BACK TO OUR TOP STORY, PRESIDENT TRUMP OPTIMISTIC ON
REACHING THE END OF THE RUSSIA-UKRAINE WAR.
回到我們的頭條新聞，川普總統對結束俄烏戰爭持樂觀態度。
04:12
>> I THINK WE ARE CLOSER NOW,
AND THEY WILL TELL YOU THAT THEY ARE CLOSER NOW IN NUMEROUS
CONVERSATIONS WITH PRESIDENT PUTIN OF RUSSIA.
>> 我認為我們現在更接近了，
04:18
AND I THINK WE ARE CLOSER THAN WE HAVE BEEN, EVER.
我認為我們比以往任何時候都更接近。
04:23
MATT:
PRESIDENT ZELENSKYY SAYS THAT HE HAS AN AGREEMENT WITH THE
U.S.
馬特：
04:29
TO MAKE SECURITY GUARANTEES THROUGH CONGRESSIONAL VOTE AS
PART OF THE DEAL.
作為協議的一部分，將透過國會投票提供安全保障。
04:33
JOINING US NOW IS OLIVER CROOK.
現在加入我們的是奧利弗·克魯克（Oliver Crook）。
04:35
HOW OPTIMISTIC ARE PEOPLE ON THE EUROPEAN SIDE?
歐洲方面的人們有多樂觀？
04:44
OLIVER: I THINK THEY ARE ENCOURAGED
FROM THE PRESIDENT AND A NUMBER OF EUROPEAN LEADERS AND OTHER
EUROPEAN LEADERS AT TALKS.
奧利弗：我認為他們受到鼓舞，
04:57
IT COMES WITH THE IDEA OF
U.S.-BACKED SECURITY GUARANTEES.
這伴隨著美國支持的安全保障的理念。
04:58
FROM THE UKRAINIAN PERSPECTIVE
IT IS ESSENTIAL FOR ANY PEACE DEAL BECAUSE WHAT IS THAT WORTH
IF YOU WILL BE RE-INVADED.
從烏克蘭的角度來看，
05:06
THESE PARTICULARLY BACKED BY
THE UNITED STATES ARE SEEN AS A WAY TO PREVENT THAT FROM
HAPPENING.
這些特別是由美國支持的保障，
05:12
WHAT THEY ACTUALLY INCLUDE IS
LESS CLEAR.
它們實際包含什麼內容則較不明確。
05:15
THESE ARTICLE FIVE LIKE
GUARANTEES, NO ONE KNOWS WHAT IT MEANS OTHER THAN THE ARTICLE
FIVE WITHIN THE NATO TREATY MEANING AN ATTACK ON ONE IS AN
ATTACK ON ALL, WHICH WOULD
這些類似於北約條約第五條的保障，
05:27
CREATE A SECURITY ARCHITECTURE
THAT IF UKRAINE WAS RE-INVADED THERE WOULD BE BACKING FROM THE
NATO ARCHITECTURE AND THE UNITED STATES, UNLIKELY BOOTS
ON THE GROUND, BUT IT MEANS
建立一個安全架構，
05:38
THAT THERE IS A FORMULA AND
RECIPE IF THERE WAS RENEWED CONFLICT.
如果再次發生衝突，將有一套公式和方案。
05:41
THAT BEING SAID, THAT IS PROGRESS ON THE SECURITY
GUARANTEES SIDE AND THERE IS STILL THE TERRITORIAL SIDE
WHICH IS THE THORNIEST ISSUE.
話雖如此，這是安全保障方面的進展，
05:50
THE RUSSIANS HAVE SAID THEY DO
NOT WANT TO TALK ABOUT A CEASE-FIRE IN PLACE UNTIL THERE
IS A SETTLEMENT WITH THE REST OF THE DONBAS RESTING WITH THE
RUSSIANS.
俄羅斯人表示，在頓巴斯其餘地區歸屬俄羅斯達成協議之前，
06:02
UKRAINIANS HAVE SHOWN MOVEMENT
IN THAT DIRECTION, BUT IT WILL BE UP TO THE UNITED STATES TO
SQUARE THAT CIRCLE AND SEND THIS PROPOSAL BACK TO THE
RUSSIANS FOR WHOM THEY WILL
烏克蘭人已朝這個方向展現出讓步，
06:13
HAVE TO SAY.
必須說。
06:14
MATT: IT DOES SEEM LIKE THE
UKRAINIANS ARE BACKING DOWN ON A NUMBER OF DIFFERENT ISSUES,
AND SURELY PRESIDENT ZELENSKYY
馬特：烏克蘭人似乎在許多不同議題上讓步，
06:24
WANTS TO END THE WAR, BUT HAS
RUSSIA GIVEN UP ANY GROUND?
但俄羅斯有做出任何讓步嗎？
06:27
OLIVER:
NOT SO FAR THAT WE HAVE SEEN.
奧利佛：就我們目前所見，並沒有。
06:31
THIS IS THE MAIN POINT.
這是關鍵所在。
06:32
IN THE LAST COUPLE OF WEEKS THIS IS SOMETHING THAT THE U.S.
在過去幾週，這件事美國政府
06:35
ADMINISTRATION AND TRUMP HAS NOT ADVERTISED THAT THERE ARE
THE SIGNIFICANT SANCTIONS PUT IN PLACE A COUPLE OF WEEKS AGO
ON MAJOR CONSTRAINTS FOR THE
和川普並未大肆宣傳，那就是幾週前已實施的重大制裁，
06:47
REVENUES THAT THE RUSSIANS ARE
STILL TAKING IN AND GETTING PAID FOR IN ORDER TO FUND THE
WAR.
仍持續進帳、用來資助戰爭的收入
06:54
FROM THE AMERICAN PERSPECTIVE,
AT A CERTAIN POINT TRUMP HAS BEEN TARGETING THE UKRAINIANS
AS THE WEAK POINT IN THE NEGOTIATION, AND THEY HAVE PUT
UP A LOT OF PRESSURE.
從美國的角度來看，
07:03
THERE IS STILL POSSIBLE
PRESSURE THAT THEY CAN EXERT IF THEY FEEL THAT THE RUSSIANS ARE
BEING UNREASONABLE.
相當大的壓力。
07:10
WE HAVE MAXIMALIST DEMANDS AND
NOT YET A CONFRONTATION BETWEEN THE U.S.
壓力。
07:11
AND RUSSIANS.
尚未發生對峙。
07:12
SITTING WITH CONGRESS RIGHT NOW AND WAITING FOR THE GO-AHEAD
ARE THE SO-CALLED BONE CRUSHING SANCTIONS THAT LINDSEY GRAHAM
PUT FORWARD WHICH HAS WIDE
目前正與國會協商、等待批准的，
07:24
BIPARTISAN SUPPORT IF THEY
WANTED TO MOVE ON THAT.
廣泛的跨黨派支持，只要他們
07:27
THAT WOULD PUT TARIFFS ON ANY
COUNTRY BUYING RUSSIAN CRUDE OIL THAT COULD HAVE A MAJOR
EFFECT AND DRIVE THEM TO THE TABLE IF THE UNITED STATES
WANTS TO PULL THAT TRIGGER.
這將對任何購買俄羅斯原油的國家加徵關稅，
07:38
MATT: THANK YOU VERY MUCH.
馬特：非常感謝您。
07:40
OLIVER CROOK JOINING US LIVE FROM BRUSSELS ON THE OPTIMISM
IN THE RUSSIA-UKRAINE WAR.
奧利佛·克魯克在布魯塞爾為我們進行現場連線，
07:46
THE NASDAQ IS ASKING THE SEC
FOR PERMISSION TO EXTEND ITS TRADING HOURS TO 23 HOURS ON
WEEKDAYS.
那斯達克正要求美國證交會（SEC）
07:55
IT JOINS ITS PEERS AS DEMAND
GROWS FOR U.S.
隨著對美國股票的需求在傳統
07:57
STOCKS OUTSIDE OF TRADITIONAL
MARKET HOURS.
交易時段之外不斷增長，它也加入了同業的行列。
07:58
JOINING US IS JUSTINA LEE.
很高興 JOINING US 的 JUSTINA LEE。
08:00
LET ME ASK FIRST, WHAT THIS WOULD LOOK LIKE.
我想先問一下，這會是什麼樣子。
08:05
SURELY IT WOULD NOT BE A CASH SESSION FOR 23 HOURS.
當然不會是長達 23 小時的現貨交易時段。
08:10
IS IT AN EXTENDED PRE-AND AFTERMARKET AT THE NASDAQ WANTS
TO PUT INTO PLACE?
這是否是 NASDAQ 想要推出的延長盤前與盤後交易？
08:16
JUSTINA: THE NASDAQ HAS GONE TO APPLY
FOR ADDING THIS SESSION THAT WILL BE COMING AFTER THE
AFTERMARKET SESSION, SORT OF
JUSTINA: NASDAQ 已經申請增加這個時段，它會在盤後交易時段之後，有點像是
08:26
LIKE AN AFTER AFTERMARKET,
WHICH WILL GO FROM 9:00 P.M.
盤後的盤後交易，
08:33
EASTERN TO 4:00 P.M.
從美東晚上 9 點到
08:34
EASTERN, TAKING THE TRADING HOURS TO 23 HOURS.
隔天美東下午 4 點，
08:37
THIS IS COMING AFTER THE NEW YORK STOCK EXCHANGE IS MAKING
SIMILAR MOVES TO EXTEND TRADING HOURS TO 22 HOURS FOR EVERY
WEEKDAY.
