瑞郎/港币 (CHFHKD) 加自选

白宫：瑞士拒绝在贸易壁垒问题上做出任何有意义的让步。瑞士拒绝通过取消与美国的贸易壁垒做出任何有意义的让步。美国不能容忍单边贸易关系。

White House: Switzerland refused to make any meaningful concessions on trade barriers.Switzerland refused to make any meaningful concessions by dropping trade barriers with the United States. US cannot tolerate one-sided trade relationships.

瑞士法郎从一个月低点反弹，上涨近1%，至每美元0.80左右，这得益于美元走软，此前就业报告低于预期，提振了人们对美联储9月份降息的预期。由于担心美国关税对全球经济和美国的影响，法郎也因其避险地位而走强。特朗普总统7月31日的行政命令规定了10%的全球最低关税，对美国有贸易顺差的国家的关税将升至15%或更高。瑞士受到的打击尤其严重，其39%的出口关税将于8月7日生效，这是全球最高的关税之一。这一比率超过了4月份最初提出的31%，预计将严重影响奢侈手表和制药等关键出口行业。在这种情况下，6月份将利率降至零的瑞士国家银行可能被迫采取更温和的立场。其下一次政策会议定于2025年9月25日举行。

The Swiss franc rebounded from one-month lows, rising nearly 1% to around 0.80 per USD, aided by a weaker dollar after a softer-than-expected jobs report boosted expectations of a Fed rate cut in September. The franc also drew strength from its safe-haven status amid concerns about the effects of the US tariffs on the global economy and the US. President Trump’s July 31 executive order imposed a 10% global minimum tariff, with rates rising to 15% or higher for countries running trade surpluses with the US. Switzerland was hit particularly hard, with a 39% tariff on its exports—one of the highest globally—set to take effect on August 7. The rate exceeds the 31% initially proposed in April and is expected to severely impact key export sectors such as luxury watches and pharmaceuticals. In this scenario, the Swiss National Bank, which cut interest rates to zero in June, may be forced to adopt an even more dovish stance. Its next policy meeting is scheduled for 25 September 2025.

瑞士法郎兑美元汇率继续下跌至0.82左右，为6月20日以来的最低水平，此前美国政府决定从8月7日开始对瑞士产品征收39%的关税，这一决定令人震惊。这一比率是全球最高的，超过了4月份最初提出的31%，可能会对瑞士的出口导向型经济，特别是其奢侈手表和制药行业产生重大负面影响。特朗普总统于7月31日签署了一项行政命令，实施10%的全球最低关税，对与美国保持贸易顺差的国家将税率提高到15%或更高。由于美国对瑞士出口产品新征收的更高关税，瑞士国家银行（SNB）可能被迫采取更温和的货币立场，该银行已于6月将利率降至零。下一次政策会议定于2025年9月25日举行。

The Swiss franc extended its decline to around 0.82 per USD, its lowest level since June 20, following the US administration’s shocking decision to implement a 39% tariff on Swiss products starting August 7. The rate, among the highest globally, exceeds the 31% initially proposed in April and is likely to have a substantial negative impact on Switzerland’s export-oriented economy, particularly its luxury watch and pharmaceutical sectors. President Trump signed an executive order on July 31 implementing a 10% global minimum tariff, with rates rising to 15% or more for countries that maintain trade surpluses with the US. As a consequence of the newly imposed higher US tariffs on Swiss exports, the Swiss National Bank (SNB)—which already cut interest rates to zero in June—may be compelled to adopt a more dovish monetary stance. The next policy meeting is scheduled for 25 September 2025.

恒生指数周五下跌265点，跌幅1.1%，收于24508点，连续第四个交易日下跌，触及两周低点。美国对数十个贸易伙伴征收高额关税后，风险情绪减弱，而美国期货在6月通胀数据升温后大幅下跌。预计新关税将增加价格压力，加剧对进一步通胀的担忧。在今天晚些时候公布的美国就业数据公布之前，交易员也变得谨慎。由于担心中国经济增长势头放缓，该指数本周下跌3.5%，为四周来首次下跌。与此同时，美中贸易谈判没有取得任何实质性进展，将关税决定权留给了特朗普总统。新数据显示，香港第二季度GDP同比增长3.1%，为2023年第四季度以来的最快速度，受强劲出口和国内需求的推动，跌幅收窄。值得注意的失败者包括Smoore Hlds。（-5.7%）、普拉达水疗中心（-5.5%）、信达生物制品（-5.3%）和太古地产（-3.1%）。尽管7月份交付量强劲，小鹏仍下跌0.4%。

The Hang Seng dipped 265 points or 1.1% to close at 24,508 on Friday, falling for the fourth session and hitting a two-week low. Risk sentiment weakened after the U.S. imposed steep tariffs on dozens of trading partners, while U.S. futures dropped sharply after hotter June inflation data. The new tariffs are expected to add to price pressures, fueling concerns about further inflation. Traders also turned cautious ahead of U.S. jobs data due later today. For the week, the index sank 3.5%, its first weekly loss in four, amid worries over China’s slowing momentum. Meantime, U.S.-China trade talks ended with no real progress, leaving tariff decisions to President Trump. Losses were capped by new data showing Hong Kong’s GDP grew 3.1% yoy in Q2, the fastest pace since Q4 2023, driven by strong exports and domestic demand. Notable losers included Smoore Hlds. (-5.7%), Prada Spa (-5.5%), Innovent Biologics (-5.3%), and Swire Properties (-3.1%). Xpeng fell 0.4%, despite strong July deliveries.