美国股市周一上涨，11月交易开始，此前以科技股为主的纳斯达克综合指数连续七个月上涨。10月份，道琼斯指数上涨2.51%，标准普尔500指数上涨2.27%，纳斯达克综合指数上涨4.7%。这些增长主要得益于人工智能的持续发展势头、美中贸易紧张局势的缓解和美联储最近的降息。强劲的财报季也支撑了市场情绪，迄今为止，超过80%的标普500指数公布的季度业绩超出预期。投资者现在正在等待本周伯克希尔哈撒韦公司、Palantir、AMD、优步和麦当劳等主要公司的新收益。与此同时，美国政府长期停摆继续推迟了关键经济数据的发布，包括月度就业报告。在贸易方面，白宫周末宣布，中国将暂停对稀土的额外出口管制，并结束针对美国半导体公司的调查。

US stocks rose on Monday as trading for November kicked off following seven straight months of gains for the tech-heavy Nasdaq Composite. In October, the Dow advanced 2.51%, the S&P 500 climbed 2.27% and the Nasdaq Composite rallied 4.7%. Those gains were driven largely by continued momentum in artificial intelligence, easing US-China trade tensions and the latest Federal Reserve interest rate cut. A strong earnings season also underpinned sentiment, with over 80% of S&P 500 that have posted quarterly results so far beating expectations. Investors now await fresh earnings from major names this week including Berkshire Hathaway, Palantir, AMD, Uber and McDonald’s. Meanwhile the prolonged US government shutdown continued to delay the release of crucial economic data, including the monthly jobs report. On the trade front, the White House announced over the weekend that China will suspend additional export controls on rare earths and end investigations targeting US semiconductor firms.

白宫周六宣布，作为新贸易协定的一部分，中国将解除对稀土的出口管制，并结束对美国半导体公司的调查。根据该协议，北京将发放稀土、镓、锗、锑和石墨的一般出口许可证，取消2025年4月和2022年10月实施的限制。作为回报，美国将延长对某些关税的暂停，并取消对中国商品征收100%关税的计划。中国还将暂停对稀土磁铁的限制，而美国则放松了对中国公司的一些限制。在农业方面，北京同意本季购买1200万吨大豆，未来三年每年至少购买2500万吨。该协议旨在缓解数月来扰乱全球市场的贸易摩擦后的紧张局势。

China will lift export controls on rare earths and end investigations into U.S. semiconductor firms as part of a new trade pact, the White House announced Saturday. Under the deal, Beijing will issue general export licenses for rare earths, gallium, germanium, antimony, and graphite—rolling back curbs imposed in April 2025 and October 2022. In return, the U.S. will extend a pause on certain tariffs and cancel a planned 100% levy on Chinese goods. China will also suspend restrictions on rare-earth magnets, while the U.S. relaxes some curbs on Chinese companies. On agriculture, Beijing agreed to purchase 12 million metric tons of soybeans this season and at least 25 million tons annually for the next three years. The pact seeks to ease tensions after months of trade friction that rattled global markets.

美联储加息后，美元和收益率大幅上涨，但两者都接近未来的关键障碍。这一周充斥着影响市场的头条新闻和疯狂的跨资产波动。交易员发现自己陷入了对美中贸易突破的乐观和美联储鹰派转变引发的谨慎之间。

Dollar and Yields Rise Sharply After Fed, But Both Near Key Barriers Ahead.It was a week packed with market-moving headlines and wild cross-asset swings. Traders found themselves caught between optimism over a U.S.–China trade breakthrough and caution sparked by a hawkish twist from the Fed.

市场每周展望——英国央行会议成为焦点，美国政府停摆仍在继续。在开始考虑了一系列风险之后，本周以积极的基调结束。然而，这些风险一个接一个地被克服，目前出现了积极的前景。

Markets Weekly Outlook – BoE Meeting in Focus, US Government Shutdown Continues.The week draws to a close on a positive note after starting out with a host of risks to consider. However, one by one those risks were navigated and a positive outlook has emerged, for now.