DIRECT CALL FOR VIOLENCE IN A
SPEECH LEADING UP TO THE JANUARY 6, 2020 ONE ATTACK ON
THE CAPITAL.
該演講發生在 2021 年 1 月 6 日國會大廈攻擊事件之前。
10:17
THE BBC PREVIOUSLY APOLOGIZED
BUT TRUMP DEEMED CAUGHT -- THE APOLOGY NAGGED MOVEMENT AND IS
SEEKING MASSIVE AMOUNTS OF CONVERSATION.
BBC 事後曾道歉，但川普認為道歉不夠，並正在尋求巨額賠償。
10:26
XI JINPING IS FACING CALLS FOR A STRONGER YUAN IN A RARE
PUBLIC CURRENCY DEBATE.
在一場罕見的公開貨幣辯論中，習近平面臨要求人民幣升值的呼聲。
10:33
CHINESE ECONOMISTS AND FORMER
CENTRAL BANK OFFICIALS ARE ARGUING THAT IT IS NEEDED TO
REBALANCE THE ECONOMY AWAY FROM EXPORTS AND BOOST CONSUMER
DEMAND.
中國經濟學家及前央行官員主張，有必要藉此重新平衡經濟，減少對出口的依賴，並提振消費需求。
10:42
THE FALLS ARE CONSUMING DEMAND.
匯率下跌有助於刺激消費需求。
10:46
AND THE U.K.
在英國，
10:48
UNEMPLOYMENT CLIMBED TO ITS
HIGHEST LEVEL IN ALMOST FIVE YEARS, WAGE GROWTH EASED,
CEMENTING THE CASE FOR A WIDELY EXPECTED BANK OF ENGLAND RATE
CUT ON THURSDAY.
失業率攀升至近五年來最高點，薪資增長放緩，這進一步鞏固了市場對英國央行週四降息的預期。
11:00
THE JOBLESS RATE ROSE TO 5.1%
IN THREE MONTHS THROUGH OCTOBER.
截至 10 月的三個月內，失業率升至 5.1%。
11:05
WAGE GROWTH EXCLUDING BONUSES
EDGED DOWN TO FOUR .6% FROM 4.7 PERCENT.
不含獎金的薪資年增率從 4.7% 微降至 4.6%。
11:08
WE WILL GET OUR OWN JOBS NUMBERS TODAY IN NEW YORK.
我們今天將在紐約公佈自身的就業數據。
11:16
A WIN FOR CARMAKERS, THE E.U.
汽車製造商迎來利好，歐盟
11:18
WATERS DOWN ITS EFFECTIVE BAD ON SALES -- BAN ON SALES OF
COMBUSTION ENGINE CARS.
放寬了實際上禁止銷售燃油引擎汽車的禁令。
11:23
THIS IS BLOOMBERG.
這是彭博社。
11:33
♪ MATT:
THIS IS BLOOMBERG BRIEF, I AM MATT MILLER IN NEW YORK CITY.
♪ 麥特：這是彭博快訊，我是紐約市的麥特·米勒。
11:46
EUROPEAN AUTOMAKERS ARE RISING WITH THE EXCEPTION OF BMW, AS
THE E.U.
除了BMW之外，歐洲汽車製造商股價正在上漲，因為歐盟
11:54
IS SET TO PROPOSE EASING
EMISSION RULES, WHICH WOULD ABANDON AN EFFECTIVE BAN ON
COMBUSTION ENGINES FOLLOWING MONTHS OF PRESSURE FROM THE
INDUSTRY AND SOME CONSUMERS AS
即將提出放寬排放法規，這將放棄對內燃機的實質禁令，此前數月來來自業界及部分消費者的壓力
12:04
WELL.
亦是如此。
12:05
ERIC JOINS US FOR MORE.
現在請ERIC為我們做更詳細的說明。
12:06
WHAT DO WE KNOW ABOUT THE RULES AS IT STOOD, I THINK 100%
TAILPIPE EMISSIONS REDUCTIONS WERE DEMANDED BY 20 30.
關於現行的規定我們了解多少，我記得是要求到2030年減少100%的排氣管排放。
12:17
2035?
2035年？
12:17
AND NOW THAT WILL CHANGE 10%.
而現在將會改成10%。
12:20
ERIC:
THAT IS HOW IT LOOKS ON THE SURFACE.
ERIC：
12:23
THIS WAS QUITE A RIGID BAN IN EFFECT AND WHAT HAVE RULED OUT
SALES OF COMBUSTION ENGINES
這表面上看來是如此。這原本是一個相當嚴格的禁令，實際上排除了2035年後銷售內燃機的可能性，
12:35
AFTER 2035, AND NOT A LOT OF
WIGGLE ROOM.
且沒有太多轉圜空間。
12:37
IT LOOKS LIKE THEY WILL
INTRODUCE WIGGLE ROOM AND REDUCE THE EMISSIONS TARGETS
THAT 90% REDUCTION.
看來他們將會引入彈性空間，並降低排放目標，也就是那90%的減幅。
12:46
THAT SOUNDS KIND OF
INCREMENTAL, BUT IT IS A LOT MORE SWEEPING THAN IT SOUNDS
POTENTIALLY IN PART BECAUSE THE EMISSIONS TARGETS FOR HYBRID
VEHICLES ARE ALSO A LOT --
SO IF THEY STICK WITH
THEORETICAL EMISSIONS FOR THE HYBRID VEHICLES, YOU COULD
ACTUALLY SEE A PRETTY HIGH CONTINUED SALE OF HYBRIDS
MAKING UP A BIG PORTION OF THE
因此，如果他們堅持混合動力車的理論排放標準，未來混合動力車的銷量可能會維持在相當高的水準，
13:12
AUTOMAKERS DOWN THE ROAD.
在汽車製造商的總銷量中佔據很大一部分。
13:19
MATT:
YESTERDAY WE GOT NEWS FROM FORD TO TAKE $20 BILLION IN CHARGES
TIED TO A PIVOT AWAY ESSENTIALLY FROM THE SAME STORY.
MATT：
13:30
100% EV TO HYBRIDS AND WHAT ARE CALLED EREVS, WHICH ARE
ELECTRIC VEHICLE WITH A GAS GENERATOR ON BOARD.
THERE IN CHINA THERE IS A
GROWING USE OF THE RANGE EXTENDERS, WHICH ARE THE SMALL
GAS POWERED ENGINES THAT HELP FUEL AND TV AND EXTENDS THE
RANGE.
在中國，增程器的使用也日益增加，這是一種小型燃油引擎，有助於供電並延長行駛里程。
14:13
WE ARE SEEING THIS GLOBALLY AND
WE HAVE HAD A BUNCH OF CARMAKERS AND FORD IS THE
LATEST IN THE MOST DRAMATIC ANNOUNCEMENTS, ANNOUNCING A BIG
WRITE-DOWN OF 19.5 BILLION AND
CANCELING SOME MODELS AND
SWITCHING OVER PLANTS BACK AWAY FROM BATTERY ELECTRIC VEHICLE
PRODUCTION.
並取消部分車型，將部分工廠的生產從電池電動車轉型。
14:31
SO, IT IS A BROADER THING.
所以，這是一個更廣泛的現象。
14:36
CONSUMERS ARE NOT TAKING UP EV'S AS QUICKLY AS HOPE, AND
THAT IS OBVIOUSLY A TRANSATLANTIC TREND AND NODDING
-- AND NOT WITHOUT INCENTIVES
消費者採用電動車的速度不如預期，這顯然是跨大西洋的趨勢，而且
14:46
AND THE INCENTIVES ARE NOT
FORTHCOMING THE WAY THEY WERE, EITHER IN THE U.S., OR THE
E.U., ACROSS EUROPE.
即便有補貼也沒用，因為無論是在美國或歐盟、整個歐洲，補貼都不再像以前那麼豐厚。
14:55
SO WE ARE SEEING THAT PULLBACK.
因此我們看到了這種退潮。
14:57
MATT: THANK YOU VERY MUCH.
MATT: 非常感謝。
14:59
ERIC TALKING TO US ABOUT THE
E.U.
ERIC 剛才跟我們談到歐盟的法規議題，以及昨天福特的新聞。
15:02
REGULATION STORY AND THERE WAS
THE FORD NEWS YESTERDAY.
這是汽車產業史上最大規模的減記之一。
15:05
ONE OF THE BIGGEST WRITE-DOWNS
IN AUTOMOTIVE HISTORY.
我們昨天訪問了福特執行長，談到在電動車業務多年難以獲利後的重整計畫。
15:08
WE SPOKE WITH THE CEO AFFORD
YESTERDAY ON THE OVERHAUL OF THE ELECTRIC VEHICLE BUSINESS
AFTER IT STRUGGLED TO MAKE A PROFIT FOR YEARS.
來聽聽看。
15:17
TAKE A LISTEN.
>> 我們看到油電混合動力車上個月真的大幅增長。
15:18
>> WE SAW HYBRIDS REALLY TAKE OFF LIKE LAST MONTH.
我們的混合動力車銷量增加了 30%，我認為我們在卡車的混合動力市場佔有率達到 80%。
15:24
WE HAD A 30% INCREASE IN THE HYBRID SALES AND I THINK WE ARE
80% HYBRID MARKET SHARE IN TRUCKS.
