2024年8月，意大利的年通货膨胀率从上个月的1.3%降至1.1%，与初步估计相符。运输成本下降（-0.2%对7月份的1.5%），而通信行业的通货紧缩有所加剧（-6.8%对-5.2%）。另一方面，健康（1.6%对1.5%）、餐馆和酒店（4.4%对4.3%）以及杂项商品和服务（2.4%对2.3%）的价格略有上涨。此外，住房和公用事业的通货紧缩有所缓解（-1.4%对-2.2%）。与此同时，食品和非酒精饮料（0.9%）、非酒精饮料和烟草（2.4%）、娱乐和文化（2%）以及教育（1.8%）的通货膨胀率保持不变。与上月相比，意大利消费者价格小幅上涨0.2%，与初步结果一致。

The annual inflation rate in Italy slowed to 1.1% in August of 2024 from 1.3% in the previous month, matching preliminary estimates. Transportation costs saw a decline (-0.2% vs 1.5% in July), while deflation picked up for communication (-6.8% vs -5.2%). On the other hand, prices accelerated slightly for health (1.6% vs 1.5%), restaurants & hotels (4.4% vs 4.3%), and miscellaneous goods & services (2.4% vs 2.3%). Additionally, deflation eased for housing & utilities (-1.4% vs -2.2%). Meanwhile, the inflation rate remained unchanged for food & non-alcoholic beverages (0.9%), non-alcoholic beverages & tobacco (2.4%), recreation & culture (2%), and education (1.8%). From the previous month, Italian consumer prices edged up by 0.2%, aligning with preliminary results as well.

恒生指数周一上涨53点，涨幅0.3%，收于17422点，从早盘的小幅下跌转变为第三个交易日的上涨，因为交易员最终相信 美国货币宽松周期将于本周晚些时候开始。在中国，继8月份令人失望的工业产出增长和零售贸易数据之后，中国央行将于周五公布9月份的关键贷款利率。与此同时，一些经济学家认为，北京推迟退休年龄的决定可能会在短期内促进就业和经济产出。虽然科技股和消费者主要上涨，但房地产市场表现平平，据报道，北京正准备降低超过5万亿美元未偿还抵押贷款的利率，最快可能在本月。指数领军企业腾讯控股。美团（2.9%）、快手科技（4.3%）和Techtronic Inds强劲上涨，涨幅0.6%。(3.6%). 由于强劲的临床数据，花旗重申对该股的买入评级后，Akeso股份有限公司股价上涨16.2%。

The Hang Seng rose 53 points or 0.3% to end at 17,422 on Monday, shifting from modest losses in the morning session while gaining for the third session as traders were eventually confident that US monetary easing cycle will begin later this week. In China, the PBoC is set to deliver a September fixing of its key lending rates on Friday following disappointing industrial output growth and retail trade figures in August. Meanwhile, some economists believed that Beijing's decision to delay the retirement age could boost employment in the near term and economic output. While tech and consumers mainly gained, property was muted as Beijing reportedly is preparing to reduce rates on over $5 trillion in outstanding mortgages, possibly as soon as this month. Index leader Tencent Hlds. added 0.6%, amid robust gains from Meituan (2.9%), Kuaishou Tech. (4.3%), and Techtronic Inds. (3.6%). Akeso Inc. jumped 16.2% after Citi reiterated a buy rating on the stock, owing to strong clinical data.

