亞洲股市波動，美元維持上漲，比特幣創下新紀錄

週三，所謂的川普交易進入超速狀態，因為這位大亨將在擊敗民主黨人卡馬拉·哈里斯後重返白宮

Asian equities fluctuated Thursday, while the dollar held gains and bitcoin hit a fresh record as markets try to ascertain the consequences of a second Donald Trump presidency after he pledged to cut taxes and ramp up tariffs with an eye on China.

亞洲股市週四波動，美元守住漲幅，比特幣創下新紀錄，市場試圖確定唐納德·川普在承諾針對中國的減稅和提高關稅後第二任總統的後果。

The so-called Trump Trade went into overdrive Wednesday as it emerged that the tycoon would return to the White House after beating Democrat Kamala Harris, while his Republican Party gained control of the Senate and looked set to hold onto the House of Representatives.

週三，所謂的「川普交易」進入了高潮，因為有消息稱，這位大亨將在擊敗民主黨人卡馬拉·哈里斯後重返白宮，而他的共和黨則獲得了參議院的控制權，並且看起來將保住眾議院。

The decisive win is expected to pave the way for a series of business-friendly measures such as tax cuts and deregulation, though analysts warn that such moves – along with the pledge to impose duties on imports – could relight inflation.

預計這一決定性勝利將為一系列有利於商業的措施（例如減稅和放鬆管制）鋪平道路，但分析師警告稱，這些舉措— — 再加上對進口產品徵收關稅的承諾— — 可能會重新加劇通膨。

The prospect of higher inflationary pressure could complicate matters for Federal Reserve boss Jerome Powell as he tries to guide the economy to a soft landing while bringing prices under control.

通膨壓力上升的前景可能會讓聯準會主席鮑威爾的問題變得複雜，因為他試圖引導經濟軟著陸，同時控制物價。

The central bank is expected to announce a 25-basis-point interest rate reduction on Thursday, but there are now questions over the chances of another next month, and the outlook for the new year.

預計央行將於週四宣布降息 25 個基點，但現在人們對下個月再次降息的可能性以及新年前景存有疑問。

"Those discussions might have to wait (until) a subsequent meeting and encompass four issues," said National Australia Bank's Tapas Strickland.

澳洲國民銀行的塔帕斯·斯特里克蘭表示：“這些討論可能要等到隨後的會議，並涵蓋四個問題。”

"Does the election result lead to meaningful changes for economic demand or inflation that warrant a different policy path?; have jitters about job-market deterioration been overstated?; where is inflation headed?; and what is the right level for rates, anyway?"

「選舉結果是否會導致經濟需求或通膨發生有意義的變化，從而需要採取不同的政策路徑？；對就業市場惡化的擔憂是否被誇大了？；通膨走向何方？；無論如何，正確的利率水準是多少？

Still, economists at Citi wrote in a client note ahead of Election Day: "The December rate cut decision will depend on labor market data and we expect a further softening to lead to a 50-basis-point rate cut."

儘管如此，花旗的經濟學家在選舉日前夕的一份客戶報告中寫道：“12月的降息決定將取決於勞動力市場數據，我們預計進一步疲軟將導致降息50個基點。”

After a mixed day on Wednesday, Asian stock investors continued to tread carefully.

經過週三漲跌互現的一天后，亞洲股市投資者繼續謹慎行事。

Tokyo edged down with Hong Kong, Sydney, Seoul, Wellington and Manila, but Shanghai, Singapore and Taipei rose.

東京、香港、雪梨、首爾、威靈頓和馬尼拉均下跌，但上海、新加坡和台北上漲。

That came after a blockbuster day on Wall Street, where all three main indexes hit new highs, were led by a 3.6-percent spike in the Dow.

此前，華爾街股市表現強勁，三大主要股指均創下新高，道瓊指數上漲 3.6%。

With Trump expected to once again set his sights on trade, observers said that will be a key issue for Asian governments, and particularly China after Washington and Beijing butted heads on numerous occasions during his first term.

觀察家表示，川普預計將再次將目光投向貿易，這將成為亞洲各國政府，尤其是中國政府的關鍵問題，此前華盛頓和北京在他的第一個任期內多次發生衝突。

"The primary concern will be around tariffs and trade restrictions, which will have some impact but have been somewhat factored in," said Joshua Crabb and Colin Graham at asset manager Robeco.

資產管理公司荷寶(Robeco) 的約書亞·克拉布(Joshua Crabb) 和科林·格雷厄姆(Colin Graham) 表示：「主要擔憂將是關稅和貿易限制，這將產生一些影響，但已在一定程度上被考慮在內。

"The offset to this will likely be a more aggressive policy response in Asia, both fiscally and monetarily.

「對此的抵銷可能是亞洲在財政和貨幣方面採取更積極的政策反應。

"The first indication of this will be stimulus in China, with the (National People's Congress) scheduled to finalise on 8 November."

「這方面的第一個跡象將是中國的刺激措施，（全國人民代表大會）定於 11 月 8 日最終確定。”

Traders are awaiting the end on Friday of a Chinese government meeting to hammer out a stimulus for the world's number two economy, with expectations for hundreds of billions of dollars to help local authorities and support for banks to boost lending.

交易員正在等待週五中國政府會議結束，該會議旨在敲定世界第二大經濟體的刺激方案，預計將有數千億美元幫助地方當局並支持銀行增加放款。

On currency markets, the dollar held its gains against its peers after surging on the back of Trump's victory as rate cut bets are pared back and Treasury yields rise.

貨幣市場方面，隨著降息押注減少以及美國公債殖利率上升，美元兌其他貨幣在川普獲勝後飆升，守住了漲勢。

Bitcoin touched a new high just above US$77,475 on optimism about the outlook for cryptocurrencies after the president-elect said on the campaign trail that he would make the United States the "bitcoin and cryptocurrency capital of the world.

在當選總統在競選活動中表示他將使美國成為「世界比特幣和加密貨幣之都」後，由於對加密貨幣前景的樂觀情緒，比特幣觸及略高於 77,475 美元的新高。