我們預見到這一點，也看到較昂貴的電動車在市場上真的很吃虧，而較平價的電動車表現較好。
15:33
WE SAW THIS HAPPENING AND WE SAW THE MORE EXPENSIVE EV'S
REALLY SUFFER IN THE MARKET AND THE MORE AFFORDABLE EV'S DOING
BETTER.
過去幾個月的情況真的很顯著。
15:42
AND THEN THE LAST COUPLE OF
MONTHS WAS REALLY REMARKABLE.
電動車市場佔比從產業的 12% 降至僅剩 5%。
15:46
THE EV MARKET WENT FROM 12% IN
THE INDUSTRY TO ONLY 5%.
而這在 EE——最終成為了關鍵的決定因素。
15:51
AND THAT IN THE EE -- THAT IN
THE END WAS THE BIG DECIDER.
而這在 EE——最終成為了關鍵的決定因素。
15:55
WE ARE GOING TO 50% ELECTRIC.
我們將實現 50% 電動化。
15:57
IT WILL BE HYBRIDS, EREV AND NOT PURE ELECTRIC.
這將是混合動力、EREV（增程式電動車），而非純電動。
16:01
MATT:
EVERY GOOD TRADER KNOWS THAT YOU HAVE TO CUT YOUR LOSSES
WHEN YOU KNOW THERE IS AN ISSUE AND YOU ARE DOING THAT IN THE
SENSE WITH THE F-150 LIGHTNING
馬特：
16:14
AS YOU KNOW IT AND THE T3
PROJECT, THE NEXT GENERATION TRUCK IN TENNESSEE.
如您所知，還有 T3 專案，也就是田納西州的下一代卡車。
16:19
BUT YOU ARE ABLE TO SALVAGE ASSETS, AND AS A RESULT YOU
RAISED YOUR PROFITABILITY FORECAST FROM SIX TO $6.5
BILLION TO TYPE -- TO $7
但你們能夠挽救資產，因此你們將獲利預測從 65 億美元
16:28
MILLION.
（註：原文此處數字有誤，依上下文修正）。
16:29
WHERE ARE YOU GAINING AN OPPORTUNITY FROM THIS?
你們從中看到了什麼機會？
16:34
JIM:
GREAT QUESTION.
吉姆：
16:37
IN THE SHORT-TERM IT IS THE
COST TO THE COMPANY AND THE QUALITY GETTING BETTER SO THE
COST IS MORE COMPETITIVE.
短期來看，是公司的成本降低，
16:45
A -- WE HAVE GOTTEN TO BILLION
BUT WE ARE STILL RAISING GUIDANCE.
我們原本預期是 65 億美元，但我們現在上調了財測。
16:48
THIS ANNOUNCEMENT IS ABOUT MOVING TO PROFITABLE VEHICLES.
這次宣布的重點是轉向獲利的車型。
16:52
WE ARE GOING TO MAKE IN TENNESSEE AND AFFORDABLE PICKUP
TRUCK.
我們將在田納西州生產一款負擔得起的皮卡車。
16:56
I THINK IT WILL SURPRISE THE
MARKET.
我認為這將讓市場感到驚喜。
16:59
THESE ARE CUSTOMERS THAT WE
KNOW AND NOT A LOT OF GUESSWORK IN TERMS OF THE REVENUE AND THE
COST WE NEED TO GET OUT -- GET AT AND THEY MORE AFFORDABLE
THAN IN OHIO.
這些是我們熟悉的客戶，
17:07
THESE WILL BE BETTER
INVESTMENTS AND ALL OF THOSE HYBRID SALES ARE REALLY
PROFITABLE VEHICLES FOR US AS WE BASICALLY DEPLOY HYBRID
ACROSS THE LINEUP.
這些將是更好的投資，
17:19
WE ARE GOING INTO THE ENERGY
STORAGE BUSINESS TO 20 GIGAWATT HOUR.
我們正進軍儲能業務，目標是 20 吉瓦時。
17:22
THAT IS A BIG MOVE.
這是一大步。
17:25
WE WILL CONVERT OUR BATTERY PLANTS FROM AUTOMOTIVE TO
ENERGY STORAGE BATTERIES.
我們將把電池工廠從生產汽車電池轉為生產儲能電池。
17:33
THAT IS A BIG PIPIT THAT IS
PROFIT POSITIVE FOR THE COMPANY.
這對公司來說是一個重大的利多（獲利因素）。
17:36
ROMAINE:
WITH REGARDS TO THE PIVOT DO YOU ANTICIPATE ANY CONCERNS BY
THE WHITE HOUSE OR ADMINISTRATION THAT YOU ARE
PARTNERING EFFECTIVELY WITH A
羅曼：
17:45
CHINESE COMPANY IN ORDER TO DO
THAT?
中國公司為了做到這件事？
17:51
JIM: LOOK, IT IS OUR PLANTS, OUR
PEOPLE, AND WE DESIGNED IT THAT WAY.
吉姆：聽著，這是我們的工廠，我們的員工，我們就是這樣設計的。
17:54
WE HAVE A LICENSING AGREEMENT, BUT WE FEEL IT IS BETTER TO
BUILD THE BATTERIES IN THE UNITED STATES WITH AMERICAN
WORKERS AND UNDERSTAND THE IP
我們有授權協議，但我們認為在美國用美國工人製造電池，並了解智慧財產權會更好。
18:05
THEY HAD TO IMPORT LIKE THEY
ARE BEING DONE TODAY.
他們必須像現在這樣進口。
18:08
THE BEST WAY TO COMPETE WITH
THE CHINESE IS TO GET CLOSE TO THE IP AND THEN RUN THE PLANTS
AT FORD.
與中國競爭的最佳方式是靠近智慧財產權，然後在福特運營工廠。
18:15
WHEN FORD KNOWS HOW TO -- FORD
KNOWS HOW TO BUILD THINGS AND WE KNOW HOW TO DO THIS.
當福特知道如何——福特知道如何製造東西，而我們知道如何做這個。
18:19
WE AREN'T -- THIS IS MUCH BETTER FOR AMERICA.
我們不是——這對美國來說好得多。
18:22
WE ARE TALKING ABOUT THOUSANDS OF JOBS LIKE IMPORTING
BATTERIES.
我們談論的是數千個工作機會，像是進口電池。
18:25
MUCH BETTER FOR AMERICA.
對美國好得多。
18:30
MATT: THAT WAS THE FORD CEO SPEAKING
WITH ROMAINE BOSTICK AND MYSELF.
馬特：這是福特執行長與羅曼·波斯蒂克和我本人的對話。
18:34
COMING UP, AND OVERHAUL AT THE
PENTAGON.
接下來，五角大廈的全面改革。
18:39
SECRETARY HEGSETH'S TEAM
PLANNING MAJOR POWER SHIFTS AND A LOOK AT WHAT ELSE IS MAKING
HEADLINES NEXT.
赫格塞斯部長的團隊正在規劃重大的權力轉移，並關注還有什麼成為頭條新聞。
18:53
♪ MATT:
THIS IS BLOOMBERG BRIEF, I AM
♪ 馬特：這是彭博快訊，我是
19:07
MATT MILLER IN NEW YORK AND
TIME FOR THE FRONT PAGE NEWS.
馬特·米勒在紐約，現在是頭版新聞時間。
19:14
FIRST UP ON "THE WASHINGTON
POST," SOURCES SAY SENIOR PENTAGON
OFFICIALS ARE GETTING A PLAN TO DOWNGRADE SOME OF THE U.S.
首先是《華盛頓郵報》，消息人士稱，五角大廈高級官員正在制定一項計劃，以降級部分美國
19:21
MILITARY HEADQUARTERS AND SHIFT THE BALANCE OF POWER AMONG TOP
GENERALS INCLUDING CUTTING THE NUMBER OF FOUR-STAR GENERALS
AND ADMIRALS REPORTING DIRECTLY
軍事總部，並調整高級將領之間的權力平衡，包括削減直接向
19:31
TO SECRETARY HEGSETH.
赫格塞斯部長報告的四星上將和海軍上將人數。
19:32
IT WOULD COMPLEMENT OTHER EFFORTS BY THE ADMINISTRATION
TO MOVE RESOURCES AWAY FROM THE MIDDLE EAST AND EUROPE.
這將 complement 政府將資源从中東和歐洲轉移的其他努力。
19:37
SECRETARY HEGSETH'S TEAM DECLINED TO COMMENT.
赫格塞斯部長的團隊拒絕置評。
19:43
"THE WALL STREET JOURNAL" REPORTS THAT COREWEAVE'S FALL
HIGHLIGHTS AI BUBBLE FEELS.
《華爾街日報》報導，CoreWeave 的下跌凸顯了 AI 泡沫的擔憂。
19:52
IT BEGAN WITH A CHALLENGE AND
SUMMER RAIN STORMS IN TEXAS THAT DELAYED THE CONSTRUCTION
OF A DATA CENTER.
一切始於一場挑戰，以及德州的夏季暴雨，導致一座數據中心的建設計畫延誤。
19:57
IT IS MEANT TO BE LEASED TO
OPENAI.
該中心計劃租給 OpenAI。
20:01
ON THE FINANCIAL TIMES, COMPANIES ARE LOOKING FOR A
PRIVATE EQUITY PARTNERS TO SAVE THEIR BUSINESS IN CHINA.
根據《金融時報》報導，企業正在尋找私募股權合作夥伴，以拯救其在中國的業務。
20:11
COMPANIES LIKE HAAGEN-DAZS, PETE'S COPY -- COFFEE AND GE
HEALTHCARE ARE CONSIDERING OPTIONS TO SELL ALL OF THEIR
CHINA OPERATIONS.
