周四，恒生指数飙升357点，涨幅2.0%，收于两个月高点18017点，连续第五个交易日上涨。此前，美联储周三将利率下调50个基点，并计划在未来几个月进一步降息以提振经济和防止失业率上升，导致美国期货强劲反弹。在本地，鉴于香港的货币政策与美国同步，金管局将基准利率下调了与美联储相同的幅度。这一决定无疑为香港的消费者和企业提供了救济。在中国股市进一步上涨后，由于美国开始放松政策，北京方面有了更多空间来刺激疲软的经济，中国股市普遍稳步上涨。领头羊腾讯控股公司股价上涨2.3%，达到九周高点。华润置地股价飙升7.3%，创下自3月中旬以来的最佳单日表现。其他涨幅居前的是香港交易所（5.5%）、力汽车（5.2%）、美团（4.0%）和半导体制造（1.9%）。

The Hang Seng surged 357 points, or 2.0% to finish at a two-month high of 18,017 on Thursday, rising for the fifth straight session following a strong rally in US futures after the Fed cut interest rates by 50bps Wednesday and planned to lower them further in the coming months to bolster the economy and prevent rising unemployment. Locally, the HKMA reduced its base rate by the same size as the Fed did, given that monetary policy in the city moves in lockstep with the US. The decision surely provides relief for the city’s consumers and businesses. Solid gains were broad-based after Chinese stocks gained further, as the start of policy easing in the US gave Beijing more room to stimulate a weak economy. Bellwether Tencent Holdings jumped 2.3% to nine-week highs. China Resources Land soared 7.3%, posting its best day since mid-March. Other top movers among big caps were Hong Kong Exchanges & Clearing (5.5%), Li Auto (5.2%), Meituan (4.0%), and Semiconductor Manufacturing (1.9%).

CAC 40指数周四上涨1.1%，至7530点，与全球同行持平，前一交易日下跌0.6%。美联储周三大幅降息50个基点，这是自2020年以来的首次降息。该指数中的大多数股票都走高了，Stellantis NV领涨，在驳斥了美国汽车工人联合会的说法后上涨了近3%，包括有关其计划将道奇杜兰戈的生产从美国转移出去的指控。奢侈品巨头LVMH、爱马仕和开云集团也表现良好，分别上涨了2%、1.9%和1.2%。其他表现最好的公司包括意法半导体、安赛乐米塔尔和欧陆科学，股价上涨1.8%至2.4%。相反，Teleperformance的股价下跌了约1.3%，而Engie和Unibail-Rodamco-Westfield分别下跌了约0.8%和0.6%。

The CAC 40 climbed 1.1% to 7,530 on Thursday, mirroring its global peers, after falling 0.6% in the previous session. The upturn came after the Fed's significant 50bps rate cut on Wednesday, marking its first reduction since 2020. Most stocks in the index traded higher, with Stellantis NV leading the charge, jumping nearly 3% after refuting claims made by the United Auto Workers, including allegations that it planned to move production of the Dodge Durango out of the U.S. Luxury giants LVMH, Hermès, and Kering also performed well, posting gains of 2%, 1.9%, and 1.2%, respectively. Other top performers included STMicroelectronics, ArcelorMittal, and Eurofins Scientific, with shares rising between 1.8% and 2.4%. Conversely, shares of Teleperformance declined around 1.3%, while Engie and Unibail-Rodamco-Westfield fell about 0.8% and 0.6%, respectively.

英国10年期国债收益率升至3.854%，因投资者将注意力转移到英格兰银行，预计英格兰银行在8月份降息25个基点至5%后将保持利率不变。周三的通胀数据显示，消费者价格稳定增长2.2%，交易员将近期降息的可能性从报告前的35%降至25%。然而，市场仍预计11月和12月将降息，预计到2025年将再降息五次。与此同时，美联储自2022年3月以来首次降息，降息50个基点。

The UK 10-year gilt yield rose to 3.854% as investors shift focus to the Bank of England, which is expected to keep rates unchanged after a 25 basis-point cut to 5% in August. Following Wednesday's inflation data showing steady consumer price growth at 2.2%, traders reduced the odds of a near-term rate cut to 25%, down from 35% before the report. However, markets still anticipate rate cuts in November and December, with five more projected by 2025. Meanwhile, the US Federal Reserve delivered its first rate cut since March 2022, reducing rates by 50 basis points.

