from the Financial Times in London.

從倫敦帶來的「未來一週」單元

Here are some of the big stories we'll be watching this week.

以下是接下來一週我們會關注的事件

Historic talks between the US and North Korea

美國與北韓劃時代的對話

will take place when Donald Trump and Kim Jong Un

將在兩國領導人唐納・川普與金正恩

meet in Singapore.

於新加坡會面時展開

The Federal Reserve is expected to raise interest rates

美國聯準會預期將

in the US.

提高利率

The owner of the Zara fashion brand, Inditex,

時尚品牌颯拉的母公司印地紡

reports results.

發表營運報告

And the football World Cup kicks off in Russia,

世界足球賽將於俄羅斯揭幕，

but will FIFA vote for an underdog

但世界足球協會是否將投票給居於弱勢的候選國

to host the 2026 tournament?

來舉辦 2026 年的競賽？

Now, just a year ago, Kim Jong Un was a pariah.

在短短的一年前，金正恩是個流氓領袖

North Korea had conducted several missile tests

北韓當時舉行多次核彈試射，

and US President Donald Trump threatened

而美國總統川普也威脅

to respond with fire and fury.

將以戰火因應北韓的挑釁

Until March, the North Korean dictator

直至今年三月，這名北韓的獨裁者

had never even been abroad on a state visit.

未曾至海外拜見他國領導人

But this year, things have switched to a more diplomatic

但從今年起，情勢似乎走向較為和平的外交途徑，

track, and on Tuesday he's due to meet Donald

這星期二，他也將在一個時代的高峰會上

Trump in a historic summit.

與川普會面

Mr Trump wants to sign an agreement

川普希望能與北韓簽訂協議，

to denuclearize North Korea and set a new path

使北韓去核化、並使這封閉的政權

for the reclusive regime.

展開新的途徑

But what is the US likely to get out of this week's meeting?

但美國究竟能從這次的會面獲得什麼？

Here's our chief foreign affairs commentator, Gideon Rachman.

請我們的首席外交事務評論員吉迪恩・拉赫曼講評

These are two very unusual and unpredictable leaders.

這兩位領導人非常不尋常，也非常難以捉摸

If you had two kind of normal leaders,

如果今天是兩位多少正常的領導人，

it would be quite easy, I think, to sketch out

我認為，要勾勒出這次會面的可能結果

the possible outcomes.

就會是很容易的

It would be very hard to imagine that they would immediately

很難想像他們會馬上找到解決問題的方法，

solve the problem or come up with a breakthrough.

或是有任何突破

With these leaders, it's possible

若是像這兩位的領導人，他們很可能

that they will stray off script quite sharply

做出非常不尋常的決策，

and perhaps come up with something with surprises

或許也會做出讓我們大家都感到驚訝

us all.

的行徑

But there's also a downside risk.

但也有缺點

And if the two men don't hit it off

如果這兩位合不來，

or if they have very different expectations,

或是他們有很大的期待落差，

you could actually see a summit that goes badly wrong

這次的高峰會將嚴重變質，

and leads to a return or even perhaps

使情勢打回票，甚至可能提升

an increase in concerns about war that so dominated 2017.

對戰爭爆發可能性的擔憂，像在 2017 年那樣

And now to the US, where the Federal Reserve's

現在將焦點轉到美國國內。該國聯準會的

monetary policy decision is the highlight

貨幣政策是最近財經大事件接踵而來的期間

of a busy economic calendar this week.

一個眾所矚目的事件

We'll get updates on inflation, manufacturing, and consumer

星期四聯準會公布零售銷售報告後，

sentiment in Thursday's retail sales report.

我們會得到通膨率、生產者信心，和消費者信心的最新消息

The interest rate decision, which is on Wednesday,

星期三聯準會決定利率的同時，

will be presented alongside updates to the Fed's

也會發佈經濟預測

economic and interest rate projections.

及利率走勢預測的報告

That will be followed by a press conference

在這之後，聯準會主席鮑威爾

with fed chair Jay Powell.

也將針對這次的行動召開記者會

A rate rise is largely considered

大幅度升息被認為是

a foregone conclusion, as our reporter Mamta Badkar explains.

已成的定局，如同我們的記者 Mamta Badkar 解釋的那樣

Markets are anticipating the second rate rise

市場已經預期在美國經濟展現復甦跡象、

of the year and the seventh since 2015 amid signs

聯準會對通膨預期也較有信心的當下，

of renewed strength in the US economy

今年度將第二次升息，

and as the Fed is getting a bit more confident

也是自 2015 年以來的

about its inflation outlook.

第七次升息

Now, the Fed said last month that inflation has moved closer

上個月聯準會宣布，通貨膨脹率已經更接近

to its 2% target, but noted that this is a symmetrical target,

2% 的目標，但必須注意的是這是個對稱的目標，

suggesting that modest moves above or below 2%

意思就是，只要不過度偏離 2% 的目標，

will be acceptable to the Fed.

