26/05/2026
亞洲股市延續漲勢，市場樂觀預期美國與伊朗可能達成協議，重新開放荷姆茲海峽，帶動風險偏好升溫。油價回落，同時美國公債價格上升。2. 黃金維持漲勢，因市場認為美伊談判取得進展，有望恢復荷姆茲海峽石油運輸。通膨壓力預期因此稍微緩解。3. 原油價格持續下跌，投資人關注美伊停火協議延長與航道重啟談判。若能源運輸恢復正常，全球供應壓力可望改善。4. 全球天然氣市場因荷姆茲海峽幾乎封閉三個月而持續震盪。市場目前高度關注中國需求變化與天氣因素，可能左右後續價格走勢。5. 儘管市場擔憂戰爭推升通膨，但長期借貸成本不完全由地緣政治主導。其他經濟與金融因素，正同時影響債券市場走向。6. 美國國債殖利率的重要利差縮小至一年來最低水準。交易員押注新任聯準會主席 Kevin Warsh 可能維持較高利率更長時間。7. 智利國營銅礦公司 Codelco 的大型工會表示，將反對任何追回獎金的措施。此前公司爆發銅產量高報爭議，內部壓力持續擴大。
Asian stocks extended their gains as optimism over a potential US-Iran deal to reopen the Strait of Hormuz lifted risk appetite and sent oil prices lower. Treasuries advanced.
Gold held gains on signs the US and Iran were making progress on reaching a deal to reopen the Strait of Hormuz and restore oil flows, easing inflation fears.
Oil held a drop on signs that negotiations to extend a US-Iranian ceasefire and reopen the Strait of Hormuz were making progress.
As the global gas market grapples with the Strait of Hormuz being all-but closed for nearly three months, traders are fixated on two wildcards: China and the weather.
For all the hand-wringing over war-related inflation fears, there are signs that other drivers are having as much a bearing on longer-term borrowing costs.
A key Treasury yield gap has shrunk to its tightest level in a year as traders ramp up bets the Federal Reserve may keep interest rates higher for longer under new chairman Kevin Warsh.
One of Codelco’s biggest unions vowed to fight any attempt to claw back bonuses as fallout from the overstatement of copper output at the Chilean state miner continues to spread.
