随着新的避险情绪席卷全球市场，澳元贬值至0.650美元以下，触及四周来的最低水平。在估值担忧和对美中人工智能贸易发展的担忧下，全球股市再次出现科技股抛售浪潮，对风险敏感的货币造成压力。由于依赖大宗商品出口，澳元通常被视为全球风险的代表，尽管美国劳动力市场出现降温迹象，但澳元也未能从美元走软中受益。本周，澳元将下跌1%，这是一个月来的首次单周下跌，尽管澳大利亚储备银行在11月的会议上态度强硬。市场在很大程度上仍预计可能在明年5月再次降息，尽管一些分析师警告称，宽松周期可能已经结束，现金利率稳定在3.6%。

The Australian dollar depreciated below $0.650, hitting its lowest level in four weeks, as renewed risk-off sentiment swept across global markets. Another wave of tech selling in global equities amid valuation concerns and worries over US–China developments in AI trade weighed on the risk-sensitive currency. The Aussie, often viewed as a proxy for global risk due to its reliance on commodity exports, also failed to benefit from a softer greenback despite signs of cooling in the US labour market. For the week, the AUD is headed for a 1% loss, marking its first weekly decline in a month, despite the Reserve Bank of Australia’s hawkish tone at its November meeting. Markets still largely expect one more rate cut, likely by May next year, though some analysts caution the easing cycle may have already ended with the cash rate steady at 3.6%.

标准普尔/澳交所200指数周五早盘收平，收于8827点左右，暂停了前一交易日的上涨，因为科技股的跌幅超过了能源和黄金股的涨幅。科技股下跌1.5%，至六个月低点，在人工智能股票估值过高的持续担忧下，隔夜追随华尔街的微弱领先。行业领导者Xero、Wisetech和Technology One均下跌1.4%至2%。重量级矿商也出现下滑，必和必拓和力拓分别下跌0.5%和1.3%。相反，石油和天然气生产商伍德赛德能源公司股价上涨1.6%，此前有报道显示，尽管成本较高，但美国液化天然气出口商仍锁定了强劲的合同量。此外，黄金矿商因金价上涨而延续涨势，上涨0.9%，纽蒙特和北极星分别上涨2%和0.7%。本周，基准指数有望连续第二周下跌，部分原因是澳大利亚储备银行的鹰派政策前景。

The S&P/ASX 200 opened flat to around 8,827 in Friday morning trade, pausing the previous session’s advance, as losses in tech shares outweighed gains in energy and gold stocks. Technology stocks dropped 1.5% to a six-month low, tracking a weak lead on Wall Street overnight amid persistent concerns over lofty valuations in artificial intelligence stocks. Sector leaders Xero, Wisetech, and Technology One all declined between 1.4% and 2%. Heavyweight miners also slipped, with BHP and Rio Tinto down 0.5% and 1.3%, respectively. Conversely, oil and gas producer Woodside Energy climbed 1.6% after reports showed US LNG exporters locking in strong contract volumes despite higher costs. Additionally, gold miners extended gains on higher bullion prices, up 0.9%, with Newmont and Northern Star adding 2% and 0.7%, respectively. Over the week, the benchmark index is on track for a second weekly loss, partly due to a hawkish policy outlook by the Reserve Bank of Australia.

在中国公布贸易平衡数据之前，澳元小幅下跌。在中国公布贸易平衡数据之前，澳元小幅下跌

Australian Dollar inches lower ahead of China's Trade Balance data.Australian Dollar inches lower ahead of China's Trade Balance data

周四，标准普尔/澳交所收于8828点，上涨0.3%，结束了两天的下跌，因为矿业股的复苏超过了顶级银行澳大利亚国民银行在低于预期的年度业绩后的损失。矿业分项指数上涨1.8%，从三天的暴跌中反弹，随着金价走强，黄金股领涨。黄金生产商Emerald和Ramelius Resources上涨超过5%，而全球矿业巨头力拓和必和必拓因铁矿石价格走强而各上涨超过1%。相比之下，指数重的NAB在短暂创下历史新高后下跌3.3%，原因是其年度利润低于预期，投资者质疑银行的高估值。西太平洋银行也下跌了1.2%，拖累金融板块小幅下跌，而CBA上涨1.3%，达到近三个月的高点，原因是该板块内部有选择性的轮换。与此同时，新的贸易数据支撑了市场情绪，9月份顺差扩大至39.4亿澳元，大幅超出预期。

The S&P/ASX finished 0.3% higher at 8,828 on Thursday, snapping a two-day decline, as recovery in mining stocks outweighed losses in top lender National Australia Bank following weaker-than-expected annual results. The mining sub-index climbed 1.8%, rebounding from a three-day slump, with gold stocks leading the advance as bullion prices strengthened. Gold producers Emerald and Ramelius Resources jumped over 5%, while global mining giants Rio Tinto and BHP gained more than 1% each on firmer iron ore prices. In contrast, index heavy NAB slid 3.3% after briefly hitting a record high, as its annual profit missed expectations and investors questioned lofty bank valuations. Westpac also declined 1.2%, dragging the financial sector slightly lower, while CBA rose 1.3% to a near three-month high amid selective rotation within the sector. Meanwhile, market sentiment was supported by fresh trade data, with the surplus widening to AUD 3.94 billion in September, sharply beating expectations.