周三，随着对美国关税影响的担忧缓解，对避险资产的需求减少，黄金价格最近下跌至每盎司3310美元以下。周二，特朗普总统签署了行政命令，旨在防止对外国制造汽车征收的新关税加剧现有关税，同时降低对美国制造业使用的进口汽车零部件的征税。此外，商务部长霍华德·卢特尼克报告了与一个未披露国家的贸易谈判进展。尽管如此，黄金仍有望连续第四个月上涨，涨幅超过6%，在此期间曾多次创下新高。全球贸易紧张局势，特别是美中贸易关系的持续不确定性，以及对美国经济压力的日益担忧，推动了这一反弹。黄金支持的交易所交易基金的大量流入、央行的强劲购买以及中国投机性需求的迹象进一步支撑了这一上升趋势。

Gold extended its recent decline to below $3,310 per ounce on Wednesday, as easing concerns over the impact of US tariffs reduced demand for safe-haven assets. On Tuesday, President Trump signed executive orders aimed at preventing new duties on foreign-made cars from compounding existing tariffs, while also reducing levies on imported auto parts used in US manufacturing. Additionally, Commerce Secretary Howard Lutnick reported progress in trade negotiations with an undisclosed country. Nevertheless, gold is on track for its fourth consecutive monthly gain—up over 6%—after repeatedly reaching new highs during the period. The rally has been fueled by ongoing uncertainty surrounding global trade tensions, particularly US-China trade relations, along with growing concerns over economic strain in the US. Strong inflows into gold-backed exchange-traded funds, robust central bank purchases, and signs of speculative demand in China have further supported the upward trend.

股价波动，油价疲软，关税加剧全球增长担忧。周三，股价走势艰难，油价下跌，因为对全球贸易紧张局势可能缓解的缓解被经济前景恶化和受唐纳德·特朗普关税影响的企业发出的黯淡信号所抵消。

Shares wobble, oil prices weak as tariffs fuel global growth concerns.Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump's tariffs.

新加坡银行贷款从2月份的8411亿新元增加到2025年3月的8465亿新元。这是自1980年有记录以来的最大金额，这是由于对企业（5196亿新元对2月份的5159亿新元）和消费者（3270亿新元对3252亿新元）的贷款增加。在商业领域，制造业（244亿新元对224亿新元）、一般商业（938亿新元对875亿新元）以及专业、科学、技术、行政和支持服务活动（154亿新元对146亿新元）的贷款有所增加，而建筑和施工业的贷款保持稳定（1778亿新元）。在消费者方面，住房和过渡性贷款（2336亿新元对2330亿新元）、汽车贷款（82亿新元对81亿新元）和其他贷款（684亿新元对673亿新元）均有所增加。

Singapore bank loans increased to SGD 846.5 billion in March 2025 from SGD 841.1 billion in February. This marked the largest amount since records began in 1980, driven by higher loans to both businesses (SGD 519.6 billion vs SGD 515.9 billion in February) and consumers (SGD 327 billion vs SGD 325.2 billion). Within the business sector, loans rose in manufacturing (SGD 24.4 billion vs SGD 22.4 billion), general commerce (SGD 93.8 billion vs SGD 87.5 billion), and professional, scientific, technical, administrative, and support service activities (SGD 15.4 billion vs SGD 14.6 billion), while remained steady for building and construction (at SGD 177.8 billion). On the consumer side, increases were recorded in housing and bridging loans (SGD 233.6 billion vs SGD 233 billion), car loans (SGD 8.2 billion vs SGD 8.1 billion), and other loans (SGD 68.4 billion vs SGD 67.3 billion).

澳大利亚财长查尔默斯：通胀数据公布后，市场预计将进一步降息。澳大利亚财政部长Jim Chalmers周三表示，“在通胀数据公布后，市场预计将进一步降息。”

Australian Treasurer Chalmers: Market expects more interest rate cuts after inflation figures.Australian Treasurer Jim Chalmers said on Wednesday that “the market expects more interest rate cuts after inflation figures.”

日元窄幅盘整，交易员等待日本央行政策更新。周三，日元（JPY）难以获得任何有意义的牵引力，在亚洲交易时段，日元兑美元汇率在涨跌互现的情况下在狭窄的交易区间内波动。美国总统唐纳德·特朗普签署了一项命令，以减轻新关税对汽车行业的影响。

Japanese Yen consolidates in narrow range as traders await BoJ policy update.The Japanese Yen (JPY) struggles to gain any meaningful traction on Wednesday and oscillates in a narrow trading range against its American counterpart during the Asian session amid mixed cues. US President Donald Trump signed an order to ease the impact of new tariffs on the auto industry.