像是哈根達斯（Haagen-Dazs）、Pete's Coffee 以及 GE 醫療（GE Healthcare）等公司，正考慮出售其在中國的全部業務。
20:23
THIS COMES WITH A RISE IN LOCAL
RIVALS.
這伴隨著本土競爭對手的崛起。
20:26
IN TERMS OF THE MARKETS WE ARE
LOOKING AT FUTURES DOWN AND AHEAD OF THE NONFARM PAYROLL
RULES -- PAYROLLS REPORT.
市場方面，在非農就業報告公布前，期貨走低。
20:34
THE DELAYED REPORT FROM DIP
FROM NOVEMBER.
這是延遲自 11 月的數據。
20:37
THE DOLLAR REALLY HAS LITTLE
CHANGE AS DOES THE 10 YEAR YIELD AT 4.1740 THREE.
美元幾乎沒有變動，10 年期公債殖利率也持平於 4.174%。
20:42
COMING UP WE WILL PUT YOU AT -- PUSH AHEAD WITH THE PAYROLLS
REPORT.
接下來我們將為您帶來非農就業報告的最新進展。
20:47
THIS IS BLOOMBERG.
這是彭博社。
20:50
♪ MATT: 5:30 AM IN NEW YORK CITY.
♪ 麥特：紐約市凌晨 5 點 30 分。
20:58
I AM MATT MILLER IN FOR VONNIE
QUINN.
我是麥特·米勒（Matt Miller），代班薇妮·奎恩（Vonnie Quinn）。
21:02
HERE'S WHAT YOU NEED TO KNOW.
以下是您需要知道的重點。
21:03
WE WILL GET A DATA CATCH UP WITH STOCKS DOWN AS INVESTORS
AWAIT THE RELEASE OF THE NOVEMBER AT PAYROLLS.
隨著投資者等待 11 月非農就業數據公布，股市下跌，我們將為您補充相關數據。
21:08
THE WHISPER NUMBER IS FOR ONLY 21,000 JOBS ADDED.
市場預期僅新增 2 萬 1 千個就業崗位。
21:13
WE ARE CLOSER THAN EVER, AT LEAST PRESIDENT TRUMP IS
SHOWING OPTIMISM IN ENDING THE WAR IN UKRAINE.
我們比以往任何時候都更接近和平，至少川普總統對結束烏克蘭戰爭展現了樂觀態度。
21:21
PRESIDENT ZELENSKYY SAYS THAT THE U.S.
澤倫斯基總統表示，美國...
21:23
HAS ABOUT A PERK -- A
CONGRESSIONAL VOTE ON SECURITY GUARANTEES, CLOSELY THE EVER
SOFTENING RULES AS THE E.U.
即將就安全保障進行國會投票，而隨著歐盟...
21:33
PLANS TO SCRAP A BAN ON
COMBUSTION ENGINES ON NEW CARS AFTER MONTHS OF PRESSURE FROM
THE AUTOS INDUSTRY.
在汽車業數月的施壓下，計劃取消對新車內燃機的禁令。
21:38
AND I IMAGINE SOME CONSUMERS AS
WELL.
我想這也影響了一些消費者。
21:43
LOOK AT WHAT IS GOING ON IN
FUTURES AFTER A DROP YESTERDAY AND AN EVEN BIGGER DROP ON
FRIDAY.
觀察期貨市場在昨日下跌以及上週五更大跌幅後的走勢。
21:49
WE ARE DOWN AGAIN TODAY WITH
S&P FUTURES OFF .3% AND NASDAQ FUTURES OFF ABOUT .4.
我們今天再次下跌，標普500指數期貨下跌0.3%，那斯達克指數期貨下跌約0.4%。
21:55
THERE IS VERY LITTLE CHANGE IN TREASURIES, AT LEAST ON THE 10
YEAR AT 4.1743.
美國公債幾乎沒有變化，至少10年期公債殖利率在4.1743%。
22:03
NOT EVEN UP A QUARTER OF A
BASIS POINT.
甚至沒有上漲四分之一個基本點。
22:09
AND WE DO HAVE OIL FALLING THIS
MORNING AFTER A DROP IN BITCOIN AS WELL.
我們看到油價今早下跌，比特幣也隨之回落。
22:12
NYMEX CRUDE DOWN .1 .7%.
紐約原油下跌0.17%。
22:18
AND BITCOIN HAD COME DOWN BUT
IS BOUNCING BACK A LITTLE BIT AT 86,378.
比特幣一度下跌，但目前在86,378美元小幅反彈。
22:22
I DO NOT KNOW WHY I TIED THE TWO TOGETHER, THEY ARE BOTH ON
THE SAME BOARD.
我不知道為什麼把這兩者聯繫在一起，它們都在同一個看板上。
22:29
FOR SOME OF THE STOCKS TO
WATCH, LET US GET OUT TO VALERIE TYTEL.
接下來關注一些個股，讓我們連線到Valerie Tytel。
22:35
VALERIE: LET US CHECK ON FORT ANNOUNCING
THE NEAR 20 BILLION DOLLAR CHARGE RELATED TO A SWEEPING
UNWIND OF ITS EV PROGRAM.
WE ARE SHEET -- SEEING SHARES
IN THE GREEN, THOUGH OUTPERFORMING THE BROADER
MARKET BY ABOUT 1% ON THIS ANNOUNCEMENT, WHICH IS REALLY
SAYING TO THE MARKET THAT THEY
我們看到股價上漲，相對於大盤表現高出約1%，這項宣布其實是在向市場傳達訊息：
22:56
WERE GOING DOWN A DEAD END WITH
THE LARGE-FORMAT EV'S AND THEY HAVE SCRAPPED THE ELECTRIC BOARD 150 IS AND THEY ARE --
ELECTROMED F-150 AND NOW GAS
他們在大型電動車領域走錯了路，他們已經取消了純電動F-150的計畫，現在將專注於燃油
23:06
AND HYBRID WILL BE THEIR FOCUS.
和混合動力車款。
23:08
OFF THE BACK OF THIS THEY DID SAY THE BUSINESS WILL BE
PROFITABLE BY 2029 AND RAISE THE NEAR TERM GUIDANCE FOR THIS
YEAR.
此外，他們表示公司將在2029年實現獲利，並上調了今年的短期財測。
23:14
FORD IS SLIGHTLY IN THE GREEN
OFF THE BACK OF THE ANNOUNCEMENT.
受此消息激勵，Ford股價小幅上漲。
23:18
LET US MOVE OVER TO THE STREAMING MARKET WITH A LOT OF
EXCITEMENT.
接著我們轉向串流媒體市場，目前熱度很高。
23:25
ROKU HAS GOTTEN A LOT OF
UPGRADES IN THE LATEST ONE COMING OVERNIGHT FROM MORGAN
STANLEY AND WE ARE SHEET -- SEEING SHARES UP 4.5%.
Roku在摩根士丹利最新發布的報告中獲得許多升級評級，我們看到股價上漲4.5%。
23:33
MORGAN STANLEY WAS CONCERNED ABOUT COMPETITION AMONG THE
STREAMING PLATFORMS, BUT THEY ARE NO LONGER CONCERNED AND
THEY ARE EXCITED ABOUT THEIR
摩根士丹利曾擔心串流平台之間的競爭，但他們現在不再擔憂，
23:42
DOMINANT POSITION IN THE U.S.
並對Roku在美國市場的
23:45
MARKET.
主導地位感到興奮。
23:46
I WONDER WHAT THAT MEANS FOR
THEIR REP -- ADVERTISING REVENUE.
我想知道這對他們的廣告收入會有什麼影響。
23:48
I WANT TO TOUCH ON EUROPEAN DEFENSE, A BIG'S LIKE THE --
SLIDE ACROSS THE MARKET.
我想談談歐洲國防類股，大盤出現板塊輪動。
23:57
RHEINMETALL DOWN ON THE BACK
FOOT AS THERE IS MORE CAN POSITIVE COMMENTS FOR PEACE.
萊茵金屬（RHEINMETALL）股價下跌，因為有更多關於和平的正面評論。
24:01
THESE DEFENSE STOCKS HAVE BEEN BATTERED IN THE FOURTH QUARTER.
這些國防股在第四季遭受重創。
24:07
RHEINMETALL DOWN 25% SINCE THE END OF SEPTEMBER BUT IT IS UP
140% YEAR TO DATE AND MANY OF THESE EUROPEAN DEFENSE
COMPANY'S RANK AMONG THE TOP
LOOKING AT THE INDIVIDUAL
MOVERS AHEAD OF THE CASH TRADE.
在現貨交易開始前，我們來看看個股的異動。
24:24
LESS THAN THREE HOURS TO GO
INTO THE RELEASE OF THE DELAYED NOVEMBER JOBS REPORT.
距離延遲發布的十一月就業報告只剩不到三個小時。
24:30
MICHAEL MCKEE JOINS US HERE.
邁克爾·麥基（Michael McKee）加入我們的節目。
24:34
WHAT ARE WE EXPECTING?
我們預期會看到什麼數據？
24:35
I POINT OUT THAT THE WHISPER NUMBER IS QUITE LOW BUT THE
SURVEY IS A LITTLE BIT HIGHER.