周四，富时100指数上涨，徘徊在8300点左右，与全球同行持平，因为投资者对美联储超大规模降息0.5个百分点做出了反应。美国央行启动了疫情以来的第一轮宽松政策，表明可能会进一步削减，尽管幅度可能不同。现在的焦点转移到今天晚些时候英格兰银行的利率决定上，尽管基准利率预计将保持在5%不变。矿业股对涨幅贡献最大，英美资源集团、嘉能可、力拓和安托法加斯塔均上涨2.8%至3.7%。接下来也是表现最好的公司之一，在两个月内第二次上调前景后上涨了3%以上，这是由于中期利润增长7.1%，达到4.52亿英镑，下半年前六周销售额增长6.9%。

The FTSE 100 traded higher on Thursday, hovering around 8,300, in line with global peers, as investors reacted to the Federal Reserve’s supersized half-point cut in interest rates. The U.S. central bank kicked off its first round of easing since the pandemic, signaling that additional cuts could follow, though they may not be of the same magnitude. The focus now shifts to the Bank of England's rate decision later today, though the benchmark interest rate is expected to remain unchanged at 5%. Miners contributed the most to the advance, with Anglo American, Glencore, Rio Tinto and Antofagasta all up between 2.8% and 3.7%. Next was also among the top performers, rising over 3%, after raising its outlook for the second time in two months, driven by a 7.1% rise in interim profits to £452m and a 6.9% increase in sales during the first six weeks of the second half.

周四，日元兑美元汇率暴跌至近144，随后稳定在近142，因为投资者继续评估美联储最新政策决定的影响。美联储周三宣布大幅降息50个基点，这是四年来的首次降息。与此同时，鲍威尔表示，央行并不急于放松政策，降息半个百分点不是“新步伐”。另一方面，人们普遍预计日本央行周五将保持政策不变，但可能会发出进一步加息的信号。市场押注日本央行将在12月再次加息，而10月的加息仍遥遥无期。投资者还期待周五公布的日本8月通胀数据，以获得更多关于经济的见解。本周早些时候的数据显示，该国8月份出口增长低于预期，而进口增长为五个月来最低。

The Japanese yen tumbled to almost 144 per dollar on Thursday before stabilizing near 142 per dollar, as investors continued to assess the implications of the latest Federal Reserve policy decision. The Fed Fed delivered an outsized 50 basis point rate cut on Wednesday for its first rate reduction in four years. Meanwhile, Powell said the central bank is not in a rush to ease policy and that half-percentage point cuts are not the “new pace.” On the other hand, the Bank of Japan is widely expected to keep policy unchanged on Friday but will likely signal further rate hikes. Markets are betting that the BOJ will raise interest rates again in December, while a move in October remains a close call. Investors also look ahead to Japan’s August inflation data on Friday to gain more insights on the economy. Data earlier this week showed that the country’s exports increased less than expected in August, while imports rose the least in five months.

随着交易员消化美联储的最新货币政策决定，法国10年期OAT收益率达到2.92%的两周高点，与欧洲利率一致。美联储将利率下调了50个基点，并表示今年将再降息50个基点和明年再降息100个基点。然而，鲍威尔主席指出，美联储并不急于放松，50个基点不是新的降息步伐。在欧洲，欧洲央行本月初将利率下调了25个基点，并暗示由于欧元区通胀放缓和经济增长疲软，未来将进一步降息。市场已经预计到年底欧洲央行将降息37个基点，这意味着降息25个基点，再次降息的可能性为50%。与此同时，在法国，马克龙总统任命米歇尔·巴尼耶为新总理。巴尼耶尚未组建内阁，也未向议会提交2025年预算。

The French 10-year OAT yield reached a two-week high at 2.92%, aligning with rates in Europe, as traders digest the latest monetary policy decision from the Fed. The Federal Reserve lowered interest rates by a jumbo 50bps and signaled an additional 50bps of reductions for this year and 100bps next year. However, Chair Powell noted that the Fed is not in a rush to ease and 50bps is not the new pace of rate cuts. In Europe, the European Central Bank cut interest rates by 25 bps early in the month and hinted at further reductions ahead due to slowing inflation and weak economic growth in the Eurozone. Markets have priced in 37 bps of ECB rate cuts by year-end, implying a 25 bps cut and a 50% chance of a second cut. Meanwhile, in France, President Macron appointed Michel Barnier as the new prime minister. Barnier has yet to form a cabinet and present a budget for 2025 to parliament.

