随着贸易紧张局势升级，亚洲和欧洲股票上周的下降幅度延长。

詹姆斯·范·斯特拉滕（James van Straten）（除非另有说明）

Top Headlines

头条新闻

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

随着贸易紧张局势继续升级，上周的亚洲和欧洲股票在周一延长。

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.

唐纳德·特朗普（Donald Trump）总统将于4月2日在他称为“解放日”的事件中透露新的关税。总统计划对任何被视为与美国建立不公平交易关系的国家征收税款和关税

“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.

“您将从所有国家开始，所以让我们看看会发生什么，”特朗普说，《金融时报》说。英国国后说，尽管关税最初可能广泛适用，但他愿意为某些国家做出让步。

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

周五，美联储的首选通货膨胀仪的核心PCE通货膨胀率高于预期的核心PCE通货膨胀，美国股票下降了。

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.

周五截止的美国就业报告可能会持续市场不确定性。经济学家预测，失业率将上升到4.2％，而非农业工资预计为128,000，低于上个月的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.

黄金在这种不确定性的背面集会，首次飙升的每盎司3,100美元，当天增长了1.2％，近20％的年度增长了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.

比特币（BTC）继续挣扎，徘徊在$ 80,000以上。本月下降了3％以上，本季度下降了12％，这标志着自2022年第四季度以来的表现最差。

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.

现在，考虑以太（ETH）。第二大加密货币的表现明显比本季度比特币差得多，这是自2018年以来最糟糕的幻灯片中的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!

结果，以太币比率已下降到0.02195，标志着其自2020年5月以来的最低水平。当时，比特币的交易低于10,000美元，而Ether则徘徊在200美元以上。保持警觉！

Token Events

令牌事件

Today, there are no notable token events scheduled.

今天，没有安排明显的令牌事件。

Conferences

会议

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

本周，请留意纽约的令牌化证券和数字资产大会。

Token Talk

代币谈话

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).

葡萄牙银行的研究人员弗朗西斯科·罗德里格斯（Francisco Rodrigues）深入研究了“作为中央银行数字货币的Stablecoins”领域。从本质上讲，罗德里格斯（Rodrigues）探索了稳定币的潜力，即固定在菲亚特货币的价值的加密货币（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.

据彭博社报道，据彭博社报道，商品期货期货交易委员会的最新数据表明，对冲基金和货币经理连续第三周削减了他们在美国财政期货期间的净看跌头寸。

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

该报告还强调了对欧元的乐观态度下降，而日元日元中的净看跌地位也增加了。

Market Movements:

市场变动：

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

周一早上，包括富时100期货和欧洲期货在内的世界市场以红色交易。

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指数在东京关闭，下降了4％，将日本市场推向了更正领域。这发生在尼克基（Nikkei）从八月份的纪录高达10％以上下跌超过10％之后。

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.

较宽的TOPIX指数也下降了3.2％。这些指数共同覆盖了至少10％的高分，在7月到达了尼克基（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."

这两个索引中的下降归因于唐纳德·特朗普总统在4月2日发布新的关税，这一事件称为“解放日”。

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

在接受《金融时报》采访时，特朗普表示，关税将适用于“每个国家”。

"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.

特朗普说：“我们将向佛罗里达州欺骗我们贸易的每个国家征收关税，并且我们将为工人和农民摆脱多年的外国政府的统一而定。”

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.

总统计划在任何认为他认为与美国建立不公平的交易关系的国家对任何国家征收征费和关税

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

特朗普补充说：“您将从所有国家开始，所以让我们看看会发生什么。”

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

英国国后说，尽管关税最初可能广泛适用，但他愿意为某些国家做出让步。

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

周五，美联储的首选通货膨胀仪的核心PCE通货膨胀率高于预期的核心PCE通货膨胀，美国股票下降了。

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价格指数上涨了0.3％，而道琼斯（Dow Jones）进行了调查的经济学家预计不会改变。排除挥发性食品和能源成分的核心PCE价格指数增加了0.4％，超过了对0.2％上升的预期。

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

新的PCE数据还显示，与经济学家的相比，个人收入下降了0.4％