隨著債券殖利率飆升，全球市場暴跌，經濟數據預示著鷹派前景

股指開盤大幅走低，標準普爾 500 指數、道瓊工業指數和納斯達克 100 指數均跌至 1-1/2 週低點。 10 年期公債殖利率觸及 4 個月新高，債券殖利率走高拖累股市。美國經濟數據顯示就業機會和工廠訂單強勁，增強了聯準會採取鷹派政策的理由。比特幣大幅下跌，而監管機構未能增加醫療保險支付後，健康保險股暴跌。特斯拉股價也因汽車交付量低於預期而大幅下跌。

Global Markets Open Lower Amid Hawkish Economic Data and Rising Bond Yields

由於鷹派經濟數據和債券殖利率上升，全球市場開盤走低

Stock markets across the globe opened in the red this morning, with major indices posting significant declines. The S&P 500 plunged 1.06%, the Dow Jones Industrial Average tumbled 1.08%, and the Nasdaq 100 plummeted 1.51%, reaching their lowest levels in a week and a half.

今天上午，全球股市開盤下跌，主要股指大幅下跌。標準普爾500指數暴跌1.06%，道瓊工業指數暴跌1.08%，納斯達克100指數暴跌1.51%，創一周半以來最低水準。

Rising Bond Yields Weigh on Stocks

債券殖利率上升打壓股市

A surge in bond yields has been a major headwind for stocks. The yield on the 10-year Treasury note has climbed to its highest level in four months, dampening sentiment as investors reassess the outlook for interest rate cuts by the Federal Reserve.

債券殖利率飆升一直是股市的主要阻力。十年期公債殖利率已攀升至四個月以來的最高水平，在投資者重新評估聯準會降息前景之際打壓了市場情緒。

Hawkish Economic Data Clouds Outlook

鷹派經濟數據給前景蒙上陰影

Disappointing economic data in the United States has further undermined market optimism. The US Bureau of Labor Statistics reported a surprising increase in job openings in February, defying expectations of a decline. Additionally, factory orders rose more than anticipated, indicating a persistent strength in the labor market and industrial activity.

美國令人失望的經濟數據進一步削弱了市場的樂觀情緒。美國勞工統計局報告稱，2 月職缺數量意外增加，超出了下降的預期。此外，工廠訂單增幅超過預期，顯示勞動市場和工業活動持續強勁。

These figures have fueled concerns that the Federal Reserve may adopt a more hawkish stance, potentially delaying the start of interest rate cuts. The market now assigns only a 7% probability of a 25 basis point rate cut at the Federal Open Market Committee (FOMC) meeting on April 30-May 1, and a 64% chance at the subsequent meeting on June 11-12.

這些數據引發了人們的擔憂，即聯準會可能採取更強硬的立場，從而可能推遲降息的開始。目前，市場預計聯邦公開市場委員會(FOMC) 4月30日至5月1日會議降息25個基點的可能性僅為7%，而6月11日至12日的後續會議則有64%的可能性。

Bond Market Slumps

債券市場暴跌

The bond market has been heavily influenced by the stronger-than-expected economic data and higher inflation expectations. The yield on the 10-year T-note has climbed to 4.403%, its highest level in four months, while the 10-year breakeven inflation rate has risen to 2.372%, a one-and-a-half week high.

債券市場受到強於預期的經濟數據和較高的通膨預期的嚴重影響。 10年期公債殖利率攀升至4.403%，為四個月來最高水平，而10年期盈虧平衡通膨率則升至2.372%，為一周半高點。

European Bond Yields Rise

歐洲債券殖利率上升

European government bond yields have also trended higher. The yield on the 10-year German bund has surged to 2.435%, its highest level in a week and a half, while the yield on the 10-year UK gilt has risen to 4.105%, its highest in two weeks.

歐洲政府公債殖利率也呈現走高趨勢。 10年期德國公債殖利率飆升至2.435%，為一周半以來最高水平，而10年期英國公債殖利率則升至4.105%，為兩週來最高水平。

Key Economic Indicators in Europe

歐洲主要經濟指標

In other economic news, the Eurozone Mar S&P manufacturing PMI has been revised upward to 46.1, reflecting a slight improvement in manufacturing activity. However, inflation expectations in the Eurozone have eased in February, with 1-year inflation expectations declining to 3.1% and 3-year inflation expectations remaining unchanged at 2.5%.

