全球股票市场周五获得了中国股票集会的支持

全球股票市场周五获得了支持，从中国股票的集会到3个月高的政策支持迹象。

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

全球股票市场周五获得了收益，因为中国股票在更多政策支持的迹象上升至3个月高点。

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.

财政部，商务部，PBOC和其他政府机构的官员计划在周一举行新闻发布会，以宣布提高消费量的措施。

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，密歇根大学的美国MAR消费者情感指数下跌-6.8至2-1/3年低点57.9，比63.0的预期弱。

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%.

密歇根大学的美国3月1年通货膨胀预期指标意外地上升到2-1/3年的高度 +4.9％，高于 +4.3％的无变化的预期。 3月5日至10年的通货膨胀预期指标意外地上升到32年的 +3.9％，而对下降到 +3.4％的预期。

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.

由于银行委员会以18-6投票通过以18-6投票通过周四晚，比特币（BTC）的价格上涨了4％以上 +4％以上。由特朗普总统认可的法案将统治私人发行的以美元的稳定性，可以为拥有智能手机的任何人提供便宜，更快的交易。比特币周五还支持了股票回收率的支持，该股票促进了更多风险环境。

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.

在过去的一周中，由于担心美国关税会削弱经济增长和公司收益，因此股票受到压力。上周二，特朗普总统对加拿大和墨西哥商品征收了25％的关税，并将中国商品的关税从10％增加到20％。特朗普先生还表示，按计划，他将于4月2日对外国国家征收互惠关税。贸易紧张局势在周三升级时，当时欧盟对包括大豆，牛肉和家禽在内的美国商品征收高达283亿美元的关税，以报复美国对钢铁和铝进口的关税。此外，加拿大宣布了25％的反竞选活动，其中包括约208亿美元的美国制造物品，例如计算机和体育用品，以及美国钢铁和铝产品。

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会议上，市场将降低-25 bp税率的机会以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%.

周五，海外股市上升。 EURO STOXX 50上涨 +1.42％。中国的上海综合指数升至3个月高，关闭 +1.81％。日本的Nikkei Stock 225关闭 +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）周五下跌-9个tick。 10年的Tnote产率上升+4.6 bp升至4.314％。在参议院民主党领导人舒默（Schumer）表示，他不会阻止共和党法案以继续为政府提供资金，从而避免政府关闭后，六月的T票数降低了避风港的需求。在德国政党已同意债务方案的报告之后，德国外滩价格的幻灯片幻灯片的结转弱点也受到了t票的压力。密歇根大学周五的报告表明，美国通货膨胀期望出乎意料，这是美联储政策的鹰派因素。

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%.

欧洲债券收益率混合在一起。 10年的德国外行收益率上升+2.1 bp升至2.876％。英国10年的镀金收益率下降了-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.

从先前报道的 +0.6％m/m和 +2.8％y/y的德国2月CPI（欧盟统一）向下修改为 +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.

欧洲央行理事会成员霍尔茨曼说，欧元区的利率已经处于中立水平，他支持下个月暂停欧洲央行的降低。他补充说，通货膨胀的复兴是更大的风险，较高的欧洲支出可能迫使欧洲央行提高利率。

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.

汉德尔斯布拉特（Handelsblatt）周五报道说，德国总理梅尔斯（Merz）与绿党达成了一项协议，以一项财政改革方案，用于用于基础设施和国防的大型投资。

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日的政策会议上，欧洲央行降低-25 bp的利率的掉期折价为53％。

US Stock Movers

美国股票

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

宏伟的七只股票在周五上涨，促进了更广阔的市场。 NVIDIA（NVDA）上涨了超过5％，在道琼斯工业公司的领先获利者中。特斯拉（TSLA）上升超过3％。元平台（Meta），Microsoft（MSFT）和Amazon.com（AMZN）上升超过+2