周四，美元指数再次跌破101，扭转了早盘的涨势，因为投资者继续评估美联储最新政策决定的影响。美联储周三大幅降息50个基点，这是自新冠肺炎疫情早期以来的首次降息。央行表示有信心通货膨胀率正在持续向2%迈进，并采取行动防止劳动力市场放缓。与此同时，鲍威尔表示，美联储并不急于放松政策，半个百分点的降息不是“新的步伐”。他的言论促使交易员买入美元的下跌，但由于担心其他主要央行可能不如美联储那样积极地放松政策，美元慢慢抹去了这些涨幅。

The dollar index weakened again below 101 on Thursday, reversing gains from earlier in the session as investors continued to assess the implications of the latest Federal Reserve policy decision. The Fed delivered an aggressive 50 basis point rate cut on Wednesday for its first rate reduction since the early days of the Covid pandemic. The central bank indicated confidence that inflation is moving sustainably toward 2% and moved to prevent a slowdown in the labor market. Meanwhile, Powell said the central bank is not in a rush to ease policy and that half-percentage point cuts are not the “new pace.” His comments prompted traders to buy the dip on the dollar, but the greenback slowly erased those gains amid concerns that other major central banks could ease policy less aggressively than the Fed.

离岸人民币兑美元汇率在早盘短暂回落后，升至7.06左右，达到2023年5月以来的最高水平。尽管人们预计中国央行即将降息，但随着美联储决定将基准利率大幅下调50个基点至4.75%-5%，全球风险情绪有所改善，这一回升还是发生了。因此，这一政策举措为中国人民银行在不严重影响货币的情况下进一步放松货币政策提供了一些喘息的空间。现在，人们的注意力转向了中国央行将于明天公布的1年期和5年期贷款最优惠利率的决定，这将为中国是否会继续降息提供见解。与此同时，中国央行周三通过七天反向回购注入5682亿元人民币，以提高流动性。该行还计划在9月25日展期MLF贷款，推迟货币政策改革的变化，使短期利率成为更具影响力的市场动态指南。

The offshore yuan strengthened to around 7.06 per dollar, reaching its highest level since May 2023, after a brief retreat in the earlier session. This upturn occurred despite expectations of the PBoC's imminent interest rate cut, as global risk sentiment improved following the Fed's decision to cut its benchmark interest rate by a significant 50bps to 4.75%–5%. Consequently, this policy move provided some breathing room for the PBoC to further ease monetary policy without heavily impacting the currency. Attention now turns to the PBoC’s decisions on the 1-year and 5-year loan prime rates, due tomorrow, which will offer insights into whether China will follow through on rate cuts. Meanwhile, China's central bank injected CN¥568.2 billion through seven-day reverse repos on Wednesday to boost liquidity. The bank also plans to roll over MLF loans on September 25, delaying changes amid a monetary policy overhaul to make short-term rates a more influential guide for market dynamics.

在伦敦，富时100指数周四上涨60点，涨幅0.73%。领涨的是英美资源集团（3.60%）、安托法加斯塔（3.07%）和NEXT（3.05%）。跌幅最大的是国家电网（-1.14%）、苏格兰和南方能源公司（-1.10%）和沃达丰（-0.95%）。

In London, the FTSE 100 Index is gaining 60 points or 0.73 percent on Thursday. Leading the gains are Anglo American (3.60%), Antofagasta (3.07%) and NEXT (3.05%). Top losers are National Grid (-1.14%), SSE (-1.10%) and Vodafone (-0.95%).

在法兰克福，DAX指数周四上涨106点，涨幅0.56%。赛多利斯（4.47%）、扎兰多（2.37%）和默克（2.35%）领涨。跌幅最大的是德国电信（-2.68%）、德国商业银行（-1.62%）和德意志交易所（-1.37%）。

In Frankfurt, the DAX Index is picking up 106 points or 0.56 percent on Thursday. Gains are led by Sartorius (4.47%), Zalando (2.37%) and Merck (2.35%). Biggest losers are Deutsche Telekom (-2.68%), Commerzbank (-1.62%) and Deutsche Boerse (-1.37%).

在巴黎，CAC 40指数周四上涨93点，涨幅1.25%。涨幅最大的是Edenred（2.59%）、Stellantis NV（2.49%）和LVMH（2.48%）。

In Paris, the CAC 40 Index is up by 93 points or 1.25 percent on Thursday. Top gainers are Edenred (2.59%), Stellantis NV (2.49%) and LVMH (2.48%).