其他經濟消息方面，歐元區3月標準普爾製造業PMI上修至46.1，反映出製造業活動略有改善。不過，2月歐元區通膨預期放緩，1年期通膨預期降至3.1%，3年期通膨預期維持在2.5%不變。

**German inflation data has also come in weaker than anticipated, with the consumer price index (CPI) rising by 0.6% month-on-month and 2.3% year-on-year, below forecasts.

**德國通膨數據也弱於預期，消費者物價指數（CPI）較上季上漲0.6%，較去年同期上漲2.3%，低於預期。

Sector Movers in the US

美國的產業推動者

• Health Insurance: Health insurance stocks have plummeted after US regulators declined to increase payments for private Medicare plans, disappointing industry expectations. Humana (HUM) has declined by more than 13%, leading losses in the S&P 500. CVS Health (CVS) and UnitedHealth Group (UNH) have also posted significant declines in the Dow Jones Industrials.
• Tesla: Tesla (TSLA) has plunged by more than 6% after reporting first-quarter vehicle deliveries of 386,810, well below the consensus estimate of 449,080.
• PVH Corp: PVH Corp (PVH) has plummeted by more than 22% after forecasting a 6% to 7% decline in revenue by 2025, reversing the 2% increase reported last year.
• Verve Therapeutics: Verve Therapeutics (VERV) has tumbled by more than 36% after announcing the pausing of enrollment in a study of its gene-editing treatment for high cholesterol, citing safety concerns.

Homebuilder Stocks Decline

健康保險：美國監管機構拒絕增加私人醫療保險計劃的付款，令業界預期失望，健康保險股暴跌。 Humana (HUM) 下跌超過 13%，領跌標準普爾 500 指數。CVS Health (CVS) 和 UnitedHealth Group (UNH) 也在道瓊工業指數中大幅下跌。特斯拉：特斯拉 (TSLA) 暴跌報告稱，第一季汽車交付量為386,810 輛，遠低於市場普遍預期的449,080 輛，較去年同期成長超過6%。PVH Corp：PVH Corp (PVH) 預計到2025 年營收將下降6% 至7%，但其股價卻暴跌超過22% ，扭轉了去年報告的 2% 的漲幅。Verve Therapeutics：Verve Therapeutics (VERV) 以安全問題為由，宣布暫停一項針對高膽固醇的基因編輯治療研究的招募後，股價下跌了 36 % 以上。衰退

Homebuilder stocks have retreated today as the rise in the 10-year T-note yield has cast a bearish shadow on housing demand. Lennar (LEN), PulteGroup (PHM), DR Horton (DHI), and Toll Brothers (TOL) have all declined by more than 4%.

由於10年期公債殖利率的上升給住房需求蒙上了看跌陰影，房屋建築商股票今天有所回落。 Lennar (LEN)、PulteGroup (PHM)、DR Horton (DHI) 和 Toll Brothers (TOL) 均下跌超過 4%。

Cryptocurrency-Linked Companies Retreat

加密貨幣相關公司撤退

Cryptocurrency-linked companies have also experienced losses, with the price of Bitcoin declining by more than 5%. Coinbase Global (COIN), MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT) have all lost more than 5%.

加密貨幣相關公司也遭受損失，比特幣價格下跌超過 5%。 Coinbase Global (COIN)、MicroStrategy (MSTR)、Marathon Digital (MARA) 和 Riot Platform (RIOT) 的跌幅都超過 5%。

Earnings Reports

獲利報告

Several companies are scheduled to report earnings today, including Cal-Maine Foods Inc (CALM), Dave & Buster's Entertainment (PLAY), DZS Inc (DZSI), and Paychex Inc (PAYX).

多家公司預定今天公佈財報，包括 Cal-Maine Foods Inc (CALM)、Dave & Buster's Entertainment (PLAY)、DZS Inc (DZSI) 和 Paychex Inc (PAYX)。