格指数同比下降1.12%，此前一个月下降了2.11%，标志着连续第三个月出现通货紧缩。下降幅度较小是由于制造成本下降幅度较小（-1.23%对2024年10月的-2.18%），同时电力反弹（0.72%对-2.32%）。与此同时，采矿和采石成本继续下降（-1.28%对-0.77%）。2024年前11个月，生产者价格指数下降了0.54%。按月计算，11月生产者价格指数上涨0.41%，从前一个月1.28%的跌幅反弹。

Producer prices in Jordan dropped by 1.12% year-on-year in November 2024, following a 2.11% fall in the previous month, marking the third consecutive month of deflation. The softer decline came due to a softer fall in manufacturing costs (-1.23% vs -2.18% in October 2024) amid a rebound in electricity (0.72% vs -2.32%). Meanwhile, mining and quarrying costs continued to decrease (-1.28% vs -0.77%). For the first eleven months of 2024, producer prices fell by 0.54%. On a monthly basis, producer prices rose by 0.41% in November, rebounding from a 1.28% drop in the prior month.

特朗普政府考虑对中国进口商品征收关税，澳元小幅下跌。周三，澳元（AUD）兑美元（USD）仍然疲软。澳元/美元面临挑战，因为美国总统唐纳德·特朗普宣布，他的政府正在考虑从2月1日起对中国进口商品征收10%的关税。

Australian Dollar edges lower as Trump administration considers tariff on Chinese imports.The Australian Dollar (AUD) remains subdued against the US Dollar (USD) on Wednesday. The AUD/USD pair faces challenges as US President Donald Trump announced that his administration is considering imposing a 10% tariff on Chinese imports starting February 1.

日本的Rengo同意日本央行的观点，即各地区有加薪的势头。随着市场完全消化了日本央行（BoJ）周五加息的影响，日本最大的全国工会中心Rengo的负责人周三表示，他同意日本央行的意见，日本地区有加薪的势头。

Japan's Rengo agrees with BoJ that there is wage hike momentum in regions.With markets fully pricing in an interest rate hike by the Bank of Japan (BoJ) on Friday, the head of Rengo – Japan's largest national trade union center said Wednesday that he agrees with the BoJ there is wage hike momentum in Japanese regions.

日本首相石破茂本周将发表讲话，强调加薪。据政府消息人士透露，日本首相石破茂将在即将向议会发表的政策演讲中强调，强劲的工资增长超过通货膨胀是其经济复苏战略的关键要素。

Japan PM Ishiba will speak this week - to highlight pay hikes.Japanese Prime Minister Shigeru Ishiba will emphasize strong wage growth surpassing inflation as a key element of his economic revival strategy in an upcoming policy speech to parliament, according to government sources.