周四，DAX指数上涨超过0.5%，与美联储四年来首次降息50个基点后的全球反弹保持一致。投资者也在为英格兰银行的货币政策决定做准备，预计利率不会改变。在涨幅最大的股票中，空客上涨2.6%，西门子上涨1.4%，安联和SAP均上涨约0.5%。下行方面，德国电信下跌超过2%，德国商业银行下跌超过1%。消息人士称，据报道，德国商业银行将任命首席财务官贝蒂娜·奥尔洛普领导与意大利联合信贷银行的谈判，因为这家意大利银行正在考虑潜在的收购。

The DAX gained over 0.5% on Thursday, aligning with a global rally after the US Federal Reserve delivered a 50 basis-point rate cut, its first in four years. Investors are also bracing for the Bank of England's monetary policy decision, with expectations of no change in interest rates. Among top gainers, Airbus surged 2.6%, followed by Siemens up 1.4%, while Allianz and SAP both rose around 0.5%. On the downside, Deutsche Telekom slid more than 2%, and Commerzbank dropped over 1%. Commerzbank is reportedly set to appoint CFO Bettina Orlopp to lead negotiations with UniCredit, as the Italian bank eyes a potential takeover, sources said.

意大利10年期英国国债收益率约为3.55%，接近今年迄今的低点，交易员们正在消化美联储的最新货币政策决定。美联储将利率下调了50个基点，并表示今年将再降息50个基点和明年再降息100个基点。然而，鲍威尔主席指出，美联储并不急于放松，50个基点不是新的降息步伐。在欧洲，欧洲央行本月初将利率下调了25个基点，并暗示由于欧元区通胀放缓和经济增长疲软，未来将进一步降息。市场已经预计到年底欧洲央行将降息37个基点，这意味着降息25个基点，再次降息的可能性为50%。

The yield on Italy's 10-year BTP yield was around 3.55%, close to year-to-date-lows, as traders digest the latest monetary policy decision from the Fed. The Federal Reserve lowered interest rates by a jumbo 50bps and signaled an additional 50bps of reductions for this year and 100bps next year. However, Chair Powell noted that the Fed is not in a rush to ease and 50bps is not the new pace of rate cuts. In Europe, the European Central Bank cut interest rates by 25 bps early in the month and hinted at further reductions ahead due to slowing inflation and weak economic growth in the Eurozone. Markets have priced in 37 bps of ECB rate cuts by year-end, implying a 25 bps cut and a 50% chance of a second cut.

欧洲股市周四上涨，斯托克50指数和斯托克600指数在美联储四年来首次降息后上涨约1%。美联储将利率下调了50个基点，缓解了投资者的担忧。市场现在寄希望于英格兰银行，预计在8月份将利率下调25个基点至5%后，英格兰银行将保持利率稳定。矿业股领涨，上涨2%，而电信股是唯一落后的，下跌不到0.5%。零售业飙升超过2%，英国零售商Next上涨5.8%，预计年利润近10亿英镑（13.2亿美元）。

European stocks rose on Thursday, with the Stoxx 50 and Stoxx 600 gaining around 1% after the US Federal Reserve's first rate cut in four years. The Fed slashed rates by 50 basis points, easing investor concerns. Markets now look to the Bank of England, which is expected to hold rates steady after cutting them by 25 basis points to 5% in August. Mining stocks led sector gains, rising 2%, while telecoms were the only laggard, down by less than 0.5%. Retail surged more than 2%, driven by British retailer Next, up 5.8%, as it forecast nearly £1 billion ($1.32 billion) in annual profits.

在中国，上海综合指数周四上涨19点，涨幅0.71%。涨幅最大的是中国钼业（6.53%）、中国铝业（5.62%）和海尔智能家居（3.60%）。跌幅最大的是中石油（-2.48%）、中航沈阳飞机（-2.42%）和中煤（-2.07%）。

In China, the Shangai Composite Index rose 19 points or 0.71 percent on Thursday. Leading the gains are China Molybdenum (6.53%), Aluminum Corporation of China (5.62%) and Haier Smart Home (3.60%). Top losers were Petrochina (-2.48%), Avic Shenyang Aircraft (-2.42%) and China Coal (-2.07%).