全球股票市場週五獲得了中國股票集會的支持

全球股票市場週五獲得了支持，從中國股票的集會到3個月高的政策支持跡象。

Global equity markets clocked gains on Friday, as Chinese stocks rallied to a 3-month high on signs of more policy support.

全球股票市場週五獲得了收益，因為中國股票在更多政策支持的跡像上升至3個月高點。

Officials from the finance ministry, commerce ministry, the PBOC, and other government bodies plan to hold a press conference on Monday to announce measures to boost consumption.

財政部，商務部，PBOC和其他政府機構的官員計劃在周一舉行新聞發布會，以宣布提高消費量的措施。

The University of Michigan's U.S. Mar consumer sentiment index fell -6.8 to a 2-1/3 year low of 57.9 on Friday, weaker than expectations of 63.0.

星期五，密歇根大學的美國MAR消費者情感指數下跌-6.8至2-1/3年低點57.9，比63.0的預期弱。

The University of Michigan's U.S. Mar 1-year inflation expectations indicator unexpectedly rose to a 2-1/3 year high of +4.9%, higher than expectations of no change at +4.3%. The Mar 5-10 year inflation expectations indicator unexpectedly rose to a 32-year high of +3.9% versus expectations of a decline to +3.4%.

密歇根大學的美國3月1年通貨膨脹預期指標意外地上升到2-1/3年的高度 +4.9％，高於 +4.3％的無變化的預期。 3月5日至10年的通貨膨脹預期指標意外地上升到32年的 +3.9％，而對下降到 +3.4％的預期。

The price of Bitcoin (BTC) rose more than +4% as a stablecoin bill is on a fast track for consideration by the full Senate after the banking committee voted 18-6 to advance the bill late Thursday. The bill, endorsed by President Trump, would govern privately issued, dollar-based stablecoins that could enable cheaper and faster transactions for anyone with a smartphone. Bitcoin also saw support Friday on the recovery in stocks, which promoted more of a risk-on environment.

由於銀行委員會以18-6投票通過以18-6投票通過週四晚，比特幣（BTC）的價格上漲了4％以上 +4％以上。由特朗普總統認可的法案將統治私人發行的以美元的穩定性，可以為擁有智能手機的任何人提供便宜，更快的交易。比特幣週五還支持了股票回收率的支持，該股票促進了更多風險環境。

Stocks have been pressured over the past week from fears that U.S. tariffs will weaken economic growth and corporate earnings. Last Tuesday, President Trump imposed 25% tariffs on Canadian and Mexican goods and doubled the tariff on Chinese goods to 20% from 10%. Mr. Trump also stated that he would be imposing reciprocal tariffs on foreign nations on April 2, as planned. Trade tensions escalated on Wednesday when the European Union imposed tariffs on up to $28.3 billion of U.S. goods, including soybeans, beef, and poultry, in retaliation for U.S. tariffs on steel and aluminum imports. Also, Canada announced 25% counter-tariffs on about $20.8 billion of U.S.-made items, such as computers and sporting goods, along with U.S. steel and aluminum products.

在過去的一周中，由於擔心美國關稅會削弱經濟增長和公司收益，因此股票受到壓力。上週二，特朗普總統對加拿大和墨西哥商品徵收了25％的關稅，並將中國商品的關稅從10％增加到20％。特朗普先生還表示，按計劃，他將於4月2日對外國國家徵收互惠關稅。貿易緊張局勢在周三升級時，當時歐盟對包括大豆，牛肉和家禽在內的美國商品徵收高達283億美元的關稅，以報復美國對鋼鐵和鋁進口的關稅。此外，加拿大宣布了25％的反競選活動，其中包括約208億美元的美國製造物品，例如計算機和體育用品，以及美國鋼鐵和鋁產品。

The markets are discounting the chances at 1% for a -25 bp rate cut at the next FOMC meeting on March 18-19.

