隨著貿易緊張局勢升級，亞洲和歐洲股票上週的下降幅度延長。

詹姆斯·範·斯特拉滕（James van Straten）（除非另有說明）

Top Headlines

頭條新聞

Asian and European stocks extended last week’s declines on Monday as trade tensions continued to escalate.

隨著貿易緊張局勢繼續升級，上週的亞洲和歐洲股票在周一延長。

President Donald Trump is set to reveal new tariffs on April 2 in an event he has dubbed “Liberation Day.” The president plans to impose levies and tariffs on any country deemed to have an unfair trading relationship with the U.S.

唐納德·特朗普（Donald Trump）總統將於4月2日在他稱為“解放日”的事件中透露新的關稅。總統計劃對任何被視為與美國建立不公平交易關係的國家徵收稅款和關稅

“You'd start with all countries, so let's see what happens,” Trump said, according to the Financial Times. His words suggest that while the tariffs may initially apply broadly, he is open to making concessions for some countries, the FT said.

“您將從所有國家開始，所以讓我們看看會發生什麼，”特朗普說，《金融時報》說。英國國後說，儘管關稅最初可能廣泛適用，但他願意為某些國家做出讓步。

On Friday, U.S. equities dropped after a hotter-than-expected reading in core PCE inflation, the Federal Reserve's preferred inflation gauge.

週五，美聯儲的首選通貨膨脹儀的核心PCE通貨膨脹率高於預期的核心PCE通貨膨脹，美國股票下降了。

Market uncertainty may persist with the U.S. jobs report due Friday. Economists forecast the unemployment rate to rise to 4.2%, while nonfarm payrolls are projected at 128,000, down from 151,000 the previous month.

週五截止的美國就業報告可能會持續市場不確定性。經濟學家預測，失業率將上升到4.2％，而非農業工資預計為128,000，低於上個月的151,000。

Gold is rallying on the back of this uncertainty, surging past $3,100 per ounce for the first time ever — up 1.2% on the day and nearly 20% year-to-date.

黃金在這種不確定性的背面集會，首次飆升的每盎司3,100美元，當天增長了1.2％，近20％的年度增長了20％。

Bitcoin (BTC) continues to struggle, hovering just above $80,000. It's down more than 3% this month and 12% for the quarter, marking its worst performance since fourth-quarter 2022.

比特幣（BTC）繼續掙扎，徘徊在$ 80,000以上。本月下降了3％以上，本季度下降了12％，這標誌著自2022年第四季度以來的表現最差。

Now, consider ether (ETH). The second-largest cryptocurrency has performed significantly worse than bitcoin this quarter, losing 46% in a slide that's the worst since 2018.

現在，考慮以太（ETH）。第二大加密貨幣的表現明顯比本季度比特幣差得多，這是自2018年以來最糟糕的幻燈片中的46％。

As a result, the ether-to-bitcoin ratio has dropped to 0.02195, marking its lowest level since May 2020. At that time, bitcoin was trading below $10,000, while ether hovered just above $200. Stay alert!

結果，以太幣比率已下降到0.02195，標誌著其自2020年5月以來的最低水平。當時，比特幣的交易低於10,000美元，而Ether則徘徊在200美元以上。保持警覺！

Token Events

令牌事件

Today, there are no notable token events scheduled.

今天，沒有安排明顯的令牌事件。

Conferences

會議

This week, keep an eye out for the Tokenized Securities and Digital Assets Congress in New York.

本週，請留意紐約的令牌化證券和數字資產大會。

Token Talk

代幣談話

Francisco Rodrigues, a researcher at the Bank of Portugal, delves into the realm of "stablecoins as central bank digital currency." In essence, Rodrigues explores the potential for stablecoins, cryptocurrencies pegged to the value of a fiat currency, to serve as a central bank digital currency (CBDC).

