跟进：亚太股市周五续跌：沪深300创2025年7月以来新低 日经指数全周跌5% 布伦特原油触及114美元
悉尼——亚太股市 10 月 23 日（周五）下跌。围绕人工智能巨额资金需求的担忧重创科技股，并推动美国国债录得三年多来最大单日涨幅，资金涌向主权债券与避险货币。市场同时大幅下调对美联储进一步收紧政策的预期，几乎完全剔除对明年加息 25 个基点的定价；12 月加息不再被完全计价，隐含概率降至 85%。分析人士称，市场正在实时重新评估人工智能热潮降温引发美国经济增长恐慌的可能性。
地区市场方面，MSCI 亚太（除日本）指数周五下跌 0.3%，全周累计下跌 2.7%，为连续第四周下跌。日本日经指数下跌 1.3%，全周跌幅约 5%。韩国综合指数下跌 1.7%，全周或跌 4.3%，存储芯片制造商 SK 海力士当日下跌 2.5%。台湾股市因台风休市。中国大陆蓝筹股沪深 300 指数下跌 1.1%，收于 2025 年 7 月以来最低水平，较 6 月末高点已下跌约 20%。香港恒生指数在周四下跌 3% 后周五微涨 0.1%。
此轮抛售源于华尔街周四的行情：纳斯达克指数当日大跌逾 2%。Meta 股价下跌近 8%——该公司因人工智能相关支出出现十多年来首次现金流出，并宣布计划发行无投票权股份、进行一股拆两股的拆股以筹集资金投入这项技术。特斯拉股价下跌 3.1%，该公司下调了 2026 年资本开支计划。Pepperstone 研究主管克里斯·韦斯顿说：「问题在于，抛售会加速，还是市场上演又一次熟悉的反转。没有什么比买家拒绝入场的下跌市场更能牵动情绪了；当价格走势本身恶化时，卖家并不需要新的催化剂。」野村证券国际跨资产策略董事总经理查理·麦克埃利戈特在报告中写道：「人工智能正处于困境之中。美国国债——老天——又重新成为你的对冲工具了。」
债券市场方面，美国 10 年期国债收益率隔夜下跌逾 19 个基点，为 2023 年 3 月以来最大单日跌幅，周五企稳于 4.9591%，回到 5% 这一受关注水平下方；2 年期国债收益率下跌近 19 个基点，报 4.6566%。法国基准国债收益率隔夜上升 6 个基点至 5.0601%，为 2002 年以来最高。亚洲政府债券同样上涨：日本 10 年期国债收益率下跌 9 个基点至 2.790%，澳大利亚 10 年期国债收益率下跌 10 个基点至 5.164%。ING 美洲研究主管帕德里克·加维说：「美国 10 年期收益率带着相当的决心跌回 5% 下方。我们不确信它能保持下去。」
大宗商品与外汇方面，尽管油价高企，布伦特原油周五仍触及每桶 114 美元的五个月高点——胡塞武装在沙特阿拉伯的袭击加剧了对能源供应进一步中断的担忧，中东冲突急剧升级的风险上升。避险货币日元与瑞士法郎走强：美元兑日元周五下跌 0.2% 至 156.44，隔夜曾下跌 0.9%；美元兑瑞郎下跌 0.1% 至 0.8196，为一个月来最低。黄金未获得避险买盘，周五持平于每盎司 4,021.99 美元，隔夜曾下跌近 3%。（GSM 据路透社 10 月 23 日全球市场综述）
Follow-Up: Asian Shares Fall Again on Friday: CSI 300 Hits Lowest Since July 2025, Nikkei Down 5% for the Week as Brent Touches $114
SYDNEY — Asian shares fell on Friday, October 23, as concerns over the enormous funding needs of AI hammered tech stocks and led to the biggest daily rally in U.S. Treasuries in more than three years, with investors fleeing to sovereign bonds and safe-haven currencies. Markets also sharply pared back expectations of further policy tightening from the Federal Reserve, stripping out almost a full quarter-point rate hike for next year amid concerns a bursting AI bubble could derail the data-centre investment boom and hobble the U.S. economy. A December rate rise is no longer fully priced, with the implied probability falling to 85%.
MSCI's broadest index of Asia-Pacific shares excluding Japan fell 0.3% on Friday, bringing its weekly loss to 2.7% and marking a fourth straight week in the red. Japan's Nikkei dropped 1.3% and was down about 5% for the week. South Korea's KOSPI skidded 1.7%, on course for a 4.3% weekly decline, with memory chipmaker SK Hynix down 2.5% on the day. Taiwan's stock market was closed due to a typhoon. An index of mainland Chinese blue chips, the CSI 300, lost 1.1% on Friday to hit its lowest level since July 2025; the index was down about 20% from its peak in late June. Hong Kong's Hang Seng edged up 0.1% after dropping 3% on Thursday.
The sell-off followed Thursday's session on Wall Street, where the Nasdaq slumped more than 2%. Meta shares lost nearly 8% after the Facebook parent posted its first cash outflow in more than a decade due to its AI-related expenditures, and announced plans to issue non-voting shares in a two-for-one split to raise capital to spend on the technology. Tesla shares fell 3.1% as the electric car maker cut its 2026 capital spending plans. "The question is whether selling accelerates or markets stage another familiar reversal," said Chris Weston, head of research at Pepperstone. "There's nothing more emotive than a falling market where buyers refuse to engage. Sellers don't need a fresh catalyst when deteriorating price action itself encourages more selling." Charlie McElligott, managing director for cross-asset strategy at Nomura Securities International, wrote in a note: "AI is under the cosh. US Treasury bonds are — gasp — working as your hedge again, as the market seems to be real-time repricing the probabilities of a US growth scare off the back of the AI reset."
As equities tumbled, money flowed into safe-haven U.S. Treasuries. The benchmark 10-year Treasury yield slid more than 19 basis points overnight, the biggest drop since March 2023, before steadying at 4.9591% on Friday, back below the closely watched 5% level. The 2-year Treasury yield slumped nearly 19 basis points and was last at 4.6566%. French bonds continued to sell off, with the benchmark French yield climbing 6 basis points overnight to 5.0601%, the highest level since 2002. Government bonds in Asia also rallied: the yield on 10-year Japanese government bonds fell 9 basis points to 2.790%, while Australia's 10-year yield dropped 10 basis points to 5.164%. "The US 10yr yield gapped back below 5% with some conviction. We're not convinced it keeps on going," said Padhraic Garvey, ING's regional head of research for the Americas.
Oil prices stayed elevated despite the risk-off mood, with Brent hitting a five-month peak at $114 a barrel on Friday as Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies and fears grew that the conflict in the Middle East could escalate sharply. In currency markets, the dollar fell 0.2% to 156.44 yen on Friday, after slumping 0.9% overnight, and slipped 0.1% to 0.8196 Swiss francs, the lowest in a month. Gold failed to catch safe-haven demand and was flat at $4,021.99 an ounce on Friday after a nearly 3% drop overnight. (GSM, from Reuters' global markets wrap, October 23)
来源：GSM·美国（原文链接）
图片来源：东京八重洲的电子股价牌（资料图）。照片：nappa，CC BY 2.0，经 Wikimedia Commons。 / Electronic stock board in Yaesu, Tokyo (file photo). Photo: nappa, CC BY 2.0, via Wikimedia Commons.
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