继2月份上调0.9%后，菲律宾生产者价格指数在2025年3月同比上涨0.6%。年增长放缓的主要原因是计算机、电子和光学产品行业的价格增长放缓（2月份为1.3%对2.1%），对年增长率的贡献率为38.6%。此外，焦炭和精炼石油产品（1.6%对2.9%）、其他制造业以及机械设备的维修和安装（1.6%对3.0%）和服装（1.2%对2.5%）的成本增长速度较慢。按月计算，继2月份下降0.2%之后，3月份生产者价格指数下降了0.1%。

Producer prices in the Philippines rose by 0.6% year-on-year in March 2025, following a upwardly revised 0.9% increase in February. The slower annual increase was mainly driven by reduced price growth in the manufacture of computer, electronic and optical products industry (1.3% vs 2.1% in February), which contributed 38.6% to the annual rate. Additionally, costs grew at a slower pace for coke and refined petroleum products (1.6% vs 2.9%), other manufacturing and the repair and installation of machinery and equipment (1.6% vs 3.0%), and wearing apparel (1.2% vs 2.5%). On a monthly basis, producer prices declined by 0.1% in March, following a 0.2% drop in February.

周三，中国内地股市涨跌互现，上证综指下跌0.2%，至3280点左右，而深证成分股上涨0.5%，至9895点。令人失望的PMI数据给投资者情绪蒙上了阴影，反映出与美国持续的贸易冲突带来的压力越来越大。官方数据显示，4月份制造业活动收缩幅度超过预期，而服务业的增长也低于预期。这些数据加剧了人们对贸易紧张局势对更广泛经济影响的担忧，尤其是目前尚不清楚北京和华盛顿是否积极参与谈判。到目前为止，中国当局没有采取激进的刺激措施，而是选择了一种更谨慎的方法来应对关税的影响。金融类股下跌，招商银行（-2.7%）和工商银行（-2.2%）跌幅显著。相比之下，高增长的科技和消费品牌表现优异，有助于缓冲更广泛的损失。

Mainland Chinese markets were mixed on Wednesday, with the Shanghai Composite slipping 0.2% to around 3,280, while the Shenzhen Component rose 0.5% to 9,895. Investor sentiment was clouded by disappointing PMI figures, reflecting mounting pressure from the ongoing trade conflict with the US. Official data showed manufacturing activity contracted more sharply than anticipated in April, while growth in the services sector also missed expectations. The data reinforced concerns about the broader economic fallout from trade tensions, particularly as it remains unclear whether Beijing and Washington are actively engaged in negotiations. So far, Chinese authorities have refrained from launching aggressive stimulus measures, choosing instead a more measured approach in responding to the impact of tariffs. Financial stocks fell, with notable losses from China Merchants (-2.7%) and ICBC (-2.2%). In contrast, high-growth technology and consumer names outperformed, helping cushion broader losses.

澳大利亚第一季度通胀高于预期，但核心通胀放缓至3年低点。澳大利亚第一季度消费者价格涨幅略高于预期，但年度核心通胀率仍放缓至三年低点，这增加了下个月再次降息的可能性。

Australia's Q1 inflation comes in above forecasts, but core slows to 3-year low.Australian consumer prices rose slightly more than expected in the first quarter, but annual core inflation still slowed to a three-year low and added to the case for another cut in interest rates next month.

澳元在CPI和中国PMI数据公布后上涨。澳元（AUD）周三上涨，此前上一交易日兑美元（USD）下跌超过0.50%。澳元/美元在澳大利亚和中国公布关键经济数据后升值。

Australian Dollar gains ground following CPI, China's PMI data.The Australian Dollar (AUD) is gaining ground on Wednesday following a more than 0.50% decline against the US Dollar (USD) in the previous session. The AUD/USD pair appreciates following the release of key economic data from Australia and China.

财新中国制造业采购经理人指数在2025年4月降至50.4，低于3月份的四个月高点51.2。然而，这一数字超过了49.8的预期，标志着连续第七个月的扩张，尽管这是自1月以来最疲软的增长，这表明北京的刺激措施仍在支持经济复苏。由于美国关税上调，外国销售额再次下降，新订单增长放缓至七个月低点。因此，产出增长也有所放缓。由于产能需求减少的迹象，就业人数略有下降，而积压的工作自去年9月以来首次下降。由于贸易中断和供应方面的限制，采购活动的增长减弱，交货时间延长。在价格方面，由于需求疲软，投入成本下降，导致产出价格连续第五个月下跌。最终，市场情绪降至自2012年4月该系列开始以来的第三低水平。

The Caixin China General Manufacturing PMI declined to 50.4 in April 2025, down from March’s four-month high of 51.2. However, the figure exceeded expectations of 49.8, marking the seventh consecutive month of expansion, though it was the weakest growth since January, suggesting that Beijing’s stimulus measures are still supporting the economic recovery. New orders growth eased to a seven-month low amid a renewed decline in foreign sales, driven by higher US tariffs. Consequently, output growth also softened. Employment fell slightly due to signs of reduced capacity requirements, while backlogs of work declined for the first time since last September. Growth in purchasing activity weakened, and delivery times lengthened due to trade disruptions and supply-side constraints. On the price front, input costs fell amid subdued demand, leading to a fifth consecutive monthly drop in output prices. Finally, sentiment weakened to the third-lowest level since the series began in April 2012.

中国财新4月制造业采购经理人指数降至50.4，而预期为49.9。周三公布的最新数据显示，中国财新制造业采购经理人指数（PMI）从3月份的51.2降至4月份的50.4。

China's Caixin Manufacturing PMI drops to 50.4 in April vs. 49.9 expected.China's Caixin Manufacturing Purchasing Managers' Index (PMI) fell to 50.4 in April from 51.2 in March, according to the latest data released on Wednesday.

