日本：高市早苗獲得壓倒性勝利，股市提振但日本債券市場影響負面（繁）

日本：高市早苗获得压倒性胜利，股市提振但日本债券市场影响负面（简）

Europe needs a broader trade-defence toolkit against a mounting China shock

The European Union is experiencing a severe and accelerating ‘China shock’. We predict the EU’s trade deficit with China to reach €400 billion in 2025 – more than double the level before the pandemic – despite the euro area as a whole continuing to run a trade surplus of over €400 billion with the rest of the world. In this context, the China imbalance stands out.The imbalance traces back to pandemic-driven global supply-chain disruptions and the energy crisis price shock following Russia’s invasion of Ukraine, both of which caused producer prices to rise sharply in Europe. During the same per...