在3月18日至19日的下一次FOMC會議上，市場將降低-25 bp稅率的機會以1％的速度打折。

Overseas stock markets rose on Friday. The Euro Stoxx 50 rose +1.42%. China's Shanghai Composite Index rallied to a 3-month high and closed up +1.81%. Japan's Nikkei Stock 225 closed up +0.72%.

週五，海外股市上升。 EURO STOXX 50上漲 +1.42％。中國的上海綜合指數升至3個月高，關閉 +1.81％。日本的Nikkei Stock 225關閉 +0.72％。

Interest Rates

利率

June 10-year T-notes (ZNM25) on Friday fell -9 ticks. The 10-year T-note yield rose +4.6 bp to 4.314%. June T-notes fell on reduced safe-haven demand as stocks rallied after Senate Democratic leader Schumer said he would not block the Republican bill to keep funding the government, likely averting a government shutdown. T-notes were also pressured by carryover weakness from a slide in German bund prices following a report that German parties have agreed on a debt package. T-notes remained lower after Friday's report from the University of Michigan showed U.S. inflation expectations unexpectedly rose, a hawkish factor for Fed policy.

6月10年的T票（ZnM25）週五下跌-9個tick。 10年的Tnote產率上升+4.6 bp升至4.314％。在參議院民主黨領導人舒默（Schumer）表示，他不會阻止共和黨法案以繼續為政府提供資金，從而避免政府關閉後，六月的T票數降低了避風港的需求。在德國政黨已同意債務方案的報告之後，德國外灘價格的幻燈片幻燈片的結轉弱點也受到了t票的壓力。密歇根大學週五的報告表明，美國通貨膨脹期望出乎意料，這是美聯儲政策的鷹派因素。

European bond yields were mixed. The 10-year German bund yield rose +2.1 bp to 2.876%. The 10-year UK gilt yield fell -1.1 bp to 4.666%.

歐洲債券收益率混合在一起。 10年的德國外行收益率上升+2.1 bp升至2.876％。英國10年的鍍金收益率下降了-1.1 bp至4.666％。

German Feb CPI (EU harmonized) was revised downward to +0.5% m/m and +2.6% y/y from the previously reported +0.6% m/m and +2.8% y/y.

從先前報導的 +0.6％m/m和 +2.8％y/y的德國2月CPI（歐盟統一）向下修改為 +0.5％m/m和 +2.6％y/y。

ECB Governing Council member Holzmann said interest rates in the Eurozone are already at neutral levels, and he supports pausing ECB rate cuts next month. He added that a resurgence in inflation is the greater risk, and higher European spending could force the ECB to hike interest rates.

歐洲央行理事會成員霍爾茨曼說，歐元區的利率已經處於中立水平，他支持下個月暫停歐洲央行的降低。他補充說，通貨膨脹的複興是更大的風險，較高的歐洲支出可能迫使歐洲央行提高利率。

Handelsblatt reported Friday that German chancellor-in-waiting Merz reached an agreement with the Green party on a fiscal reform package for large investments in infrastructure and defense.

漢德爾斯布拉特（Handelsblatt）週五報導說，德國總理梅爾斯（Merz）與綠黨達成了一項協議，以一項財政改革方案，用於用於基礎設施和國防的大型投資。

Swaps are discounting the chances at 53% for a -25 bp rate cut by the ECB at the April 17 policy meeting.

在4月17日的政策會議上，歐洲央行降低-25 bp的利率的掉期折價為53％。

US Stock Movers

美國股票

The Magnificent Seven stocks all rose on Friday, boosting the broader market. Nvidia (NVDA) rose more than +5% to lead gainers in the Dow Jones Industrials. Tesla (TSLA) rose more than +3%. Meta Platforms (META), Microsoft (MSFT) and Amazon.com (AMZN) rose more than +2

宏偉的七隻股票在周五上漲，促進了更廣闊的市場。 NVIDIA（NVDA）上漲了超過5％，在道瓊斯工業公司的領先獲利者中。特斯拉（TSLA）上升超過3％。元平台（Meta），Microsoft（MSFT）和Amazon.com（AMZN）上升超過+2