股市下跌，日元飙升，贸易战担忧重燃：市场综述

Stocks Fall, Yen Jumps as Trade War FearReturns: Markets Wrap 股市下跌，⽇元飙升，贸易战担忧重燃：市场综述 The earnings reports from Wall Street’s biggest banks are poised to get even morescrutiny than usual this week.Source: Bloomberg 华尔街各⼤银⾏本周的财报将⽐往常受到更严格的审查。来源：彭博社 ByAnand Krishnamoorthy作者：Anand KrishnamoorthyOctober 14, 2025 at 6:27 AM GMT+8Updated on更新于October 14, 2025 at 1:44 PM GMT+8 Save保存5:49Translate翻译 Stocks fell along with equity-index futures for the US andEurope as a new round of retaliatory trade measures fromChina revived concern over tensions with the US. Goldextended its gains and the yen strengthened. 美国及欧洲股指期货随股市⼀同下跌，因中国新⼀轮反制贸易措施再度引发对中美紧张局势的担忧。⻩⾦延续涨势，⽇元⾛强。 Contracts for the S&P 500 fell 0.8% and those for theNasdaq 100 index tumbled 1% after Chinahit back at theUS on shipping by imposing curbs on American units ofHanwha Ocean Co.Asian shares slipped 1.3% to theirlowest level in more than two weeks. Japan’s Nikkei 225index dropped 3%, with a political crisis also weighing.Cryptocurrencies also dropped. 标普500指数期货下跌0.8%，纳斯达克100指数期货重挫1%，此前中国对韩华海洋美国⼦公司实施限制以回应美国的航运措施。亚洲股市下跌1.3%，创下逾两周最低⽔平。⽇本⽇经225指数下跌3%，政治危机亦带来压⼒。加密货币同样出现下跌。 The yen flipped its earlier losses and strengthened againstthe dollar. Silver prices touched an all-time high near$53an ounce, and gold set a new peak as investors soughtalternative assets to park their money. Treasuries rose withthe yield on the benchmark 10-year falling to 4.02%. ⽇元扭转了早前的跌势，对美元⾛强。⽩银价格触及每盎司近53美元的历史新⾼，⻩⾦也创下新纪录，因投资者寻求替代资产来存放资⾦。国债上涨，基准10年期国债收益率降⾄4.02%。 China’s latest move has raised concerns that the tradedispute may flare up again, jeopardizing the stock rallyfrom April’s lows. US stocks had clawed back part ofFriday’s losses — when tensions between Washington andBeijing rattled markets — signaling a renewed willingnessby investors to buy the dip as a resilient economy andexpected Federal Reserve easing outweighed fears of an AIbubble. 中国的最新举措引发担忧，贸易争端可能再度激化，危及股市⾃4⽉低点以来的反弹。美国股市已收复周五部分失地——当时美中紧张局势震动市场——这表明投资者重新愿意逢低买⼊，因韧性经济和预期美联储宽松政策压倒了对⼈⼯智能泡沫的担忧。 “Markets are shifting back into a risk-off mode after lastweek’s sharp swings,” said Billy Leung, an investmentstrategist at Global X Management. “The weakness looksmore like fast-money repositioning than a fundamentalturn as momentum is thin.” "市场在上周的剧烈波动后正重新转向避险模式，"Global XManagement的投资策略师Billy Leung表示。"这种疲软更像是快钱重新配置，⽽⾮基本⾯转向，因为动能不⾜。" Beneath the surface of recent market swings, investors arepositioning for what some call the “debasement trade” — alonger-term repricing of assets as they seek protectionfrom the risks posed by runaway budget deficits. 在近期市场波动的表象之下，投资者正在布局所谓的“贬值交易”——随着他们寻求规避失控预算⾚字带来的⻛险，资产正在经历⻓期重新定价。 China imposed curbs on five US units of Hanwha Ocean inresponse to American probes against Chinese maritime,logistics, and shipbuilding industries. The company’sshares fell over 3% in South Korean trading. 中国对韩华海洋在美国的五个单位实施限制，以回应美国对中国海事、物流和造船⾏业的调查。该公司在韩国交易的股价下跌超过3%。 The Australian dollar led risk-sensitive currencies loweragainst the greenback while the nation’s bonds rallied. 澳元领跌⻛险敏感货币兑美元汇率，⽽该国债券则出现反弹。 Read More:Shipping Market in Turmoil as US-ChinaTensions Escalate China’s announcements reignited concerns that the tradewar might flare up again after tensions betweenWashington and Beijing sparked a selloff in stocks onFriday. 中国的声明重新引发了⼈们对贸易战可能再度爆发的担忧，此前华盛顿与北京之间的紧张局势在周五引发了股市抛售。 Those worries had eased over the weekend after PresidentDonald Trump signaled an openness to a deal with China.His administration also toned down its rhetoric afterTrump had threatened tariffs of 100% on China in responseto Chinese export controls. 在唐纳德·特朗普总统表示愿意与中国达成协议后，这些担忧在周末有所缓解。其政府也在特朗普威胁对中国出⼝管制实施100%关税后，缓和了⾔辞。 “Risk sentiment remains fragile as cracks resurface acrossboth equity and crypto markets,” said Hebe Chen, a marketanalyst at Vantage Markets. “The relentless record-breaking run in precious metals sends a clear message —investors are buckling up for the next storm.” Vantage Markets市场分析师Hebe Chen表示：“随着股市和加密货币市场再度出现裂痕，⻛险情绪依然脆弱。贵⾦属价格持续创纪录的上涨传递出明确信息——投资者正在为下⼀场⻛暴做好准备。” Take our Markets Pulse survey 参与我们的市场脉搏调查 How should regulators react to the blurring line betweeninvesting and gambling?Let us know. 监管机构应如何应对投资与赌博之间界限⽇益模糊的问题？请告诉我们。 China and the US have been maintainingcommunicationwithin the framework of the economic and tradeconsultation mechanism, and held working-level talks onMonday, the Chinese ministry of commerce said. 中国商务部表示，中美双⽅⼀直在经贸磋商机制框架下保持沟通，并于周⼀举⾏了⼯作层级的会谈。 Earlier, US Treasury Secretary Scott Bessent said hestillexpects Presidents Donald Trump and Xi Jinping will meet.However, he warned that all options are open forretaliating against China’s move to tighten exports of rareearths. China had urged further negotiations to resolveoutstanding issues. 此前，美国财政部⻓斯科特·⻉森特表示，他仍预计唐纳德·特朗普总统和习近平主席将会晤。但他警告称，针对中国收紧稀⼟出⼝的举措，美⽅保留采取⼀切报复⼿段的权利。中国则呼吁通过进⼀步谈判解决遗留问题。 On Tuesday, China reiterated that the export controlmeasures on rare earth and other related items do notprohibit exports, and applications that meet ther