“美聯儲傳聲筒”Nick Timiraos：美國3月核心CPI略低於預期，爲0.196%。不過，一個月的數據並不能說明太多。美聯儲希望看到能源價格下降（加上對關稅傳遞效應結束的更多信心），而且可能更多的能源影響（機票、運輸）還在前面。

Alibaba Group likely stepped up AI investment in the quarter ended March, according to Daiwa Securities analysts. They say losses from model training and heavy marketing for the Qwen app likely weighed on earnings. However, they remain positive on Alibaba’s AI potential and medium-term monetization outlook. A key risk is more aggressive subsidy spending to acquire users in areas like AI and food delivery. Daiwa keeps a “buy” rating with a target price of HK$184.

上期所：本週銅庫存減少34604噸，鋁庫存增加4224噸，鋅庫存減少2456噸，鉛庫存增加1335噸，鎳庫存增加278噸，錫庫存增加1048噸，天然橡膠庫存增加1970噸。