亚洲股市因美元反弹而回落，恒生指数（今日图表）。在华尔街隔夜表现喜忧参半之后，全球股市在周四亚洲时段暂停了七天的反弹。道琼斯工业平均指数和罗素2000指数分别下跌0.7%和1.4%，而标准普尔500指数和纳斯达克100指数则创下新高，分别上涨0.1%和0.3%。

Asia Stock Markets Pull Back as USD Rebounds, Hang Seng Index (Chart of the Day).A seven-day rally in global equities paused during Thursday's Asian session, following a mixed overnight performance on Wall Street. The Dow Jones Industrial Average and Russell 2000 slid 0.7% and 1.4%, respectively, while the S&P 500 and Nasdaq 100 pushed to fresh record highs, up 0.1% and 0.3%.

一线新闻：欧洲央行坚守阵地；美国与欧盟的贸易协议备受关注。受强劲的盈利报告和对美国贸易的乐观情绪推动，美国股市周四创下历史新高。

First Light News: ECB Holds Ground; US-EU Trade Deal Eyed.US equities traded to fresh record highs on Thursday, driven by robust earnings reports and optimism over US trade.

欧洲央行下调预期的转变支持欧元；特朗普淡化鲍威尔威胁。欧元兑英镑和瑞士法郎显著走强，因对欧洲央行9月降息的预期开始消退。一些分析人士现在认为，10月更有可能是一个时机，此前克里斯蒂娜·拉加德总统在昨天的决策后新闻发布会上保持了乐观的前景。

Shifting ECB Cut Expectations Supports Euro; Trump Tones Down Powell Threat.Euro strengthened notably against Sterling and Swiss Franc as expectations for a September rate cut from the ECB began to fade. Some analysts now see October as a more likely timing, after President Christine Lagarde maintained an optimistic outlook during her post-decision press conference yesterday.

周五，10年期美国国债收益率保持在4.39%左右，在本周早些时候大幅波动后趋于稳定，因为投资者消化了正在进行的贸易发展，并期待着下周的美联储政策决定。报道显示，美国和欧盟即将达成一项贸易协议，对大多数欧盟商品征收15%的关税，这与最近与日本达成的类似协议相呼应。在货币政策方面，人们普遍预计美联储在评估这些新关税的通胀影响时将保持利率不变。与此同时，唐纳德·特朗普总统在对美联储总部进行历史性访问后，软化了对美联储主席杰罗姆·鲍威尔的立场，表示他没有解雇他的计划。市场目前预计到2025年底将降息43个基点，预计9月和12月都会降息。

The yield on the 10-year US Treasury note held around 4.39% on Friday, stabilizing after sharp swings earlier in the week as investors digested ongoing trade developments and looked ahead to next week’s Federal Reserve policy decision. Reports indicate that the US and EU are nearing a trade agreement that would impose a 15% tariff on most EU goods, mirroring a similar deal recently reached with Japan. On the monetary policy front, the Fed is widely expected to leave rates unchanged as it evaluates the inflationary impact of these new tariffs. Meanwhile, President Donald Trump softened his stance on Fed Chair Jerome Powell following a historic visit to the Federal Reserve’s headquarters, stating he has no plans to dismiss him. Markets are currently pricing in 43 basis points of rate cuts by the end of 2025, with reductions expected in both September and December.