恒生指数：人工智能反弹、美联储降息押注和特朗普的关税——每周回顾。亚洲市场因贸易战担忧缓解、人工智能驱动的科技股上涨和美联储降息押注而攀升。恒生指数以10月以来最强劲的反弹领先。

Hang Seng Index: AI Rally, Fed Rate Cut Bets, and Trump's Tariffs – Weekly Recap.Asian markets climb on easing trade war fears, AI-driven tech stock gains, and Fed rate cut bets. Hang Seng leads with its strongest rally since October.

每周底线：CPI过热+贸易不确定性=美联储延长暂停。美国新政府上任四周后，源源不断的关税令使评估其经济影响感觉像是一项徒劳无功的任务——每次取得进展，新的复杂性都会随之而来。周一，特朗普总统宣布重新征收钢铁和铝关税，最初分别于2018年实施25%和10%。

The Weekly Bottom Line: Hot CPI + Trade Uncertainties = Extended Fed Pause.Four weeks into the new U.S. administration, the continued stream of tariff orders has made assessing their economic impact feel like a Sisyphean task – every time progress is made, new complexities roll in to take its place. On Monday, President Trump announced the re-imposition of steel and aluminum tariffs, originally implemented in 2018 at 25% and 10%, respectively.

巴西央行宣布对4月到期的156亿美元掉期进行展期。巴西央行周五表示，将从周一开始举行拍卖，以展期将于4月1日到期的156亿美元传统货币掉期。

Brazil central bank announces rollover of $15.6 billion in swaps maturing in April.Brazil's central bank said on Friday it would hold auctions starting on Monday to roll over $15.6 billion in traditional currency swaps expiring on April 1.

周五，Ibovespa指数上涨2.7%，收于128219点，圣保罗交易所每周上涨2.9%，因为美国推迟征收互惠关税，为谈判留下了空间，这有助于缓解对通货膨胀和美联储收紧政策的担忧。金融板块领涨，巴西银行、桑坦德银行、伊塔乌萨银行和Bradesco等主要银行涨幅在2.5%至4.9%之间。此外，巴西国家石油公司、淡水河谷和WEG等对贸易敏感的大型股分别上涨3.3%、1.3%和2.5%，受益于贸易战担忧的减少和全球持续逆风中市场情绪的改善。

The Ibovespa advanced 2.7% to close at 128,219 on Friday, securing a 2.9% weekly gain for the São Paulo exchange as relief from the U.S. delay in imposing reciprocal tariffs, leaving room for negotiations, helped ease concerns over inflation and a tighter Fed policy. Gains were broad-based, led by the financial sector, with major lenders like Banco do Brasil, Santander, Itaúsa, and Bradesco rising between 2.5% and 4.9%. Additionally, trade-sensitive mega caps such as Petrobras, Vale, and WEG climbed 3.3%, 1.3% and 2.5%, respectively, benefiting from reduced trade war fears and improving market sentiment amid persistent global headwinds.