农银国际证券每天导读

Core Insights - The report highlights that global business travel spending increased by 30% year-on-year to $1.34 trillion in the previous year, but remains 22% below pre-pandemic levels when adjusted for inflation. It is projected to reach $1.48 trillion this year, surpassing the pre-pandemic record of $1.43 trillion [15][13][9]. - The report indicates that global primary aluminum production rose by 3.9% year-on-year in the first half of the year, reaching 35.84 million tons, with China's production increasing by 5.2% to 21.26 million tons [24][9]. Economic Indicators - In the United States, the actual value of existing home sales in June was 3.89 million, below the market expectation of 3.98 million and the previous value of 4.11 million [5]. - The Richmond Fed manufacturing index for July reported a value of -17, significantly lower than the market expectation of -7 [5]. - The Eurozone consumer confidence index for July was reported at -13.0, slightly better than the expected -13.5 [5]. Market Performance - The Hang Seng Index closed at 17,469.36, down 0.94% for the day and 1.46% over the past five days [10]. - The S&P 500 index closed at 5,555.74, with a daily decline of 0.16% and a 1.97% decrease over the past five days [10]. - The report notes that the A-share market saw declines across major indices, with the ChiNext index experiencing the largest drop [12]. Currency and Bond Market - The report mentions that the 10-year U.S. Treasury yield rose to 4.25%, reflecting a 9.30 basis points increase over the past five days [10]. - The People's Bank of China announced measures to alleviate bond market supply pressures by allowing MLF participants to apply for temporary reductions in collateral requirements [16][17]. Sector Analysis - The report indicates that the utilities sector led gains in the CSI 300 index, while the materials sector lagged behind [12]. - The report also highlights that the Hong Kong banking sector borrowed over 18 billion HKD from the discount window, marking the largest operation in a month [18].