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Decoding recent moves in Treasury yields
解讀近期美國國債收益率的變動

Uncertainty is high — but maybe not disastrously so
不確定性很高——但也許還未到災難性的地步。
Even without Trump’s tariffs and fears of a slowdown, this was set to be a jittery year in Treasury markets

Good morning. The S&P 500 fell 2.2 per cent yesterday, after it was revealed US export controls would restrict Nvidia’s sales. Info tech shares fell hard, as investors priced in the possibility of new artificial intelligence restrictions; the Philadelphia Semiconductor index fell 4.1 per cent, with losses for all 30 of its constituents, led by Advanced Micro Devices (down 7.4 per cent) and ASML (down 7 per cent). Email me: [email protected].

早上好。受美國出口管制將限制輝達(Nvidia)銷售的訊息影響,標普500昨日下跌2.2%。信息技術板塊大幅下挫,因投資者開始計入可能出臺的新人工智慧限制;費城半導體指數下跌4.1%,其30隻成分股全部下跌,跌幅最大的是超威半導體(Advanced Micro Devices)(下跌7.4%)和艾司摩爾(ASML)(下跌7%)。歡迎通過郵箱[email protected]與我聯繫。

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