周一，DAX指数下跌0.3%，收于18650点左右，追随欧洲普遍谨慎的基调，此前一周飙升2%。交易员们准备迎接充满关键货币政策决定的重要一周。美联储将自2020年以来首次降息，目前大幅降息50个基点的可能性超过50%。其他货币政策决定也即将出台，包括英格兰银行、日本银行和挪威央行。在企业方面，西门子能源公司（-2.3%）、英飞凌（-1.8%）和MTU航空发动机公司（1.8%）是跌幅最大的公司，而Zalando（1.5%）和E.On（0.9%）的涨幅最大。

The DAX was down 0.3% to trade around the 18650 level on Monday, tracking a general cautious tone in Europe, and following a 2% surge in the previous week. Traders brace for a big week packed with key monetary policy decisions. The Fed is set to lower interest rates for the first time since 2020, and the odds for a jumbo 50bps rate reduction currently stand at above 50%. Other monetary policy decisions are also due, including from the Bank of England, the Bank of Japan, and the Norges Bank. On the corporate front, Siemens Energy (-2.3%), Infineon (-1.8%) and MTU Aero Engines (-1.8%) were among the top losers while Zalando (1.5%) and E.ON (0.9%) booked the biggest gains.

周一，CAC 40指数微涨0.1%，至7475点，交易员等待了一周的关键货币政策决定。焦点在于美联储，人们普遍预计美联储将自2020年以来首次降息，目前大幅降息50个基点的可能性超过50%。预计英格兰银行、日本银行和挪威央行也将做出其他重大货币政策决定。在个股中，欧莱雅领涨1.1%，达能和布伊格分别上涨0.5%和0.4%。在下跌方面，凯捷是跌幅最大的公司，下跌1.7%，紧随其后的是意法半导体，下跌约1.1%。

The CAC 40 edged up 0.1% to 7,475 on Monday, as traders awaited a week of key monetary policy decisions. The spotlight is on the Federal Reserve, which is widely expected to lower interest rates for the first time since 2020, with the likelihood of a substantial 50 bps rate cut now exceeding 50%. Other significant monetary policy decisions are also anticipated from the Bank of England, the Bank of Japan, and the Norges Bank. Among individual stocks, L'Oréal led the gains with a 1.1% increase, while Danone and Bouygues added 0.5% and 0.4%, respectively. On the downside, Capgemini was the largest decliner, dropping 1.7%, followed closely by STMicroelectronics, which fell around 1.1%.

富时100指数在周一开局不利后，在8270附近几乎持平，交易员们为美联储和英格兰银行的利率决定做好了关键一周的准备。尽管人们普遍预计美联储将降息，但降息幅度仍存在不确定性。与此同时，预计英格兰银行将保持利率稳定。凤凰集团领跌，在停止出售其SunLife业务后下跌超过3%，尽管上半年营业利润增长了15%，并重申了中期盈利目标。紧随其后的是保诚（-1.5%）和梅尔罗斯工业（-1.4%），劳斯莱斯集团和易捷航空也下跌。主要矿业公司也拖累了该指数，安托法加斯塔和力拓均下跌超过1%，此前中国公布了悲观的经济数据。

The FTSE 100 was almost flat around 8,270 after a negative start on Monday, as traders geared up for a crucial week with interest rate decisions from the US Federal Reserve and the Bank of England. While the Fed is widely expected to cut rates, uncertainty lingers over the extent of the reduction. Meanwhile, the Bank of England is expected to hold rates steady. Phoenix Group led the losses, falling over 3% after halting the sale of its SunLife business, despite a 15% rise in first-half operating profits and reaffirmed medium-term earnings targets. It was followed by Prudential (-1.5%) and Melrose Industries (-1.4%), with Rolls-Royce Group and easyJet also lower. The major mining companies also dragged down the index, with Antofagasta and Rio Tinto both losing over 1%, following downbeat economic data from China.