我要指出的是，業界預期數字（Whisper number）很低，但調查結果略高一些。
24:42
MIKE:
NEITHER ONE OF THEM HAS A LOT OF GROUNDING IN FACT BECAUSE WE
DO NOT EVEN HAVE THE OCTOBER NUMBERS, WHICH WE WILL GET PART
OF TODAY.
麥克：
24:51
WE GET TWO MONTHS GET WRAPPED
UP IN A MONTH -- ONE AND I CAN FOR YOU TO DEATH WITH THE
STATISTICAL PROBLEMS AND THE LABOR DEPARTMENT HAS ALREADY
SUGGESTED THAT THE ERROR BANDS
我們在一個月內會得到兩個月的數據——我會詳細說明統計上的問題，勞工部已經暗示過，
25:03
WILL BE WIDE AROUND THE NUMBERS
AND IT WILL BE HARD TO KNOW EXACTLY WHAT THEY ARE TELLING
US.
這些數字的誤差範圍會很大，我們很難準確判斷它們告訴了我們什麼。
25:13
WE WILL GET THE AVERAGE -- THE
PAYROLLS DOLLAR -- NUMBERS FOR OCTOBER AND NOVEMBER, BUT WE
REALLY DO NOT KNOW WHAT OCTOBER WILL GIVE US BECAUSE WE DO NOT
KNOW HOW MUCH DATA THEY GOT.
WE WILL AVERAGE HOURLY EARNINGS
BUT WE WILL ONLY GET THE UNEMPLOYMENT RATE FOR NOVEMBER
AND THE UNEMPLOYMENT RATE IS EXPECTED TO TICK UP BASED ON
WHAT?
我們會得到平均時薪數據，但我們只會得到十一月的失業率，而失業率預期會小幅上升，依據是什麼？
25:33
IT WENT UP AND UP -- IN SEPTEMBER BUT AFTER WHAT
HAPPENED IN OCTOBER, THERE IS NO DATA.
失業率在九月上升又上升，但在十月發生那些事之後，目前沒有數據。
25:42
THE SAME STORY WITH AVERAGE
HOURLY EARNINGS AND OVERALL PAYROLL AND WHISPER NUMBERS AND
EVERYTHING LIKE THAT.
平均時薪、整體非農就業數據、業界預期數字等情況也是如此。
25:47
IT IS JUST GOING TO TAKE A
LITTLE WHILE TO FIGURE THIS OUT.
這需要一點時間才能弄清楚。
25:52
MATT:
HISTORICALLY, FOUR POINT 5% IS ESTIMATE FOR THE UNEMPLOYMENT
RATE, AND THAT IS A FAIRLY KNOWN -- LOW NUMBER
HISTORICALLY, ALTHOUGH IT IS
麥特：歷史上，失業率的預估值為 4.5%，這在歷史上是一個相對已知的低點，儘管它現在……
26:00
GETTING TOO A LOT FOR KIDS
TODAY.
對現在的孩子們來說，負擔太重了。
26:05
BUT, AT WHAT POINT DOES THE FED
START TO WORRY OR POLICY MAKERS START TO WORRY ABOUT U.S.
但是，聯準會或決策者何時會開始擔憂美國的……
26:09
UNEMPLOYMENT?
失業率？
26:11
MIKE: THAT IS A GOOD QUESTION BECAUSE
THEY HAD BEEN SAYING INTO THE SUMMER IS IF WE MOVE QUICKLY TO
4.5 PERCENT.
麥克：這是個好問題，因為他們在入夏前曾表示，如果我們能迅速降至 4.5%。
26:19
WE MOVED TO 4.5 PERCENT, IF
THESE NUMBERS ARE CORRECT.
如果這些數字正確的話，我們確實已降至 4.5%。
26:25
BUT HOW QUICKLY HAS IT BEEN AND
WHY?
但速度有多快？原因又是什麼？
26:27
BECAUSE MORE PEOPLE CAME INTO
THE LABOR FORCE OR FEWER PEOPLE GOT JOBS?
是因為更多人進入勞動力市場，還是更少人找到工作？
26:29
THOSE ARE THE QUESTIONS NOT ANSWERED AND THEY HAVE NOT
GIVEN US AN ANSWER IN TERMS OF THE NUMBER.
這些都是未獲解答的問題，他們在數字上也沒給出明確的解釋。
26:35
THEY HAVE SAID WHAT THEY ARE WORRIED ABOUT IS THAT
EMPLOYMENT COULD START ACCELERATING AND THAT IS WHY
THEY HAVE BEEN CUTTING RATES.
他們表示，他們擔憂的是就業可能開始加速增長，這也是他們持續降息的原因。
26:45
WE WILL GET SOME IDEA OF WHERE
WE ARE BUT WE DO NOT KNOW WHERE WE ARE GOING.
我們將能大致了解目前處於什麼位置，但無法預知未來走向。
26:50
MATT: WE ARE GETTING MORE THAN A FULL
BLOOMBERG SCREEN OF DATA TODAY.
MATT：今天我們將獲得的數據量，甚至超過一整張彭博螢幕的顯示範圍。
26:55
WHAT ELSE ARE YOU GOING TO BE
PAYING CLOSE ATTENTION TO?
你還會密切關注哪些指標？
27:00
WE HAVE RETAIL SALES COMING OUT
AND PMI COMING OUT.
零售銷售數據即將發布，PMI 數據也將出爐。
27:04
MIKE: RETAIL SALES WILL GET ATTENTION
BECAUSE WE HAVE NOT GOTTEN THAT EITHER SINCE THE SEPTEMBER
NUMBERS AND THEY ARE EXPECTED
MIKE：零售銷售將受到關注，因為自九月數據以來我們尚未見到新數據，且目前預期
27:13
ON A HEADLINE BASIS TO SLOW AND
THE CORE IS EXPECTED TO RISE FROM THE SEPTEMBER NUMBERS.
整體數據（Headline）將放緩，而核心數據預期將較九月數字上升。
27:15
RETAIL SALES ARE ALWAYS HEAVILY REVISED.
零售銷售數據通常會有大幅修正。
27:18
WE DO NOT HAVE A LOT OF BASIS FOR THIS EITHER BECAUSE WE DO
NOT KNOW WHAT OCTOBER WAS.
我們對此也沒有太多依據，因為我們不知道十月的數據狀況。
27:28
THIS IS IN BETWEEN BACK TO
SCHOOL TIME AND BLACK FRIDAY, THANKSGIVING AND THE KICKOFF TO
THE HOLIDAY SEASON.
此時正值返校季結束後，但在黑色星期五、感恩節以及假日購物季啟動之前。
27:33
I AM NOT SURE HOW MUCH
RELEVANCE THEY WILL HAVE.
我不確定這些數據會有多大的參考價值。
27:39
MAYBE THE S&P, BECAUSE THEY ARE
NOT GOVERNMENT DATA AND HAS BEEN RELEASED EVERY MONTH, AND
THEY WILL TELL SOMETHING ABOUT WHERE WE ARE WITH MANUFACTURING
AND SERVICE INDUSTRY.
或許是 S&P 指數，因為它們不是政府數據，且每月發布，能反映製造業與服務業的現況。
27:48
MATT: WE WILL CONTINUE SPEAKING WITH
U.S.
MATT: 我們將繼續與 U.S. 交談。
27:52
THIS DATA COMES OUT.
這份數據即將公布。
27:54
MICHAEL MCKEE THE INTERNATIONAL
POLICY AND ECONOMICS CORRESPONDENT.
MICHAEL MCKEE 是國際政策與經濟記者。
27:56
JOINING US ABOUT -- TO TALK TO US ABOUT WHAT CAN EXPECT AND
HOW THE FED WILL DEAL WITH US THAT HENRY ALLEN MACRO
STRATEGIST.
他加入我們，與我們談談預期情況，以及 Henry Allen 宏觀策略師對聯準會將如何應對的看法。
28:06
BEFORE I GIVE YOU THE TAKE OF -- ON THE NUMBERS
AND HOW THE LABOR MARKET LOOKS WITH ALL OF THE OTHER
ALTERNATIVE DATA THAT WE HAVE
在我給各位對這份數據的看法，以及勞動市場在所有其他替代數據下的表現之前，
28:13
BEEN FOLLOWING MORE CLOSELY AS
OF LATE.
我們近期更密切關注這些數據。
28:17
HENRY: I THINK AS YOU JUST ALLUDED TO,
THE LABOR MARKET AND IS SHOWING SIGNS OF WEAKENING AND THE
PAYROLLS REPORT WILL BE A
HENRY: 正如您剛才所提，我認為勞動市場正顯現疲軟跡象，而就業報告將會是
28:26
CHOPPY ONE SO WE WILL HAVE TO
ABSTRACT AND STAND OUT FROM SOME OF THE DATA GIVEN THAT IT
WILL BE SO CHOPPY.
波動劇烈的一份，因此我們必須加以抽象化，並從一些數據中脫穎而出，因為它將如此震盪。
28:32
I THINK IT IS UP TO THE U.S.
我認為就更廣泛的美國經濟而言，
28:33
ECONOMY MORE BROADLY, THERE IS A STORY OF BIG RESILIENCE.
存在一個強勁韌性的故事。
28:37
IF YOU TOLD US THAT WE WOULD HAVE THE HUGE TARIFF SHOCK THAT
WE DID, AND YET RISK ASSETS WOULD DO WELL AND WE GROW AT A
DECENT CLIP, THAT WOULD HAVE
如果您告訴我們，我們將遭遇巨大的關稅衝擊，然而風險資產表現良好，且我們以可觀的速度增長，
28:46
BEEN SEEN AS REMARKABLE.