2025年3月，澳大利亚的月度消费者价格指数（CPI）为2.4%，与上月持平，仍处于2024年11月以来的最低水平。食品和非酒精饮料价格小幅上涨（2月份为3.2%，2月份为3.1%），主要原因是肉类、海鲜、水果和蔬菜成本上涨。此外，住房（2%对1.8%）、健康（4.1%对4%）、娱乐和文化（1.7%对1.4%）以及教育（5.7%对5.6%）的价格也有所上涨。相反，由于汽车燃料、机动车和城市交通票价价格下降，运输部门的通货紧缩略有恶化（-1%对-0.9%）。此外，烟酒（6.5%对6.7%）和服装鞋类（1.7%对1.8%）的成本也有所下降。与此同时，年度平均通胀率从上个月的2.7%微升至2.9%。

Australia's monthly Consumer Price Index (CPI) stood at 2.4% in March 2025, unchanged from the previous month and remaining at its lowest level since November 2024. Prices edged higher for food and non-alcoholic beverages (3.2% vs 3.1% in February), mainly driven by increased costs of meat and seafood and fruit and vegetables. In addition, prices ticked up for housing (2% vs 1.8%), health (4.1% vs 4%), recreation and culture (1.7% vs 1.4%), and education (5.7% vs 5.6%). Conversely, deflation in the transport sector worsened slightly (-1% vs -0.9%), driven by lower prices for automotive fuel, motor vehicles, and urban transport fares. Moreover, costs edged down for alcohol and tobacco (6.5% vs 6.7%) and clothing and footwear (1.7% vs 1.8%). Meanwhile, the annual trimmed mean inflation edged up to 2.9% from 2.7% in the previous month.

继上个月上调4.8%后，菲律宾出口额在2025年3月同比增长5.9%，达到66亿美元。这标志着连续第三个月的增长，主要得益于椰子油（78.6%）、黄金（58.7%）、其他制成品（39.5%）、其他矿产品（28.2%）和电子产品（0.9%）的销售增长，特别是汽车电子产品（60.7%）、医疗/工业仪器仪表（57.8%）和办公设备（55.8%）。在主要贸易伙伴中，发货量主要增长到日本（17.0%）、德国（16.9%）、泰国（16.7%）、香港（14.5%）、美国（12.8%）和荷兰（10.6%）。1月至3月，出口额同比增长5.7%，达到193亿美元。

Exports from the Philippines advanced by 5.9% year-on-year to USD 6.6 billion in March 2025, following an upwardly revised 4.8% increase in the previous month. This marked the third consecutive month of growth, driven primarily by higher sales for coconut oil (78.6%), gold (58.7%), other manufactured goods (39.5%), other mineral products (28.2%), and electronic products (0.9%), particularly automotive electronics (60.7%), medical/industrial instrumentation (57.8%), and office equipment (55.8%). Among major trading partners, shipments mostly rose to Japan (17.0%), Germany (16.9%), Thailand (16.7%), Hong Kong (14.5%), the US (12.8%), and the Netherlands (10.6%). From January to March, exports advanced by 5.7% to USD 19.3 billion in the same period last year.

周三，美元指数稳定在99.2左右，因为投资者在关键经济数据公布之前持观望态度，这些数据可能会提供对最近征收关税的早期影响的见解。市场正密切关注3月份个人消费支出价格指数（美联储首选的通胀指标）和第一季度国内生产总值的首次估算，这两项数据将于今天晚些时候公布。周二，数据显示，随着进口量的激增，美国3月份的商品贸易逆差飙升至创纪录的1620亿美元，远远超出预期，这可能是由于在特朗普总统4月2日宣布关税之前急于确保商品安全。为了缓解新汽车关税的影响，特朗普总统签署了一系列行政命令，提供税收抵免和某些材料税的减免。他还表示，与印度的贸易协议可能即将达成，而据报道，与日本和韩国的谈判正在取得进展。

The US dollar index held steady around 99.2 on Wednesday as investors stayed on the sidelines ahead of key economic releases that could offer insights into the early effects of recently imposed tariffs. Markets are closely watching the March PCE price index—the Federal Reserve’s preferred inflation gauge—and the first estimate of Q1 GDP, both due later today. On Tuesday, data showed the US goods trade deficit surged to a record $162 billion in March, far exceeding expectations, as import volumes jumped—likely driven by a rush to secure goods ahead of tariffs announced by President Trump on April 2nd. To cushion the impact of his new auto tariffs, President Trump signed a series of executive orders offering tax credits and relief from certain material levies. He also suggested that a trade deal with India could be imminent, while talks with Japan and South Korea were reported to be progressing.

4月中国财新制造业PMI为50.4，高于预期（49.9）。4月中国财新制造业PMI为50.4，高于预期（49.9）

China Caixin Manufacturing PMI registered at 50.4 above expectations (49.9) in April.China Caixin Manufacturing PMI registered at 50.4 above expectations (49.9) in April