斯托克50指数和斯托克600指数周一均下跌，在上周上涨1%后下跌约0.3%，其中矿业和汽车股表现最差。交易员们准备迎接充满关键货币政策决定的重要一周。美联储将自2020年以来首次降息，目前大幅降息50个基点的可能性超过50%。其他货币政策决定也即将出台，包括英格兰银行、日本银行和挪威央行。在企业方面，大众股价下跌0.7%，宝马下跌0.6%，梅赛德斯下跌0.5%。此外，雀巢（-0.7%）下跌，此前摩根士丹利将其股票减持至“减持”。相比之下，联合信贷银行（1.5%）和E.ON（1.1%）是涨幅最大的银行之一。蓝格赛股价飙升超过9%，此前该公司收到并拒绝了QXO关于可能收购的主动、初步和不具约束力的提议。

Both the STOXX 50 and the STOXX 600 were lower on Monday, losing about 0.3%, following gains of 1% in the previous week, with mining and autos among the worst performing stocks. Traders brace for a big week packed with key monetary policy decisions. The Fed is set to lower interest rates for the first time since 2020, and the odds for a jumbo 50bps rate reduction currently stand at above 50%. Other monetary policy decisions are also due, including from the Bank of England, the Bank of Japan, and the Norges Bank. On the corporate front, VW shares declined 0.7%, BMW fell 0.6% and Mercedes lost 0.5%. Also, Nestle (-0.7%) was down after Morgan Stanley cut its stock to "underweight". In contrast, Unicredit (1.5%) and E.ON (1.1%) were among the top gainers. Rexel soared more than 9% after the company received and rejected an unsolicited, preliminary and non-binding proposal from QXO concerning a possible acquisition.

由于交易员押注利率下降，德国10年期债券收益率降至2.13%，再次接近1月份的低点。美联储本周将自2020年以来首次降低借贷成本，过去几天大幅降息50个基点的可能性越来越大。全球其他央行，包括英格兰银行、日本银行和挪威央行，也将决定货币政策。在欧元区，欧洲央行如预期般降低了借贷成本，称最近的通胀数据大致符合预期。央行重申，只要有必要，它将保持政策利率的充分限制，并将继续遵循数据依赖和逐次会议的方法来确定进一步的降息。交易员们已经减少了10月份再次降息的赌注，但预计今年还会再降息一到两个25个基点。

Germany’s 10-year bond yield declined to 2.13%, approaching January-lows once again, as traders bet on lower interest rates. The Fed is set to reduce borrowing costs for the first time since 2020 this week, with the odds for a big 50bps cut increasing in the last days. Other central banks around the globe including the Bank of England, the Bank of Japan and the Norges Bank will also decide on monetary policy. In the Eurozone, the ECB lowered borrowing costs as anticipated, saying recent inflation data have come in broadly as expected. The central bank reiterated it will keep policy rates sufficiently restrictive for as long as necessary and will continue to follow a data-dependent and meeting-by-meeting approach to determine further rate cuts. Traders have pared bets for another rate reduction in October, but see one or two more quarter-point cuts this year.

周一，美国10年期国债收益率跌至3.34%左右，徘徊在2023年5月以来的最低水平，因为交易员们纷纷押注美联储本周开始降息时将采取更积极的行动。根据芝加哥商品交易所的FedWatch工具，市场目前预计美联储周三将大幅降息50个基点的可能性为59%，高于一个月前的25%，而适度降息25个基点的几率为41%。尽管最新的就业数据显示劳动力市场放缓的迹象，但8月份的关键通胀数据仍高于上周的预期。投资者还期待周二美国零售销售和工业生产数据，以获得更多关于经济的见解。

The yield on the US 10-year Treasury slipped to around 3.34% on Monday, hovering at its lowest levels since May 2023 as traders piled on bets that the Federal Reserve will move more aggressively when it starts cutting interest rates this week. Markets are currently pricing in a 59% chance that the Fed will deliver a larger 50 basis point rate cut on Wednesday, up from 25% a month ago, while odds for a modest 25 bps reduction stands at 41%, according to CME’s FedWatch Tool. Those expectations came even after key inflation figures for August came in hotter-than-anticipated last week, although the latest jobs data pointed to signs of a slowing labor market. Investors also look ahead to US retail sales and industrial production numbers on Tuesday for more insights on the economy.