葡萄牙銀行的研究人員弗朗西斯科·羅德里格斯（Francisco Rodrigues）深入研究了“作為中央銀行數字貨幣的Stablecoins”領域。從本質上講，羅德里格斯（Rodrigues）探索了穩定幣的潛力，即固定在菲亞特貨幣的價值的加密貨幣（CBDC）。

Derivatives Positioning

衍生物定位

The latest data from the Commodity Futures Trading Commission on Friday showed that hedge funds and money managers slashed their net bearish positions in U.S. Treasury futures for a third week in a row, as reported by Bloomberg.

據彭博社報導，據彭博社報導，商品期貨期貨交易委員會的最新數據表明，對沖基金和貨幣經理連續第三週削減了他們在美國財政期貨期間的淨看跌頭寸。

The report also highlighted a decrease in optimism towards the euro, while net bearish positions in the Japanese yen increased.

該報告還強調了對歐元的樂觀態度下降，而日元日元中的淨看跌地位也增加了。

Market Movements:

市場變動：

World markets, including the FTSE 100 futures and European futures, traded in the red on Monday morning.

週一早上，包括富時100期貨和歐洲期貨在內的世界市場以紅色交易。

The Nikkei 225 index closed in Tokyo with a decline of 4%, pushing the Japanese market into correction territory. This occurred after the Nikkei fell more than 10% from its record high reached in August.

Nikkei 225指數在東京關閉，下降了4％，將日本市場推向了更正領域。這發生在尼克基（Nikkei）從八月份的紀錄高達10％以上下跌超過10％之後。

The broader Topix index also decreased by 3.2%. Together, these indexes covered a loss of at least 10% from their highs, reached in July for the Topix and August for the Nikkei.

較寬的TOPIX指數也下降了3.2％。這些指數共同覆蓋了至少10％的高分，在7月到達了尼克基（Topix）和八月。

The declines in both indexes were attributed to the anticipation of President Donald Trump unveiling new tariffs on April 2, an event he has dubbed "Liberation Day."

這兩個索引中的下降歸因於唐納德·特朗普總統在4月2日發布新的關稅，這一事件稱為“解放日”。

During an interview with the Financial Times, Trump stated that the tariffs would apply to "every country."

在接受《金融時報》採訪時，特朗普表示，關稅將適用於“每個國家”。

"We're going to put tariffs on every country that fl cheats us on trade, and we're going to be making Liberation Day for our workers and our farmers from the mendacity of foreign governments over many, many years," Trump said.

特朗普說：“我們將向佛羅里達州欺騙我們貿易的每個國家徵收關稅，並且我們將為工人和農民擺脫多年的外國政府的統一而定。”

The president plans to impose levies and tariffs on any country that maintains what he considers to be an unfair trading relationship with the U.S.

總統計劃在任何認為他認為與美國建立不公平的交易關係的國家對任何國家徵收徵費和關稅

"You'd start with all countries, so let's see what happens," Trump added.

特朗普補充說：“您將從所有國家開始，所以讓我們看看會發生什麼。”

His words suggest that while the tariffs may initially apply broadly, he is open to making concessions for some countries, the FT said.

英國國後說，儘管關稅最初可能廣泛適用，但他願意為某些國家做出讓步。

On Friday, U.S. equities dropped after a hotter-than-expected reading in core PCE inflation, the Federal Reserve's preferred inflation gauge.

週五，美聯儲的首選通貨膨脹儀的核心PCE通貨膨脹率高於預期的核心PCE通貨膨脹，美國股票下降了。

The PCE price index rose 0.3% in February, while economists polled by Dow Jones had expected no change. The core PCE price index, which excludes volatile food and energy components, increased 0.4%, exceeding expectations for a 0.2% rise.

2月份的PCE價格指數上漲了0.3％，而道瓊斯（Dow Jones）進行了調查的經濟學家預計不會改變。排除揮發性食品和能源成分的核心PCE價格指數增加了0.4％，超過了對0.2％上升的預期。

The new PCE data also showed that personal income fell 0.4%, in contrast to the economists'

新的PCE數據還顯示，與經濟學家的相比，個人收入下降了0.4％