香港：周五（9月25日）亚洲股市涨跌互现，此前油价飙升，美日债券收益率升至多年高位，且中东战争仍无明确结束迹象。
HONG KONG: Asian markets were mixed on Friday (Sep 25) after recent oil price surges, as US and Japanese bond yields hit multi-year highs with no clear end in sight for the Middle East war.
分析师称，美中贸易休战延长两个月留下若干问题未解，将残留风险推向未来。
A two-month extension of a trade truce between the United States and China left several issues unresolved, analysts said, shifting lingering risks into the future.
周五油价略微回落，布伦特原油下跌0.8%，此前周四飙升逾3%，延续此前涨势。
Oil prices eased slightly on Friday, with Brent Crude shedding 0.8 per cent after spiking more than 3 per cent on Thursday to extend previous gains.
周四全球股市多数下跌，基准美国10年期国债收益率升至2007年以来最高，30年期收益率触及2004年以来高位。日本10年期债券收益率周五也刷新30年新高。
Global stocks had mostly fallen on Thursday, as the benchmark US 10-year Treasury yield rose to its highest level since 2007, and the 30-year yield reached its highest since 2004.
XTB研究总监凯瑟琳·布鲁克斯在报告中写道：“债券收益率像跷跷板一样上下波动。”
Japan's 10-year yield also reached a fresh 30-year high Friday. "Bond yields are bouncing around like a see-saw," Kathleen Brooks, research director at XTB, wrote in a note.
她说：“市场没有明确方向”，列举了未知因素：“我们是否处于债券危机中？伊朗战争是恶化还是局势好转？”布鲁克斯表示：“只要这些问题无解，波动将继续主导市场，尤其是大宗商品和债券市场。”
"There is no clear direction for markets," she said, listing unknown factors such as "are we in a bond crisis or not?" and "Is the Iran war getting worse or is the situation improving?" "While these questions remain unanswered, volatility will continue to dominate, especially in the commodity and bond markets," Brooks said.
东京收盘上涨1.3%，但香港下跌1.3%，悉尼和雅加达也下跌。上海、台北和首尔因假期休市。伦敦开盘上涨0.6%，法兰克福和巴黎也上涨。
Tokyo closed 1.3 per cent higher, but Hong Kong fell 1.3 per cent, with Sydney and Jakarta also down. Shanghai, Taipei and Seoul were closed for holidays.
布鲁克斯表示，本周股市跌幅温和，外汇市场波动“相当温和”，尽管存在“明显的偏好美元”倾向。
London opened 0.6 per cent higher, with Frankfurt and Paris up too. Stock dips this week have been mild, along with "fairly moderate" movements in foreign exchange markets despite a "clear preference for the dollar", Brooks said.
日本财务大臣片山さつき（Satsuki Katayama）告诉记者，美国总统特朗普本周在华盛顿双边会晤中对日元疲软表示担忧。
Japanese Finance Minister Satsuki Katayama told reporters that US President Donald Trump had expressed concerns over the weak yen during a bilateral meeting in Washington this week.
与此同时，周四特朗普在白宫为中国国家主席习近平举行盛大国宴，此前一天的排场与仪式掩盖了竞争对手超级大国间的深层紧张关系。
Meanwhile, Trump hosted China's Xi Jinping for a lavish state dinner at the White House on Thursday, after a day of pomp and ceremony that masked deep tensions between the rival superpowers.
虽然国宴上也谈到了经贸议题，但外界对习近平此访能取得任何重大突破的预期很低。
While business was on the menu at the state dinner, expectations of any major breakthroughs from Xi's visit were low.
一个小小的成果——将贸易休战延长两个月至1月——远低于中方原本期望的两年。
One minor success - the extension of a trade truce by two months until January - was less than the two years that the Chinese had been hoping for.
三菱UFJ金融集团的Lloyd Chan表示：“中东地缘政治风险重燃，叠加原本就紧张的石油市场背景，引发了对供应和通胀的双重担忧。”他补充道：“与此同时，中美贸易风险依然潜伏在背景中。”
Lloyd Chan at MUFG said that "renewed geopolitical risks in the Middle East are occurring against an already tight oil-market backdrop, raising concerns over both supply and inflation". "Meanwhile, US-China trade risks remain in the background," he added.
“贸易休战仅延长两个月至1月10日，关税、农产品采购、稀土和技术限制等问题均未得到解决。”
"The trade truce has been extended by just two months to Jan 10, leaving issues over tariffs, agricultural purchases, rare earths, and technology restrictions unresolved."