欧洲股市周一开盘走高，投资者期待本周主要央行的最新货币政策决定。人们普遍预计美联储将于周三开始降息，市场目前倾向于更大幅度的降息50个基点。与此同时，市场对英国央行周四是否会再次降息或保持稳定仍存在分歧。在其他地方，投资者将于周一评估意大利8月的最终通胀数据和欧元区第二季度的工资增长数据。瑞典零售商H&M也将公布收益。欧洲斯托克50指数和斯托克600指数期货在盘前交易中上涨约0.1%。

European equity markets were set to open higher on Monday as investors look forward to the latest monetary policy decisions from major central banks this week. The US Federal Reserve is widely expected to start cutting interest rates on Wednesday, with markets currently leaning toward a larger 50 basis point reduction. Meanwhile, markets remained divided on whether the Bank of England will lower rates again on Thursday or hold steady. Elsewhere, investors will assess final Italian inflation data for August and Eurozone wage growth data for the second quarter on Monday. Swedish retailer H&M will also report earnings. Euro Stoxx 50 and Stoxx 600 futures were up about 0.1% in premarket trade.

新西兰基准标普/纽交所50指数周一下跌1%，收于12704点，在普遍下跌的情况下从32个月高点回落。在国内，最新数据显示，新西兰8月份的商业活动略有改善，但仍处于收缩区间。投资者期待着本周晚些时候公布的该国第二季度GDP数据，以获取有关储备银行货币政策方向的更多线索。周一，NZIER的一项调查显示，新西兰对截至2025年3月至2027年3月的几年的增长前景进一步下调，反映了一系列数据，表明近期经济持续疲软。在其他地方，中国令人失望的经济数据引发了人们对新西兰最大贸易伙伴经济前景的担忧。大型公用事业股领跌市场，Meridian Energy下跌3.8%，Mercury NZ下跌3.3%，Contact Energy下跌1.1%。

New Zealand's benchmark S&P/NZX 50 index tumbled 1% to close at 12,704 on Monday, retreating from a 32-month high amid widespread losses. Domestically, latest data showed that business activity in New Zealand improved slightly in August, although it remained firmly in contraction territory. Investors are looking forward to the country’s second-quarter GDP data later this week for more clues on the Reserve Bank’s monetary policy direction. On Monday, a survey by NZIER revealed a further downward revision to New Zealand’s growth outlook for the years ending March 2025 through to March 2027, reflecting a host of data that points to a continued weakness in the economy over the near term. Elsewhere, disappointing economic data from China has raised concerns about the economic outlook of New Zealand’s largest trading partner. Large-cap utility stocks led the market lower, with Meridian Energy losing 3.8%, Mercury NZ down 3.3%, and Contact Energy falling 1.1%.

印度股市上涨247点，涨幅0.3%，创下83138点的历史新高，Nifty 50指数在前一交易日以红色收盘后，周一上午交易量突破25400点，追随周五华尔街的反弹，因为人们希望美联储将在本周晚些时候以50个基点而不是25个基点的降息开始其降息周期。交易员们在保持谨慎的同时进行了盘整，并预计中国人民银行本周将作出利率决定。市场参与者周二等待印度8月批发价格，市场预计将回落至1.8%。印度最大贸易伙伴中国周六公布的经济数据令人失望，工业产出增长创五个月新低，而零售额增长低于预期，这限制了涨幅。房地产、金属和消费品领涨，小盘股大幅上涨。早期涨幅最大的是NTPC（1.7%）、Mahindra&Mahindra（1.5%）、阿达尼企业（1.3%）和JSW钢铁（1.2%）。

Equities in India were up 247 points or 0.3% to a new record high of 83,138, with the Nifty 50 rising above 25,400 on Monday morning deals after ending in the red in the prior session, tracking a rally on Wall Street Friday amid hopes that the Fed will kick off its interest rate-cutting cycle with 50bps cut rather than a 25bps later this week. Traders consolidated while remaining cautious and anticipate the PBOC rate decision this week. Market participants awaited Indian August wholesale prices on Tuesday, with the market expecting to ease to 1.8%. Capping the gains was Saturday's disappointing economic data from India's top trading partner, China, with industrial output growth hitting a five-month low while retail sales grew less than expected. Realty, metals, and consumer goods led the gains, while small-cap stocks rose significantly. Early top movers were NTPC (1.7%), Mahindra & Mahindra (1.5%), Adani Enterprises (1.3%), and JSW Steel (1.2%).