這本應被視為非常了不起。
28:49
BUT THAT JUST CONTINUES A TREND WHERE SIMILAR TO 2022 AND 2023,
U.S.
但這只是延續了一個趨勢，類似於 2022 年和 2023 年，
28:56
ECONOMY HAD THE FASTEST RATE
HIKES IN A GENERATION AND WHETHER THAT WELL AND THE SOFT
LANDING WAS ACHIEVED AND IT SPEAKS TO A BROADER RESILIENCE
THAT EVEN AS WE SEE WEAKNESS,
MATT: I WONDER IF THESE CUTS WE HAVE
SEEN AND I THINK SINCE LAST NOVEMBER, ONE HUNDRED 25 BASIS
POINTS FOR THE FED, IS THAT
MATT: 我想知道，我們自去年 11 月以來看到的降息，聯準會降息了 125 個基點，這是否真的
29:20
REALLY GOING TO HELP SLOW DOWN
THE WEAKNESS IN THE U.S.
有助於減緩美國勞動市場的疲軟？
29:21
LABOR MARKET?
299.
29:23
HENRY:
I THINK THAT WILL CERTAINLY HELP AND THAT IS WHY THE FED
HAS BEEN SO QUICK TO REACT.
HENRY: 我認為這肯定會有所幫助，這也是為什麼聯準會反應如此迅速。
29:33
IF YOU LOOK AT THE LAST SIX
WEEKS IT IS WORTH BEARING IN MIND THAT AT THE TIME THEY DID
THE SECOND CUT, POWELL WAS SAYING THAT A DECEMBER CUT WAS
NOT A FOREGONE CONCLUSION.
如果回顧過去六週，請務必記住，在他們進行第二次降息時，鮑爾曾表示十二月降息並非既定事實。
29:42
AND YET WE HAVE THE DELAYED
SEPTEMBER REPORT AND UNEMPLOYMENT TICKED UP.
然而我們卻迎來了延遲發布的九月報告，且失業率有所上升。
29:46
AND THEN A CUP WAS PRICE BACK IN FOR DECEMBER.
接著市場又重新定價了十二月的降息預期。
29:50
THIS IS A FED THAT EVEN WITH INFLATION ABOVE TARGET IS STILL
VERY SENSITIVE TO ANY SIGNS OF LABOR MARKET WEAKNESS, AND
HENCE THEY WILL BE STEPPING IN.
即便通膨高於目標，聯準會對勞動市場疲軟的任何跡象仍非常敏感，因此他們將會出手干預。
30:01
THE OTHER THING THAT WILL BE
SUPPORTIVE LOOKING INTO 2026 IS WE HAVE PRETTY BIG FISCAL
STIMULUS AS WELL AS THE
展望 2026 年，另一個支撐因素是我們將有相當大規模的財政刺激措施，以及
30:11
MECHANICAL BOUNCE BACK FROM THE
SHUTDOWN AND LOTS FROM THE BIG BEAUTIFUL BEAL -- BILL TAKING
EFFECT IN Q1 2026.
政府停擺後的機械性反彈，還有那項「宏大而美麗的法案」——將於 2026 年第一季生效。
30:20
Q1 NEXT YEAR WILL BE ONE OF THE
BIGGEST FISCAL IMPACTS THAT WE HAVE SEEN.
明年第一季將是我們見過財政影響最大的時期之一。
30:22
THERE IS A LOT OF POSITIVE TAILWINDS ABOUT TO HIT THE
ECONOMY.
即將有許多利多因素提振經濟。
30:27
MATT: I WONDER IF THAT WORRIES YOU.
麥特：我想知道這是否會讓你感到擔憂。
30:29
WE HAVE MONETARY STIMULUS, FISCAL STIMULUS, WE HAVE THE
TARIFFS.
我們有貨幣刺激、財政刺激，還有關稅。
30:36
TIE THESE THINGS TOGETHER WITH
INFLATION ALREADY 15% ABOVE THE FED'S TARGET RATE.
將這些因素結合起來，目前通膨已經比聯準會的目標利率高出 15%。
30:40
IS THERE ANY WAY THAT IT COOLS DOWN, INFLATION, OR DO YOU SEE
PICKING UP IN 2026?
通膨有任何降溫的可能嗎？還是你認為 2026 年通膨會回升？
30:49
HENRY: THAT IS THE RISK AND WHERE
MARKETS CAN BE CAUGHT.
亨利：這就是風險所在，也是市場可能措手不及的地方。
30:51
IF WE LOOK AT THE LAST COUPLE
OF WEEKS INFLATION STOCKS HAVE TRENDED DOWN AND THAT OPENS UP
THE RISK THAT THE SURPRISE GOES THE OTHER WAY.
如果我們回顧過去幾週，通膨相關股票呈下跌趨勢，這也開啟了意外數據反向發展的風險。
31:00
TARIFFS ARE STILL FILTERING THROUGH AND WE HAVE MONETARY
FISCAL STIMULUS WHICH IS NOT UNPRECEDENTED BUT UNUSUAL THAT
WE ARE GETTING THAT OUTSIDE A
關稅效應仍在浮現，而我們正獲得貨幣與財政刺激，這並非史無前例，但不尋常的是，我們是在
31:12
RECESSION.
衰退之外獲得這些刺激。
31:14
USUALLY IF WE GET RATE CUTS
ABOVE AND BIG FISCAL STIMULUS AS WELL THAT IS HAPPENING AS A
RECESSION.
通常如果我們獲得大幅降息與大規模財政刺激，這是在衰退期間發生的。
31:20
-- IN A RECESSION.
——在衰退期間。
31:21
IT IS UNUSUAL WHERE WE ARE
GETTING THAT IN AN ECONOMY'S IN CONTINUOUS GROWTH AND THAT IS A
NEED TO BE CAUTIOUS TO RE-ACCELERATE WITHOUT
OVERHEATING.
WHEN WE HAVE SEEN IT OUTSIDE OF
THE RECESSION WE SAW IT IN THE MID TO LATE 1960'S AND THE RISK
IS THAT THAT SETS THE STAGE FOR INFLATION TO ACCELERATE AND
THAT IS SOMETHING THE FED WILL
HAVE TO BE CAUTIOUS OF AND A
LOT OF SPEAKERS ARE WHICH IS WHY YOU ARE SEEING GROWING
NUMBERS OF DISSENT.
必須謹慎行事，而且有許多發言者都這樣認為，這就是為什麼你會看到反對的聲音逐漸增加。
31:49
MATT: WE GOT SOME NEWS ON FORD, TO ME
WHICH -- AND TO ME THAT WAS EXCITING BECAUSE I LOVE THE
WORLD OF AUTOMAKERS.
麥特：我們得到一些關於福特的消息，對我來說——這令人興奮，因為我熱愛汽車製造商的世界。
31:56
TIED TOGETHER WITH WHAT WE ARE
HEARING FROM THE E.U., WE HAVE LOOSENING REGULATIONS GLOBALLY.
結合我們從歐盟聽到的消息，全球的法規正在放寬。
32:05
AND, POLICYMAKERS ARE TRYING TO
SUPPORT GROWTH, WHICH IS UNDERSTANDABLE.
而且，政策制定者正試圖支持增長，這是可以理解的。
32:08
WE ARE NOT IN A RECESSION.
我們並未處於衰退之中。
32:12
IS THIS JUST ANOTHER PIECE OF
POLICY THAT RISKS SUPPORTING GROWTH, BUT ALSO STOKING THE
KIND OF INFLATION THAT IS GOING TO REQUIRE SLAMMING ON THE
BRAKES LATER?
這是否只是另一項政策，雖然有風險地支持了增長，但也助長了那種日後需要猛踩煞車的通貨膨脹？
32:25
HENRY: I THINK WE SHOULD DISTINGUISH
WHEN WE TALK ABOUT CHANGE IN REGULATION AND FISCAL MONETARY
POLICY BETWEEN DEMAND AND
亨利：我認為當我們談到法規變更以及財政與貨幣政策時，應該區分為需求面與
32:34
SUPPLY SIDE POLICIES.
供給面政策。
32:36
IF YOU HAVE DEMAND-SIDE LIKE RATE CUTS AND TAX CUTS THAT
LEADS TO OVERHEATING.
如果是像降息和減稅這樣的需求面措施，會導致過熱。
32:42
IF WE CAN GET TO THE REGULATION
THAT OPENS UP SUPPORT, THAT SORT OF THING WE ARE SEEING
WITH THE AI PRODUCTIVITY INCREASE AND THAT CAN HELP THE
ECONOMY GROW FASTER IN A
如果我們能制定開放支持的法規，例如我們在人工智慧生產力提升中看到的那類措施，這有助於經濟以
32:49
NON-INFLATIONARY WAY.
非通膨的方式更快增長。
32:51
THE BIG IDEAS WHAT HAPPENS IN THE MID TO LATE 90'S WHEN
GREENSPAN CUT RATE SUCCESSFULLY EVEN AS THE ECONOMY WAS RUNNING
BECAUSE WE HAD SUCH POSITIVE
THAT IS THE HOLY GRAIL AND THE
QUESTION IS IS THE DEMAND WHAT WE ARE SEEING WHICH IS
HISTORICALLY PRETTY UNUSUAL TO SEE THAT MUCH OUTSIDE OF A
RECESSION AS WE WILL GET NEXT
IN EUROPE WE HAVE ALSO HAD THE
ECB CUT BETWEEN MID-2024 IN MID-2025.
