<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">全球主要指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><st1:chsdate w:st="on" Year="2010" Month="11" Day="18" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">18</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">收盘：上证指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2865.45</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.94</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；沪深</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">300</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3147.96</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.42%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；中小板指</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6673.41</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.10%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；恒生指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 23637.39</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.82%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；德</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">DAX 6832.11 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.97%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；道琼工业</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">11181.23 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.57%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；纳斯达克</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2514.40 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.55%</FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">人民币对美元中间价</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6.6455</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，上升</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">35</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个基点；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">CRB</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">569.16</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 2.60%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">BDI 2164.00 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.10%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">GlobalCoal</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">煤炭价格周指（</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">NEWC INDEX 108.84 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3.78%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">RB INDEX 103.76 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3.19%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><BR><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达国内宏观观点</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国家统计局、发改委周四公布</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2010</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1-3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">季度各省、自治区、直辖市单位</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">GDP</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">能耗降低率，吉林降幅最大，而青海则出现较大幅度上涨。列入统计的</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">30</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个省、自治区、直辖市中，</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">26</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个省区</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1-3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">季度单位</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">GDP</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">能耗出现下降。</SPAN><SPAN lang=EN-US><BR></SPAN><SPAN lang=EN-US style="COLOR: black; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.<SPAN style="mso-spacerun: yes"> </SPAN>IMF</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">表示，尽管</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">IMF</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">考虑过将人民币纳入特别提款权货币篮子，但由于人民币的自由兑换程度无法达到</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">IMF</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">的有关标准，所以最终未能入选。</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">IMF</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">每</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年对特别提款权篮子中的货币进行一次评估，此次更新后的权重比例为：美元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">41.9%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，下降</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个百分点；日元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">9.4%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，下降</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.6</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个百分点；英镑</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">11.3%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，上升</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个百分点；欧元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">37.4%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，上升</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3.4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个百分点。</SPAN><SPAN lang=EN-US><BR><BR><FONT face="Times New Roman">3.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">中国国务院办公厅要求依法打击和防控资本市场内幕交易，证监会要会同其他部门抓紧开展一次依法打击和防控内幕交易专项检查。</SPAN><SPAN lang=EN-US><BR><BR><FONT face="Times New Roman">4.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国国会下属的“美中经济与安全评估委员会”在</SPAN><st1:chsdate w:st="on" Year="2010" Month="11" Day="17" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">17</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">发布的年度报告中指责中国“操纵汇率”，并指称正是因为中国“排斥性”的贸易政策，才导致中美贸易出现巨大不平衡。该委员会敦促美国国会应对此“回应”，称</SPAN><SPAN lang=EN-US><A href="http://www.huanqiu.com/zhuanti/world/2009obama/"><SPAN lang=EN-US style="COLOR: windowtext; FONT-FAMILY: 宋体; TEXT-DECORATION: none; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''; text-underline: none"><SPAN lang=EN-US>奥巴马</SPAN></SPAN></A></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">政府应采取“更加强硬的行动”。</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><BR><B style="mso-bidi-font-weight: normal"><BR><FONT face="Times New Roman">[</FONT></B></SPAN><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达国际宏观观点</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">．美国劳工部周四公布，截至</SPAN><st1:chsdate w:st="on" Year="2010" Month="11" Day="13" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">13</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">当周的初请失业金人数增长</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2,000</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">人，至</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">439,000</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">人。美国就业市场疲软依旧。</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><FONT face="Times New Roman">2. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月费城联储制造业指数大幅升至</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">22.5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，扩张速度达到</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2009</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份以来的最高水平。显示美国大西洋沿岸中部地区</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份的制造业活动旺盛。</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">．英国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">CBI</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">工业产出指数从</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份的</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">+18</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">降至</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">+4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。由于通胀压力，企业将提高价格以向顾客转移成本，未来几个月，英国工业产出或将更加温和。</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">．出口大幅攀升，瑞士</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月贸易收支盈余扩大至</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">21</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">亿瑞郎。手表与工业品海外需求强劲，出口增长未受强势瑞郎影响。</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">今日关注重点：德国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月生产者物价指数；日本</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月所有产业活动指数；意大利</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月工业订单；意大利</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月非欧盟贸易帐</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 10.95pt; TEXT-INDENT: -10.95pt; mso-char-indent-count: -1.04"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">投资银行高盛最新发布的报告称，过去两年中国政府应对经济波动的政策的反应速度比过去有非常明显的提高，且在调整政策时又有出手重的倾向，因此中国经济持续高通胀的风险很低，当前的高通胀应该只是暂时现象。我们认为短期内连续动用货币政策的概率较低，</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月通胀数据将决定下一步政策走向。</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">欧元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元（利好）；美元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日元（利空）；美指（利空）；德国国债收益率（利空）；美国国债收益率（利空）；日本国债收益率（利空）；</SPAN><SPAN lang=EN-US><F
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