敏感指数升至83122.00点的历史高点。在过去的4周里，敏感指数上涨了3.32%，在过去的12个月里，它上涨了22.93%。

SENSEX increased to an all-time high of 83122.00 Index Points. Over the past 4 weeks, SENSEX gained 3.32%, and in the last 12 months, it increased 22.93%.

韩元兑美元升值至1320韩元兑1美元，创下三周新高，因美元在美联储本周预期降息前走弱。市场目前预计，美联储将大幅降息50个基点的可能性更高，这与上周交易员倾向于适度降息25个基点的情况截然不同。在国内，投资者期待一系列经济报告，包括8月份的韩国生产者通胀数据和9月份的消费者和商业信心数据。与此同时，上周的数据显示，该国的年通胀率从7月的2.6%降至8月的2%，为2021年3月以来的最低水平。最新数据标志着价格增长连续第五个月低于3%，支持了韩国央行可能很快开始降息的观点。

The South Korean won appreciated toward 1,320 per dollar, hitting a three-week high as the dollar weakened ahead of an expected interest rate cut from the Federal Reserve this week. Markets are currently pricing in a higher chance that the Fed will deliver a larger 50 basis point rate reduction in a dramatic reversal from last week when traders were leaning toward a modest 25 bps rate cut. Domestically, investors look ahead to a slew of economic reports including South Korean producer inflation data for August and consumer and business confidence figures for September. Meanwhile, data last week showed that the country’s annual inflation rate slowed to 2% in August from 2.6% in July, the lowest reading since March 2021. The latest figure marked the fifth consecutive month that price growth stayed below 3%, supporting the view that the Bank of Korea may start cutting rates soon.

美元兑日元跌至13个月低点140.06。在过去的4周里，美元兑日元下跌了4.49%，在过去的12个月里，它下跌了5.06%。

USDJPY decreased to a 13-month low of 140.06. Over the past 4 weeks, US Dollar Japanese Yen lost 4.49%, and in the last 12 months, it decreased 5.06%.

澳大利亚10年期政府债券收益率稳定在3.84%左右，投资者继续评估澳大利亚储备银行的货币政策前景。央行一直保持鹰派立场，劝阻市场不要为今年的降息定价。本月早些时候，澳大利亚储备银行行长米歇尔·布洛克强调，由于通货膨胀率仍然过高，考虑降息还为时过早。助理州长莎拉·亨特最近也表示，相对于充分就业，劳动力市场仍然紧张，就业预计将继续增长，但速度低于人口增长。投资者现在正在等待本周的就业报告，以衡量劳动力市场的健康状况及其对国内货币政策的潜在影响。与此同时，市场注意力也将集中在美联储本周晚些时候预期的降息上。

Australia's 10-year government bond yield stabilized at around 3.84% as investors continued to assess the Reserve Bank of Australia’s monetary policy outlook. The central bank has maintained a hawkish stance, dissuading the market from pricing in cuts this year. Earlier this month, RBA Governor Michele Bullock emphasized that it is too soon to consider rate cuts as inflation remained too high. Assistant Governor Sarah Hunter also recently said that the labor market is still tight relative to full employment, with employment expected to continue rising but at a slower pace than population growth. Investors are now awaiting the country’s jobs report this week to gauge the health of the labor market and its potential implications on the domestic monetary policy. Meanwhile, market attention will also be focused on an expected interest rate cut by the US Federal Reserve later this week.