欧元/港币 (EURHKD) 加自选

香港股市周四上午上涨44点，涨幅0.2%，至26954点，连续第二个交易日上涨，并保持近四年高点。美联储9个月来首次降息25个基点，并表示今年将再降息两次，理由是劳动力市场存在通胀风险，市场情绪进一步改善。香港金融管理局紧随其后，将借贷成本降至4.5%，为2022年11月以来的最低水平。首席执行官俞宗怡表示，此举应支持房地产和更广泛的经济。科技股领涨，此前据报道，北京方面下令各公司停止购买英伟达芯片，以减少对美国硬件的依赖，并促进国内替代品。在行政长官John Lee在2025年的施政报告中承诺促进投资、旅游和创新后，消费者股也走强。中芯国际股价上涨5.6%，达到2004年以来的最高点，而百度则因人工智能的进步而飙升11%。其他显著的推动因素包括中国龙源电力（5.0%）、Pop-Mart（3.4%）和中国铁塔（2.8%）。

Hong Kong stocks added 44 points or 0.2% to 26,954 on Thursday morning, advancing for the second session and holding near four-year highs. Sentiment improved further after the Fed cut rates by 25bps for the first time in nine months and signaled two more reductions this year, citing labor market risks over inflation. The Hong Kong Monetary Authority followed, lowering borrowing costs to 4.5%, the lowest since November 2022. Chief Executive Eddie Yue said the move should support property and the wider economy. Tech stocks led the strength after Beijing reportedly ordered firms to halt Nvidia chip purchases to cut reliance on US hardware and foster domestic alternatives. Consumer shares also firmed after Chief Executive John Lee pledged to boost investment, tourism, and innovation in his 2025 policy address. SMIC jumped 5.6% to its highest since 2004, while Baidu surged 11% on AI progress. Other notable movers included China Longyuan Power (5.0%), Pop Mart (3.4%), and China Tower (2.8%).

9月18日，香港金融管理局（金管局）将基准利率下调25个基点至4.5%，此前美联储自2024年12月以来首次降息，并表示将在年底前进一步宽松。由于香港与美元挂钩，金管局必须密切配合美联储的政策。首席执行官俞宗怡表示，此举应支持房地产市场和更广泛的经济。与此同时，最近本币的波动已经促使干预措施通过出售美元来捍卫盯住汇率制度。削减之际，香港面临着喜忧参半的前景：政府警告称，贸易政策的不确定性可能会影响投资和跨境贸易，但受旅游业和出口的推动，2025年第一季度经济同比增长3.1%。尽管如此，金管局仍敦促家庭和企业在房地产、投资和借贷决策方面保持谨慎，理由是随着全球货币环境的演变，利率有进一步波动的风险。

The Hong Kong Monetary Authority (HKMA) cut its base rate by 25bps to 4.5% on September 18, after the US Federal Reserve delivered its first rate reduction since December 2024 and signaled further easing through year-end. With the Hong Kong dollar pegged to the US dollar, the HKMA must closely follow Fed policy. Chief Executive Eddie Yue said the move should support the property market and broader economy. Meanwhile, recent volatility in the local currency has already prompted interventions to defend the peg through dollar sales. The cut comes as Hong Kong faces a mixed outlook: the government has warned that trade policy uncertainty could weigh on investment and cross-border trade, yet the economy expanded 3.1% year-on-year in Q1 2025, driven by tourism and exports. Still, the HKMA urged households and businesses to stay cautious in property, investment, and borrowing decisions, citing the risk of further interest rate swings as global monetary conditions evolve.

欧元兑美元汇率在1.18美元左右，略低于本周早些时候达到的四年高点，因为美联储的政策决定使美元走强。正如预期的那样，美联储将基金利率下调了25个基点，并表示到年底将再下调50个基点。然而，鲍威尔主席强调，此举是“风险管理”削减，而不是新宽松周期的开始。在欧洲，欧洲央行上周连续第二次保持利率不变，这表明其降息周期可能已经结束。政策制定者继续强调谨慎：执行委员会成员伊莎贝尔·施纳贝尔敦促政策制定者“保持稳健”，理由是关税、服务通胀、食品价格和财政政策带来的风险。斯洛伐克央行行长彼得·卡齐米尔回应了这一警告，称淡化这些风险是“错误的”。2025年8月，欧元区的通货膨胀率降至2.0%，略低于初步估计的2.1%。

The euro traded around $1.18, slightly below the four-year highs reached earlier in the week, as the dollar firmed following the Fed’s policy decision. The Fed cut the funds rate by 25 bps, as expected, and signaled an additional 50 bps of reductions by year-end. However, Chair Powell emphasized that the move was a ‘risk management’ cut rather than the start of a new easing cycle. In Europe, the ECB left rates unchanged for a second consecutive meeting last week, suggesting its rate-cutting cycle may be over. Policymakers continued to stress caution: Executive board member Isabel Schnabel urged policymakers to “keep a steady hand,” citing risks from tariffs, services inflation, food prices, and fiscal policy. Slovak central bank governor Peter Kazimir echoed the warning, saying it would be “a mistake” to downplay these risks. Inflation in the Euro Area eased to 2.0% in August 2025, slightly below the preliminary estimate of 2.1%.

在米兰，富时MIB指数周三下跌550点，跌幅1.29%。MFE MediaForEurope（-5.99%）、Banca Generali（-3.63%）和UniCredit（-3.54%）领跌。

In Milan, the FTSE MIB Index dropped 550 points or 1.29 percent on Wednesday. Losses were led by MFE-MediaForEurope (-5.99%), Banca Generali (-3.63%) and UniCredit (-3.54%).