在歐洲，歐洲央行也將在 2024 年中到 2025 年中之間降息。
33:23
NEXT YEAR IS THE GERMAN FISCAL STIMULUS TAKING EFFECT AND THAT
WILL OUTWEIGH ANY TIGHTENING WE GET IN FRANCE AND ITALY.
明年德國的財政刺激措施將會生效，這將超過法國和義大利的任何緊縮措施。
33:31
EUROPE IS ALSO SEEING THE DUAL COMBINATION OF MONETARY PLUS
FISCAL STIMULUS AND THIS WILL BE A GLOBAL STORY NEXT YEAR.
歐洲也正在看到貨幣加上財政刺激的雙重組合，這將成為明年的全球性話題。
33:39
MATT: GREAT TO GET TIME WITH YOU WITH
REALLY FASCINATING COMMENTS AND HENRY ALLEN JOINING US FROM
DEUTSCHE BANK ON THE MACRO
麥特：很高興能與您共度時光，您的評論非常引人入勝，德意志銀行的亨利・艾倫也加入我們討論宏觀
33:45
PICTURE.
情勢。
33:45
LET US GET TO SOME OF THE OTHER STORIES TRENDING ON THE
TERMINAL.
讓我們看看終端機上其他熱門新聞。
33:52
AUSTRALIAN AUTHORITIES SAY THAT
HE'LL -- HOMEMADE ISLAMIC STATE FLAGS REGISTERED TO THE
VEHICLE THAT ATTACKED A BONDI BEACH CELEBRATION.
澳洲當局表示，這輛車上掛有自製的伊斯蘭國旗幟，該車輛攻擊了邦迪海灘的慶祝活動。
34:01
AT LEAST 15 PEOPLE WERE KILLED AS MORE DETAILS ON THE FATHER
AND SON GUNMAN EMERGED AND OFFICIALS IN MANILA SAID THAT
THEY TRAVELED LAST MONTH TO AN
至少有 15 人喪生，關於這對父子槍手的更多細節浮現，馬尼拉官員表示他們上個月曾前往
34:12
AREA OF THE PHILIPPINES WHERE
ISLAMIC STATE ALIGNED GROUPS HAVE OPERATED.
菲律賓某個地區，伊斯蘭國相關組織曾在該地活動。
34:15
AMAZON IS EXPECTED TO CUT JOBS IN ITS EUROPEAN HEADQUARTERS IN
LUXEMBOURG.
亞馬遜預計將裁撤其位於盧森堡的歐洲總部職位。
34:21
THEY REPRESENT ABOUT 8.5% OF
ITS WORKFORCE THERE AND THEY ARE PARTICULARLY CHALLENGING
FOR FOREIGN EMPLOYEES WHO MUST FIND NEW JOBS IN THREE MONTHS
TO CONTINUE LIVING IN
AND THE EUROPEAN UNION IS SET TO PROPOSE SOFTENING EMISSIONS
RULES FOR NEW CARS, SCRAPPING AN EFFECTIVE BAND ON CAN DROP
-- ON CAN COMBUSTION ENGINES
歐盟即將提議放寬新車排放規定，取消對燃油引擎的實質禁令，
34:44
WHICH WILL ALLOW CARMAKERS TO
SLOW DOWN THE ROLLOUT OF 100% BATTERY ELECTRIC VEHICLES IN
EUROPE, ALTHOUGH THEY WILL BE SELLING HYBRIDS AND E REBS
AFTER MONTHS OF PRESSURE FROM
這將允許汽車製造商放慢在歐洲推出 100% 純電動車的步伐，儘管他們將在經過數個月來自
34:54
THE AUTO INDUSTRY ON THE E.U..
汽車產業對歐盟的施壓後，繼續銷售混合動力和電動車。
34:57
COMING UP, UKRAINE PEACE TALKS ONGOING AND PRESIDENT ZELENSKYY
SAYS THAT THE U.S.
接下來，烏克蘭和平談判持續進行，澤倫斯基總統表示美國
35:06
CONGRESS HAS ABOUT A VOTE ON
SECURITIES.
國會即將就證券事宜進行表決。
35:12
THIS IS BLOOMBERG.
這是彭博社。
35:15
♪ >> I THINK WE ARE CLOSER NOW,
AND THEY WILL TELL YOU THAT THEY ARE CLOSER NOW AND WE HAVE
HAD NUMEROUS CONVERSATIONS WITH
♪ >> 我認為我們現在更接近了，他們會告訴你我們現在更接近了，我們已經與
35:27
PRESIDENT PUTIN OF RUSSIA, AND
I THINK WE ARE CLOSER NOW THAN WE HAVE BEEN, EVER.
俄羅斯的普丁總統進行了多次對話，我認為我們現在比以往任何時候都更接近。
35:32
MATT:
WASHINGTON OFFERING ARTICLE FIVE LIKE SECURITY GUARANTEES
TO KYIV, AND REPORTEDLY PRESIDENT ZELENSKYY SAYS THE
U.S.
麥特：華盛頓向基輔提供類似北約第五條的安全保證，據報導澤倫斯基總統表示美國
35:44
HAS PLEDGED A CONGRESSIONAL GROUP -- VOTE TO MAKE IT
LEGALLY BINDING.
已承諾讓國會小組進行表決，使其具有法律約束力。
35:48
IT IS INTERESTING THAT THE U.S.
有趣的是，美國
35:50
WOULD MAKE A PLEDGE LIKE THAT BECAUSE WE CANNOT KNOW WHAT
CONGRESS WILL DO.
我們無法預測國會的行動，因此無法做出這樣的承諾。
35:55
HOW DOES THIS WORK OUT?
這將如何落實？
35:57
>> ABSOLUTELY.
>> 絕對是這樣。
36:05
THIS IS AN INITIAL STEP FOR THE
U.S.
這是美國為烏克蘭
36:06
TO TAKE INTO THESE CONSIDERATIONS FOR UKRAINE.
考量這些條件所採取的初步行動。
36:08
PRESIDENT IS ADAMANT THAT THE U.S.
總統堅定表示，美國
36:09
IS FOCUSED ON BOTH SIDES BOTH WHAT RUSSIA AND UKRAINE WANTS.
同時關注俄羅斯與烏克蘭雙方的訴求。
36:14
THIS WILL BE A SIGNIFICANT STEP, ENSURING THOSE
PROTECTIONS ARE CODIFIED THROUGH CONGRESS AND A LOT OF
MEMBERS OF CONGRESS, DEMOCRATS
這將是重要一步，確保這些保障措施
36:25
ESPECIALLY BUT A LOT OF THE
REPUBLICAN CONFERENCE DESPITE SOME VOICES THAT SAID THAT DO
NOT WANT TO AID UKRAINE ANYMORE ARE HIGHLY SUPPORTIVE OF
UKRAINE AND THE ENDING OF THE
能透過國會立法落實。國會多數成員，包括民主黨人，
36:32
WAR EFFORT.
戰爭的努力。
36:38
MATT:
SO, WHAT WOULD THIS ENTAIL AND WHEN WILL WE FIND OUT MORE
DETAILS.
馬特：這將包含哪些內容？我們何時能得知
36:43
SO FAR WE ARE RELYING ON REALLY
JUST PRESIDENT TRUMP'S OPTIMISM AND PRESIDENT ZELENSKYY'S
REPORTING.
目前我們僅能依賴
36:52
MICA: I WOULD SAY THAT PRESIDENT
ZELENSKYY HAS BEEN VERY OUTSPOKEN IN TERMS OF THE
PROCESS OF THE NEGOTIATIONS.
報告。米卡：我認為澤倫斯基總統在
36:58
THE WHITE HOUSE HAS BEEN A
LITTLE BIT LESS TRANSPARENT.
白宮的資訊則
37:02
I THINK THEY ARE WORKING ON
DETAILS, WHICH CONTINUE TO BE FLUID AND THAT IS ONE THING
THAT THE WHITE HOUSE DOES NOT WANT TO GET AHEAD OF THEMSELVES
WHEN IT COMES TO NEGOTIATING
我認為他們正在處理細節，而這些細節持續變動中。正因如此，白宮在談判
37:12
THIS DIFFICULT AND COMPLEX
PEACE DEAL THAT THE U.S.
這項美國與歐洲盟友共同處理的
37:13
IS HANDLING WITH EUROPEAN
ALLIES.
困難且複雜的和平協議時，不希望操之過急。
37:16
I THINK WE WILL SEE MORE IN THE
COMING WEEKS.
我認為未來幾週將會有更多進展。
37:20
THE ADMINISTRATION HAS HAD A
REALLY HEFTY TIMELINE.
行政部門有非常緊湊的時間表。
37:23
INITIALLY IT WAS SUPPOSED TO BE
THANKSGIVING DAY WHEN IT WAS WORKED OUT AND I THINK WE WILL
TRICKLE INTO THE NEW YEAR.
原本預計在感恩節前完成，但我認為進度將延續至新年。
37:30
MATT: LET US TALK ABOUT HEALTH CARE
FOR A MOMENT, AFFORDABILITY HAS BEEN THE MANTRA OF DEMOCRATS
AND PICKED UP BY REPUBLICANS,
MATT: 我們先來談談醫療保健，可負擔性一直是民主黨的口號，
37:39
BUT WILL EITHER ONE OF THEM BE
ABLE TO SOLVE THIS CRISIS AS WE SEE OBAMA CARE PREMIUMS
SKYROCKET?
