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恒生指数周五下跌225点，跌幅1.1%，收于20728点，早盘小幅上涨，受房地产、消费者和金融股下跌的影响。随着中国准备在今天晚些时候举行媒体吹风会，结束其最高立法机构为期一周的会议，市场情绪变得谨慎。许多分析人士表示，需要更直接的财政刺激，而不是像债务互换计划这样的零碎措施。与此同时，人们越来越担心，如果唐纳德·特朗普连任美国总统，可能会征收更高的关税。预计周末将公布中国CPI和PPI数据，通缩风险持续存在。尽管如此，该指数仍公布了1.1%的周涨幅，这是五年来的首次上涨，这得益于美联储和金管局降息25个基点。鲍威尔主席还指出，美国大选不会影响短期政策。腾讯和美团分别下跌1.6%和3.5%，其他拖累股包括龙湖集团（-5.6%）、阳光保险（-5.3%）和中国海外发展（-3.4%）。

The Hang Seng lost 225 points or 1.1% to close at 20,728 on Friday after trading slightly higher in the morning, rattled by losses in property, consumers, and financials. Sentiment turned cautious as China prepared to hold a media briefing later today, concluding a weeklong session of its top legislative body. Many analysts said more direct fiscal stimulus is needed rather than piecemeal measures like debt swap programs. Meanwhile, concerns grew over the potential for higher tariffs if Donald Trump were to secure a second term as US president. Chinese CPI and PPI data are expected over the weekend, with deflation risks persisting. Still, the index posted a weekly gain of 1.1%, its first rise in five, buoyed by 25bps rate cuts from the Fed and the HKMA. Chair Powell also noted the US election would not impact near-term policy. Tencent and Meituan each slipped 1.6% and 3.5%, while other big drags included Longfor Group (-5.6%), Sunshine Insurance (-5.3%), and China Overseas Land (-3.4%).

新西兰股市周五上涨1.5%，收于12770点，追随美联储再次降息导致的华尔街隔夜涨幅。美联储周四将政策利率下调25个基点，至4.50%-4.75%，这是今年第二次下调，理由是劳动力市场降温的迹象。与此同时，投资者密切关注中国全国人民代表大会的最后一天，预计当局将宣布更多财政刺激措施来支持经济。NZX 50指数涨幅广泛，权重股斐雪派克（3.4%）、Meridian Energy（1.4%）、Ebos Group（3.5%）、Mainfreight（2.5%）和Spark NZ（2.9%）领涨。另一方面，Manawa Energy股价下跌1.85%，此前该公司报告称，截至9月30日的六个月每股亏损0.016新西兰元，低于去年同期每股收益0.174新西兰元。该指数本周上涨1.7%，结束了连续三周的下跌。

New Zealand shares rose 1.5% to close at 12,770 on Friday, tracking Wall Street’s overnight gains as the Federal Reserve cut interest rates again. The Fed lowered its policy rate by 25bps to the range of 4.50%-4.75% on Thursday, the second reduction this year, citing signs of a cooling labor market. Meanwhile, investors kept a close watch on the final day of China’s National People’s Congress, where authorities are expected to announce more fiscal stimulus measures to support the economy. Gains in NZX 50 were broad-based, led by heavyweights Fisher & Paykel (3.4%), Meridian Energy (1.4%), Ebos Group (3.5%), Mainfreight (2.5%), and Spark NZ (2.9%). On the other hand, Manawa Energy shed 1.85% after reporting a loss of NZ$0.016 per share for the six months ending September 30, down from earnings of NZ$0.174 per share in the same period last year. The index jumped 1.7% over the week, snapping three consecutive weeks of losses.

周五，新西兰元兑美元汇率跌至0.60美元，从上一交易日创下的两周高点回落，此前美联储决定将利率下调25个百分点。与此同时，投资者正在密切关注中国预期刺激措施的进一步细节，鉴于中国是新西兰最大的贸易伙伴，这些措施可能会为新西兰人提供支持。在国内方面，最新数据显示，新西兰第三季度失业率上升幅度低于预期，就业人数下降幅度为2022年以来最大，巩固了新西兰储备银行本月晚些时候再次降息50个基点的预期。尽管如此，在唐纳德·特朗普在美国总统选举中获胜引发的本周疯狂上涨之后，新西兰元仍有望每周上涨。

The New Zealand dollar weakened toward $0.60 on Friday, retreating from a two-week high reached in the previous session, following the US Federal Reserve’s decision to lower interest rate by a quarter percentage point. Meanwhile, investors are closely watching for further details on China’s anticipated stimulus measures, which could provide support to the Kiwi, given China is New Zealand’s largest trading partner. On the domestic front, latest data showed New Zealand’s jobless rate rose less than expected in the third quarter and employment dropped by most since 2022, solidifying expectations for another 50-basis-point rate cut by the Reserve Bank of New Zealand later this month. Still, the New Zealand dollar is on track for a weekly gain after a wild ride this week, sparked by Donald Trump’s victory in the U.S. presidential election.

香港股市周五早盘上涨37点，涨幅0.2%，至21084点，在美联储9月降息50个基点后，美国股市、债券和大宗商品隔夜上涨，连续第二天上涨。与此同时，金管局以与美联储相同的幅度下调了基准利率，使该市的借贷成本降至2023年2月以来的最低水平。本周，恒生指数有望创下五周来的首次上涨，迄今已上涨近2.5%，这得益于人们希望中国立法者今天可以建议一项价值数万亿元的财政方案，这可能会抵消唐纳德·特朗普总统任内美国可能征收的贸易关税的影响。在周末公布的中国10月份CPI和PPI数据之前保持警惕，限制了进一步的进展。科技板块支撑了涨幅，半导体制造（3.7%）、小米公司（3.6%）、Trip等板块强劲上涨。Com（1.1%）和阿里巴巴集团（1.0%）。

Shares in Hong Kong rose 37 points or 0.2% to 21,084 in early trade on Friday, gaining for the second day following rallies in stocks, bonds, and commodities in the US overnight after the Fed's expected 25bps rate cut, which came after a 50bps reduction in September. Meanwhile, the HKMA lowered its base rate by the same margin as the Fed, bringing borrowing costs in the city to their lowest since February 2023. For the week, the Hang Seng is on track to log its first gain in five weeks, having jumped near 2.5% so far, buoyed by hopes that China's lawmakers could recommend today a fiscal package worth trillions of yuan, potentially offsetting the impact of possible US trade tariffs under President Donald Trump. Capping further advances were vigilance ahead of Chinese CPI and PPI figures for October, due over the weekend. Gains were largely supported by the tech sector, with solid rises from Semicon Manufacturing (3.7%), Xiaomi Corp. (3.6%), Trip.Com (1.1%), and Alibaba Group (1.0%).