周四，澳元稳定在0.651美元左右，保持了最近的涨幅，因为强于预期的贸易数据支撑了市场情绪。澳大利亚9月份的贸易顺差从8月份修订后的11.1亿澳元大幅扩大至39.4亿澳元，超过了38.5亿澳元的预测。这一改善是由出口增长7.9%推动的，这是由于本月金价飙升导致黄金出货量增加，而进口增长1.1%，达到创纪录的资本货物水平。在政策方面，由于政策制定者强调了持续的通胀风险和进一步降息的有限空间，储备银行11月将利率维持在3.6%的决定表明可能会放松。然而，央行的鹰派立场只提供了有限的支持，澳元受到美元普遍走强的压力，因为稳健的美国数据抑制了美联储降息的预期。

The Australian dollar steadied around $0.651 on Thursday, holding its recent gain, as stronger-than-expected trade data supported sentiment. Australia’s trade surplus widened sharply to AUD 3.94 billion in September from a revised AUD 1.11 billion in August, beating forecasts of AUD 3.85 billion. The improvement was driven by a 7.9% jump in exports, led by higher gold shipments as bullion prices surged during the month, while imports increased 1.1% to record levels on higher capital goods. On the policy front, the Reserve Bank’s decision to hold rates at 3.6% in November signaled it may be done easing, as policymakers highlighted persistent inflation risks and limited scope for further rate cuts. However, the central bank’s hawkish stance offered only limited support, with the Aussie under pressure from a broadly stronger greenback as solid US data dampened Fed rate-cut expectations.

2025年9月，澳大利亚商品出口环比增长7.9%，至445.8亿澳元，从8月份向上修正的8.7%的下降中反弹。复苏的主要推动因素是，在价格飙升的情况下，非货币黄金出货量激增62.2%，达到53.4亿澳元，从8月份的47.2%暴跌中恢复过来。非农村商品出口增长3.7%，达到327.2亿澳元，其中金属矿石和矿物（9.7%）、煤炭、焦炭和煤球（4.1%）、不包括非货币黄金的金属（14.1%）和其他制成品（1.8%）的销售额增长。与此同时，农村商品的出货量小幅增长0.7%，达到64.3亿澳元，这得益于肉类和肉类制品出口的增加（2.7%）。在贸易伙伴中，对澳大利亚最大贸易伙伴中国的出口增长了9.7%。对香港（72.8%）、印度（40.0%）和印度尼西亚（29.4%）的发货量也有所攀升，尽管征收了新关税，但对美国的出口仍激增24.4%。相比之下，对日本（-2.3%）和韩国（-3.0%）的出口下降。

Australia’s goods exports rose 7.9% mom to AUD 44.58 billion in September 2025, rebounding from an upwardly revised 8.7% decline in August. The recovery was largely driven by a 62.2% surge in non-monetary gold shipments to AUD 5.34 billion, amid soaring prices, recovering from a 47.2% plunge in August. Exports of non-rural goods increased 3.7% to AUD 32.72 billion, led by higher sales of metal ores and minerals (9.7%), coal, coke, and briquettes (4.1%), metals excluding non-monetary gold (14.1%), and other manufactures (1.8%). Meanwhile, shipments of rural goods edged up 0.7% to AUD 6.43 billion, supported by higher exports of meat and meat preparations (2.7%). Among trading partners, exports to China—Australia’s top trading partner—rose 9.7%. Shipments also climbed to Hong Kong (72.8%), India (40.0%), and Indonesia (29.4%), while exports to the United States surged 24.4% despite the imposition of new tariffs. In contrast, exports declined to Japan (-2.3%) and South Korea (-3.0%).

2025年9月，澳大利亚的商品贸易顺差扩大至39.4亿澳元，大幅高于8月份向下修正的11.1亿澳元，超过了38.5亿澳元的市场预期。9月份出口环比增长7.9%，至445.8亿澳元，从8月份向上修正的8.7%暴跌中强劲反弹。复苏主要是由于价格飙升，非货币黄金出货量激增62.2%，达到53.4亿澳元，从上个月47.2%的暴跌中恢复过来。在贸易伙伴中，对澳大利亚最大贸易伙伴中国的出口增长了9.7%。对香港（72.8%）、印度（40.0%）和印度尼西亚（29.4%）的发货量也有所增加，尽管征收了新关税，但对美国的出口仍激增24.4%。在进口方面，继8月份小幅修正3.3%的增长后，假期前入境货物增长1.1%，达到创纪录的406.4亿澳元。

Australia’s goods trade surplus widened to AUD 3.94 billion in September 2025, up sharply from a downwardly revised AUD 1.11 billion in August and surpassing market expectations of AUD 3.85 billion. Exports rose 7.9% month-over-month to AUD 44.58 billion in September, rebounding strongly from an upwardly revised 8.7% plunge in August. The recovery was largely driven by a 62.2% surge in non-monetary gold shipments to AUD 5.34 billion, amid soaring prices, recovering from a 47.2% plunge in the previous month. Among trading partners, exports to China—Australia’s top trading partner—rose 9.7%. Shipments also increased to Hong Kong (72.8%), India (40.0%), and Indonesia (29.4%), while exports to the United States surged 24.4% despite the imposition of new tariffs. On the imports side, inbound shipments increased 1.1% to a record AUD 40.64 billion, ahead of the holiday season, following a marginally revised 3.3% gain in August.

周四早盘，标准普尔/澳交所200指数上涨0.6%，至8850点左右，结束了连续两个交易日的下跌，大宗商品股反弹和广泛的行业上涨领涨。投资者在近期下跌后抢购了受挫的股票，因为大宗商品价格走强提振了矿商，并帮助市场从通胀加剧和澳大利亚储备银行对降息的谨慎立场引发的下跌中反弹。矿业巨头必和必拓、力拓和Fortescue均上涨超过1%，而随着金价上涨，黄金股反弹超过2%。科技股在华尔街的乐观收盘后也上涨了0.9%。在金融领域，NAB在未达到利润预期后下跌1.2%，而西太平洋银行下跌1.3%。然而，由于稳定的利率继续支持收益率吸引力，顶级银行CBA上涨1.1%，使整体金融指数上涨0.2%。市场情绪也受到新的贸易平衡数据的支撑，9月份顺差扩大至39.4亿澳元，大大超出预期。

The S&P/ASX 200 rose 0.6% to around 8,850 in early Thursday trade, snapping a two-session losing streak, led by a rebound in commodity stocks and broad-based sector gains. Investors scooped up beaten-down stocks after recent losses, as stronger commodity prices lifted miners and helped the market rebound from declines sparked by hotter inflation and the RBA’s cautious stance on rate cuts. Mining giants BHP, Rio Tinto, and Fortescue each gained over 1%, while gold stocks rebounded more than 2% as bullion prices rose. Technology shares also added 0.9% following Wall Street’s upbeat finish. In the financial sector, NAB fell 1.2% after missing profit forecasts, while Westpac lost 1.3%. However, a 1.1% gain in top lender CBA lifted the broader financial index 0.2%, as steady rates continue to support yield appeal. Market sentiment was also supported by fresh trade balance figures, with the surplus widening to AUD 3.94 billion in September, sharply beating expectations.