周四，上证综合指数持平于3037点附近，而深证成分股下跌0.1%，收于9262点，由于中国经济和政策的不确定性继续打压投资者情绪，内地股市难以获得吸引力。周三，数据显示，5月份该国消费者价格涨幅低于预期，而生产者价格仍处于通缩状态。最新数据表明，中国经济仍面临压力，但也为进一步放松政策和采取更多刺激措施带来了希望。与此同时，由于美国通胀数据弱于预期，以及美联储今年仍将降息的保证，美国股市隔夜反弹。跌幅显著的是药明康德（-0.6%）、贵州茅台（-0.2%）和中远海运（-0.8%），而比亚迪（4.9%）、富士康工业（7.9%）和中机创新（5.1%）涨幅较大。

The Shanghai Composite was flat around 3,037 while the Shenzhen Component shed 0.1% to 9,262 on Thursday, with mainland stocks struggling to gain traction as economic and policy uncertainties in China continued to weigh on investor sentiment. On Wednesday, data showed that consumer prices in the country rose less than expected in May, while producer prices remained deflationary. The latest figures suggested that China’s economy is still under pressure, but raised hopes for further policy easing and more stimulus measures. Meanwhile, US stocks rallied overnight amid softer-than-expected US inflation data and a reassurance that the Federal Reserve will still cut interest rates this year. Notable losses were seen from Wuxi Apptec (-0.6%), Kweichow Moutai (-0.2%) and Cosco Shipping (-0.8%), while gains were seen from BYD Company (4.9%), Foxconn Industrial (7.9%) and Zhongji Innolight (5.1%).

亚洲股市周四大部分上涨，追随华尔街隔夜涨幅，美国通胀数据弱于预期，美联储今年仍将降息。美联储表示，今年只有一次降息，最晚可能在12月，但点图表明，2025年将采取更激进的降息路线。在澳大利亚，失业率从4月份4.1%的三个月高点小幅降至5月份的4%，符合预期。投资者现在期待着日本央行周五的政策决定，重点关注央行是否会宣布减少每月债券购买量。澳大利亚、韩国和香港股市上涨，日本和中国股市低迷。

Asian equity markets mostly rose on Thursday, tracking gains on Wall Street overnight amid softer-than-expected US inflation data and a reassurance that the Federal Reserve will still cut interest rates this year. The Fed signaled only one rate reduction this year which could come as late as December, but the dot plot indicated a more aggressive cutting path for 2025. In Australia, the unemployment rate inched down to 4% in May from a three-month high of 4.1% in April, in line with expectations. Investors now look ahead to the Bank of Japan’s policy decision on Friday, with a focus on whether the central bank will announce a reduction in its monthly bond purchases. Shares in Australia, South Korea and Hong Kong advanced, while Japanese and Chinese stocks were sluggish.

中国10年期政府债券收益率保持在2.3%左右，在公布疲软的国内通胀数据后，市场反应疲软。数据显示，5月份中国消费者价格涨幅低于预期，而生产者价格仍处于通缩状态。最新数据支持了人们的预期，即中国当局可能会进一步放松政策，出台更多刺激措施来支撑经济。正如人们普遍预期的那样，5月份，中国人民银行将一年期和五年期贷款最优惠利率分别保持在3.45%和3.95%不变。中国人民银行上月还将一年期中期贷款利率维持在2.5%不变。在其他地方，有报道称拜登政府正在考虑进一步限制中国获得人工智能相关芯片技术，投资者对地缘政治发展进行了监测。

China’s 10-year government bond yield held around 2.3% in a muted market reaction after the release of soft domestic inflation figures. Data showed that consumer prices in China rose less than expected in May, while producer prices remained deflationary. The latest figures supported expectations that Chinese authorities could ease policy further and introduce more stimulus measures to prop up the economy. In May, the People’s Bank of China kept its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively, as widely expected. The PBOC also kept its one-year medium term lending facility rate unchanged at 2.5% last month. Elsewhere, investors monitored geopolitical developments following reports that the Biden administration is considering further restrictions on China’s access to AI-related chip technology.

由于交易员对中国最近的通胀数据做出反应，离岸人民币兑美元汇率小幅上涨至7.26左右。数据显示，5月份消费者价格稳步上涨，而生产者价格通缩略有缓解，这表明中国政府刺激经济的努力开始显示出积极的结果。然而，更强有力的刺激措施对于提振国内需求和促进经济复苏仍然是必要的，瑞穗证券的Ken Cheung表示，需要更有力的刺激措施来支持通货膨胀、消费、就业市场和住房。与此同时，有报道称，在美中紧张局势升级之际，拜登政府可能会对中国获得人工智能芯片技术施加额外限制，交易员们对此采取了谨慎立场。投资者现在期待着即将发布的美国通胀报告和美联储的利率决定，以及中国的重要经济指标，特别是信贷数据。

The offshore yuan edged higher to around 7.26 per dollar as traders reacted to recent Chinese inflation figures. The data revealed that consumer prices increased steadily in May, while producer price deflation eased slightly, suggesting that the Chinese government’s efforts to stimulate the economy are beginning to show positive results. However, stronger stimulus measures are still deemed necessary for bolstering domestic demand and facilitating economic recovery, with Ken Cheung from Mizuho Securities stating the need for more robust stimulus to support inflation, consumption, job market, and the housing. Meanwhile, traders adopted a cautious stance after a report that the Biden administration might impose additional restrictions on China's access to AI chip technology amid escalating US-China tensions. Investors now look ahead to the upcoming US inflation report and Fed's interest rate decision, along with significant economic indicators from China, particularly credit lending data.