但隨著我們看到歐巴馬健保的保費飆升，
37:46
MICA: TIME IS REALLY RUNNING OUT WITH
ONLY A FEW MORE WEEKS.
MICA: 時間真的所剩無幾，只剩下幾週了。
37:51
CONGRESS IS IN SESSION FOR ONLY
ANOTHER WEEK BEFORE THEY LEAVE FOR THE HOLIDAY BREAK.
國會在休感恩節假期前，
37:56
HOUSE REPUBLICANS HAVE A BILL THAT THEY WILL TRY AND PUT UP
ON THE FLOOR, BUT THAT DOES NOT INCLUDE THE ACA SUBSIDY
EXTENSION, AND THAT CAN BE
眾議院共和黨人有一項法案，他們試圖在議場提出，
38:06
AMENDED.
修正的。
38:06
I KNOW THAT THERE ARE MODERATE REPUBLICANS WHO ARE ADAMANT ON
THE ISSUE THAT WANT TO INCLUDE THAT.
我知道有些溫和派共和黨人對此立場強硬，
38:12
AS OF RIGHT NOW WE ARE NOT
SEEING THAT.
但就目前而言，我們
38:14
WE WILL HAVE TO SEE WHAT
HAPPENS IN THE RULES COMMITTEE IS SET TO MEET ON THIS AND WE
WILL ESSENTIALLY SEE A VOTE LATER THIS WEEK.
我們得看看規則委員會對此有何安排，
38:25
MATT:
THANK YOU FOR JOINING US.
MATT:
38:27
NOW, THE NASDAQ IS ASKING FOR
APPROVAL FROM THE SEC TO ADD AN EXTRA SESSION FROM 9:00 P.M.
現在，納斯達克正尋求美國證券交易委員會（SEC）的批准，
38:34
UNTIL 4:00 P -- 4:00 A.M.
到凌晨 4:00 的額外交易時段，
38:37
EASTERN TIME, MAKING THE
TRADING DAY 24 HOURS LONG.
讓交易日長達 24 小時。
38:42
JUSTINE A JOINS US AND WHY DO
THEY WANT TO DO THIS?
Justine A 加入我們的行列，他們為什麼想這麼做？
38:48
SOME OF US NEED A REST.
我們有些人需要休息啊。
38:51
JUSTINA:
WE HAVE SEEN A PUSH FOR THIS FOR A WHILE.
JUSTINA:
38:56
ONE FACTOR IS THE RETAIL INVESTORS ARE USED TO TRADING
24/7 ON ROBINHOOD AND CRYPTO EXCHANGE'S.
一個因素是散戶投資人習慣在 Robinhood 和加密貨幣交易所
39:05
ANOTHER FACTOR THAT THE STATEMENT POINTED TO WAS GLOBAL
INVESTORS WHO WANT TO BE ABLE TO TRADE U.S.
聲明中指出的另一個因素是全球投資人，
39:12
STOCKS, EVEN OUTSIDE OF THE REGULAR TRADING HOURS, WITH
MORE OVER NAP AND A LOT OF -- OVERLAP WITH A LOT OF OVERSEAS
INVESTORS HOURS.
股票，即使是在常規交易時段之外，
39:23
THEY ARE INTERSECTING FOR THE
PUSH OF CLOSE TO 24 HOUR TRADING ON WORKDAYS.
這促使他們推動在工作日實現接近 24 小時的交易。
39:29
MATT:
SO, HOW WOULD THIS LOOK?
MATT:
39:34
IT WILL NOT BE A 23 HOUR CASH
TRADE, IT WOULD JUST EXTEND AFTER OUR SESSION.
這不會是23小時的現貨交易，只會在我們的交易時段後延長。
39:39
JUSTINA: THE NASDAQ HAS GONE TO THE FC'S
-- SEC TO ADD A SESSION COMING AFTER THE AFTER MARKET.
JUSTINA: 那斯達克已向FC（應為SEC）提交申請，要在收盤後增加一個交易時段。
39:51
AND NEED TO UNTANGLE A FEW
OPERATIONAL ISSUES WITH THE CLEARING AND DATA FEEDS AND ALL
OF THAT.
而且需要解決清算和數據傳輸等一些操作上的問題。
39:57
AND THE QUESTION IS HOW MUCH
LIQUIDITY WILL BE SEE IN THIS KIND OF NEWLY ADDED SESSION
BECAUSE IF THE LIQUIDITY IS NOT THAT STRONG, IT COULD BE THAT
WE WILL GET A LOT OF SWINGS
MATT: SO, WE COULD AND I GUESS WE
WILL INEVITABLY GO THIS DIRECTION.
MATT: 所以，我們可能會，我想我們也無可避免地會朝這個方向走。
40:16
ARE THOSE SWINGS REALLY A CONCERN.
這些波動真的令人擔憂嗎？
40:18
THIS COULD BE LOW-VOLUME TRADING AND THEN WE ARE
REPORTING ON MASSIVE MOVES THAT DO NOT MEAN AS MUCH.
這可能是低量交易，而我們卻在報導那些其實沒那麼重大的巨大波動。
40:27
JUSTINA:
EXACTLY.
JUSTINA:
40:29
THAT IS A LOT OF PEOPLE'S
CONCERN.
這是許多人擔憂的地方。
40:33
WHAT I FIND INTERESTING IF YOU
LOOK AT WHAT IS HAPPENING DURING THE REGULAR TRADING
HOURS, THERE HAS BEEN AN INCREASING PERCENTAGE HAPPENING
IN THE CLOSING AUCTION.
我覺得有趣的是，如果你觀察正常交易時間內的情況，收盤競價階段的交易量占比一直在增加。
40:45
IF ANYTHING, ALL A LOT OF
INSTITUTIONAL INVESTORS WE INCREASINGLY JUST WANT TO TRADE
IN THOSE COUPLE OF MINUTES NEAR THE CLOSE AND A LOT OF THAT IS
BECAUSE OF PASSIVE.
與其說別的，越來越多的機構投資人似乎只想在收盤前那幾分鐘進行交易，很大一部分原因是被動型投資。
40:54
THERE IS A LOT OF QUESTION TO
HOW MUCH DEMAND THERE REALLY IS AMONG A LOT OF PROFESSIONAL
TRADERS OF THIS IS JUST A RETAIL DRIVEN PUSH.
許多專業交易員對此的需求究竟有多少，還是這只是散戶推動的熱潮，仍存在很多疑問。
41:03
MATT:
THANK YOU VERY MUCH.
MATT:
41:07
JUSTINA TALKING ABOUT THIS
NASDAQ STORY AND ASKING THE SEC TO EXTEND TRADING HOURS TO 23 A
DAY.
JUSTINA 在談論這則那斯達克的新聞，並呼籲證管會將交易時間延長至每天23小時。
41:13
COMING UP THE PAYROLLS REPORT
ON DECK IN THE DAY AHEAD.
接下來是即將在明天公布的就業報告。
41:15
THIS IS BLOOMBERG.
這是彭博社。
41:26
♪ MATT:
THIS IS BLOOMBERG BRIEF AND I
♪ MATT:
41:37
AM MATT MILLER IN NEW YORK AND
LET US LOOK AT WHAT IS AHEAD BECAUSE THERE IS A LOT.
在紐約的 MATT MILLER，讓我們看看接下來有什麼，因為內容很多。
41:41
STARTING WITH THE MAIN EVENT, THE DELAYED NOVEMBER JOBS
REPORT OUT AT 8:30 A.M.
首先關注焦點，延後公布的十一月就業報告將於東部時間上午八點半公布。
41:47
EASTERN AND WE WILL BE COMBING
THROUGH THAT.
我們將仔細分析這份報告。
41:51
WE HAVE RETAIL SALES DATA
DELAYED AT 8:30 AS WELL.
同樣延後至八點半公布的還有零售銷售數據。
41:54
FOLLOWING THAT, MANUFACTURING
AND SERVICES PMI'S AT NINE.
接著在九點將公布製造業與服務業採購經理人指數。
42:03
IN TERMS OF STOCKS WATCHING,
UNTIL, THE SAMSUNG FOUNDRY DIVISION ARE CLOSE TO BE
GETTING MASS PRODUCTION OF THE PLATFORM CONTROLLER HUB CHIPS,
THAT IS ACCORDING TO KOREA
在個股方面，據韓國經濟日報報導，三星晶圓代工部門即將大規模生產平台控制器樞紐晶片。
42:13
ECONOMIC DAILY.
韓國經濟日報指出。
42:15
ROKU HAS BEEN RAISED OVERWEIGHT WITH THE PRICE TARGET AT 130
FIVE DOLLARS FOLLOWING AN UPGRADE FROM JEFFREY'S AND THEY
LIFTED PRICE TARGET LAST WEEK.
Roku 獲杰富瑞（Jefferies）上調評級至加碼，目標價設定在 135 美元，該公司於上週調升了目標價。
42:28
ACCENTURE UPGRADED TO
OVERWEIGHT BY MORGAN STANLEY WHICH SITES COMPELLING
VALUATION FOLLOWING PULLBACK IN SHARES OF PRICE TARGET OF 320
DOLLARS.
6WhatpercentageincreaseinhybridsalesdidFordCEOJimFarleymention?Ford 執行長 Jim Farley 提到混合動力車銷量增長了多少百分比？WhatpercentageincreaseinhybridsalesdidFordCEOJimFarleymention?
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