市場匯評

President Trump first threatened to put 100% tariffs on Chinese imports starting November 1. That kind of statement usually scares investors because tariffs make trade more expensive and hurt corporate profits. Markets reacted immediately, people sold risky assets and moved money into safer ones, gold and the yen.

Later, Trump walked back the threat, saying trade with China would “be fine”. But the damage was done.

Meanwhile, the U.S. government shutdown continued. That’s another red flag because it delays economic data releases, leaving traders without key information to judge what the Federal Reserve might do next on interest rates.

受特朗普政府與輝瑞公司達成里程碑式協議推動，醫藥類股2025年10月1日實現顯著上漲。根據協議內容，輝瑞將獲得為期三年的進口關稅豁免，同時雙方將共同推出名為"TrumpRx"的直採藥品平台，通過繞開中間分銷環節降低消費者購藥成本。該創新模式預計將為醫藥行業建立新的定價基準。

受此利好消息影響，主要藥企股價表現如下：

• 輝瑞(PFE) 兩日累計漲幅達13.9%

• 阿斯利康(AZN) 猛漲11.2%，重奪倫敦交易所市值榜首

• 葛蘭素史克 (GSK) 與 希克瑪製藥分別錄得6.2%和3.5%漲幅

強生、諾華等行業巨頭同步走高，反映投資者對後續類似協議的積極預期

本輪上漲締造醫藥板塊十六年來最強勁單週表現，除政策利好外，FDA新藥加速審批及多家企業超預期季報共同形成助推力。市場密切關注該模式是否將擴展至其他製藥企業，此舉可能重塑醫藥行業市場格局。

美元在經歷四日連跌後於週四嘗試反彈。最高法院表示將審理特朗普總統試圖罷免美聯儲理事麗莎·庫克的提案，但庫克將至少留任至明年一月。目前對美聯儲獨立性的擔憂暫告段落。

市場正密切關注已導致重要數據停發的美國政府停擺事件。原定本週五發布的九月非農就業報告將延期公布。停擺可能持續一至兩週，但仍有僵局延長的風險。

ADP私營就業報告顯示九月就業崗位意外減少3.2萬個。這給美聯儲施加更大壓力，投資者幾乎確信其將在十月會議上宣布降息。

聯準會主席鮑威爾就平衡通膨與疲軟就業市場所面臨的挑戰發出警告，受此影響，美元在周三趨穩。他這番謹慎的言論強化了市場對今年還將有兩次降息的預期，但也讓投資人對行動過快的風險保持警惕。

Global equity indexes are trading in opposite directions currently after Wall Street ended higher on Tuesday. Amazon shares added 0.34% while Citizens JMP raised the price target for Amazon.com to $285.00 and maintained a “Market Outperform” rating on the stock, Apple shares rose 0.95% on Tuesday outperforming market as Goldman Sachs reiterated its Buy rating and $266.00 price target on Apple ahead of the company’s "Awe-Dropping" product launch event on September 9th, 2025, where the company is expected to unveil new products including the iPhone 17 series and updated Apple Watch portfolio (Series 11, Ultra 3, SE 3).

Global equity indexes are trading down currently after Wall Street ended lower on Monday. Apple shares slumped 0.26% while Bank of America Securities reiterated its “Buy” rating on Apple stock with a price target of $250.00, Nvidia stock rose 1.0% on Monday outperforming market ahead of earnings report today after market close as the stock continued advancing following upgrades of Nvidia stock price targets by investment banks Baird and Stifel to $225 from $195 and to $212 from $202 respectively.

Equity indexes are trading in different directions currently after Wall Street rallied on Friday as fed chair Powell signaled at the Jackson Hole Economic Policy Symposium more openness to cut interest rates. Apple shares rose 1.27%, Tesla shares rallied 6.2% on Friday outperforming market as Elon Musk asked people on Friday in a post on X to join his artificial intelligence company xAI in an effort to take on software giant Microsoft.

Global stocks are pointing in opposite directions currently ahead of an upcoming address by Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Policy Symposium. Wall Street ended lower on Thursday amid mixed data. Meta shares slid 1.15% amid reports that the Facebook parent is freezing AI hiring, Alphabet shares added 0.2% on Thursday outperforming market amid reports Meta Platforms has signed a six-year cloud services deal with Google parent to use Google cloud services for its artificial intelligence workloads and more.

目前，股市指数走势呈现相反方向，此前华尔街周三再次收低。Meta股价下跌0.5%，有报道称，作为Facebook和Instagram母公司的Meta已成为做空者的主要目标，其今年以来的做空兴趣增幅最高，达到110亿美元，这一数字超过了接下来五家公司的总和。特斯拉股价周三下跌1.64%，表现逊于大盘。埃隆·马斯克表示，周一在中国推出的新款稍大、六座的Model Y L车型，起售价约为$47,180，最早要到2026年底才能进入美国市场，并警告称，鉴于美国自动驾驶技术的普及，这款新车可能“永远不会”登陆美国。

目前，全球股市指数走势不一，此前华尔街股市周二收盘大多走低。英伟达股价下跌3.5%，表现逊于大盘，尽管摩根士丹利将英伟达的目标价从$200.00上调至$206.00，并维持对该股的“超配”评级，苹果股价周二下跌0.14%。