Caitong Securities(SH:601108) 陈兴宏观研究·2025-07-27 09:27Global Asset Price Performance - The Nikkei 225 index led global stock markets with a 4.1% increase, driven by the trade agreement between the US and Japan [1] - Major US stock indices also saw gains, with the S&P 500, Dow Jones, and Nasdaq rising by 1.1%, 0.8%, and 1% respectively [1] - Oil prices declined due to concerns over the outlook for crude oil demand amid stalled trade negotiations between the US and Europe [1] - The US dollar index fell by 0.8% [1] Major Central Bank Monetary Policies - The European Central Bank (ECB) decided to keep interest rates unchanged, indicating a pause in the current rate-cutting cycle [3] - The Federal Reserve is in a quiet period ahead of the FOMC meeting, with market expectations for rate cuts remaining low [3] - The Bank of Japan's deputy governor suggested that the US-Japan trade agreement reduces economic uncertainty, indicating potential for rate hikes later this year [3] US Economic Dynamics - Initial jobless claims in the US slightly decreased to 217,000, indicating stability in the labor market [11] - Core capital goods orders in June showed a negative month-on-month growth of -0.7%, suggesting a decline in business investment [11] - The US manufacturing PMI fell to 49.5, marking the first drop below the neutral line since December, primarily due to decreases in input procurement and inventory spending [11] - A trade framework was established between the US and Japan, reducing tariffs on Japanese goods to 15% and allowing Japan to invest $55 billion in US core industries [11] Economic Dynamics in Other Regions - The Eurozone's service PMI rose to 51.2, and manufacturing PMI increased to 49.8, indicating signs of recovery [25] - Tensions escalated between Thailand and Cambodia, leading to military conflict, which may impact regional stability [25] Upcoming Key Focus - Key economic data releases include US June retail sales and wholesale inventories, Eurozone Q2 GDP data, and Japan's June industrial output [31]