對聯準會來說都是可以接受的

Of note, of course, will be at the dot plot of interest rate

當然，要注意的是利率的落點，

projections as markets try to determine

當個市場試圖判斷

whether 2018 has three or four rate rises on the cards.

2018 年是否含會再升息三、四次

Now to Spain, where Inditex, the owner of the Zara fashion

現在來到西班牙。印地紡，颯拉的母公司

brand, is set to report its first quarter results.

將公佈第一季成果

And all eyes will be on the long troublesome gross margin

所有焦點將放在長期以來低迷的

figure.

毛利率數字

The world's largest clothes retailer by sales

全球銷售率最高的服飾零售商

has for years seen slipping margins.

在過去幾年經歷不斷下跌的毛利率

This has sparked investor concerns

這使投資人對線上服飾銷售商帶來的競爭

about the effects of competition from online only rivals.

感到緊張

And in March, the company said that gross margins

在今年三月，該公司表示，毛利率

had dropped from 57% in 2016 to 56.3% in 2017.

由 2016 年的 57% 降到 2017 年的 56.3%

That was the lowest for a decade and worse

這是過去十年來最低的數字，

than analysts' expectations.

也比各界預期的更低

But many analysts are saying that while gross margins may

但許多分析家認為，雖然第一季的

be down in the first quarter, there

毛利率會降低，但

could be signs of stabilisation, which

可能會有穩定的跡象，

would reassure the markets.

這將安撫市場目前的焦慮

Inditex has long denied that online sales will lead them

長期以來，Inditex 否認線上銷售會造成他們的

to lower margins.

毛利率降低

Earlier this year, it blamed the strong euro, as well as

今年稍早，該公司將不理想的表現怪在走強的歐元

unseasonal weather.

和不穩定的天氣上

And finally, to Russia, where the football World

最後，來看看俄羅斯。本週四

Cup kicks off on Thursday.

世界足球賽將在該國展開

The host take on Saudi Arabia in the opening match in Moscow.

第一場比賽是沙烏地阿拉伯對俄羅斯，將在莫斯科舉行

But just before the big kickoff, more than 200

但眾所期待的第一場比賽開打前，超過 200 個

of FIFA's member nations will meet

世界足球協會成員國代表將會面，

to vote on the host for the 2026 World Cup.

決定 2026 年世界杯在哪國舉辦

And it's a race between a powerhouse joint bid

競爭對手為強勢的

by the United States, Canada, and Mexico

美國、加拿大、墨西哥三國聯盟

and an underdog bid by Morocco.

和處於下風的摩洛哥

Much to the surprise of many people

足球界各方可能會很驚訝，

in the world of football, Morocco could win it.

因為摩洛哥很有可能獲選

This would be a shock because the North American

這將帶來很大的震撼，因為北美各國

bid is offering a projected record $11 billion of profits

的聯盟提出的計畫，可能為世界足球協會帶來

to FIFA.

110 億美元的利潤

And FIFA's own inspection task force

而且世足會本身的調查小組

scored the North American bid very highly on technical merits

也針對技術上的要點，給予北美三國聯盟很高的評分，

and it said there were risks to hosting

而且表示在摩洛哥舉辦大賽

the tournament in Morocco.

是有風險的

So what would it mean if Morocco pulls off a surprise victory?

假如摩洛哥以黑馬之姿獲選，這代表什麼？

Here's our leisure correspondent, Murad Ahmed.

來聽聽我們的運動休閒記者 Murad Ahmed 怎麼說

It seemed to me, at least, by reading

對我而言，至少從閱讀

that report that FIFA's inspectors were saying,

世足會調查人員的報告，他們都表示，

don't hold the World Cup in Morocco, at least

別在摩洛哥舉辦比賽。至少和

in comparison to the North American bid.

北美洲的計畫相比是如此

So what would it say if Morocco still won?

所以假設摩洛哥然獲選，這會代表什麼？

It would tell you that the political horse

這會代表過去多年來世界杯舉辦國選舉

trading of the past that has mired old World Cup votes

受政治染指的情況仍未消失，

has not disappeared, regardless of all the reforms

即使世足會已經進行了

that FIFA have put in place.

多項改革

And weirdly enough, a counterpoint,

但有趣的是，這也會代表

that money isn't everything, that

金錢不是一切，最終

in the end, the global image that you set out

還是一國在國際展現的形象

has a big part to play when it comes

決定選舉結果，因為這其實可以說是

to voting on these essentially popularity contests.

各國受歡迎程度的競賽

And that's what the week ahead looks like from the Financial

這是《金融時報》倫敦總部對未來一週事件

Times in London.

的評析

See you again next time.

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