Core Viewpoint - The majority of committee members of the Bank of Mexico emphasized that due to current trade uncertainties, international financial markets continue to exhibit volatility [1] Summary by Relevant Categories - **Monetary Policy Implications** - The committee's discussions reflect concerns regarding the impact of trade uncertainties on monetary policy decisions [1] - **Market Volatility** - There is a noted persistence of volatility in international financial markets, which is a significant factor for economic stability [1] - **Trade Uncertainties** - Current trade uncertainties are highlighted as a critical issue affecting both domestic and international economic outlooks [1]

张尧浠：基本面动荡不定、金价震荡调整仍有看涨预期 日内将可关注美国至7月5日当周初请失业金人数(万人)，市场预期偏向利好金价，故此今日操作思路亚盘寻高做空，欧盘筑底做多入场，等待美盘再度走 强。 基本面上，特朗普将关税协议延长至8月1日开始再度征收，虽然缓解了市场紧张情绪，但其言论的到期后将不再延长，并发出关税威胁，这增加了全球贸 易不确定性，推高避险情绪，也使得后市仍面临关税带来的经济和通胀担忧，将还会削弱美元，支撑金价。 具体走势上，金价自亚市开于3301.86美元/盎司，短暂走强6美金后，回撤走低，欧盘时段筑底震荡，并先行录得日内低点3282.56美元，之后美盘时段开 始回升反弹，持续走强，延续盘尾录得日内高点3316.65美元，并最终收于3313.44美元，日振幅34.09美元，收涨11.58美元，涨幅0.35%。 影响上，受到美元指数近期止跌回升，以及技术回落的卖盘压力，欧盟表示可能在未来几天在8月1日前与美国达成贸易协议，而先行走低，但美元指数遇 阻表现，基本面的不确定性，令市场感到担忧而限制了金价跌幅； 另外，在支撑买盘，以及特朗普再次呼吁美联储降息，并宣称关税大限推迟至8月1日，是"最终期限， ...

美国总统特朗普签署行政令，将对等关税生效日和谈判截止日期从7月9日延后至8月1日。 此外，他还向14个国家发出首批关税信函，8月1日起将对日本和韩国加征25%关税，对马来西亚、哈萨 克斯坦和突尼斯征收25%的关税，南非则将面临30%的税率，老挝和缅甸将被征收40%的关税。 其他受影响国家还包括印尼（32%）、孟加拉国（35%）、泰国和柬埔寨（36%），波黑（30%）和塞 尔维亚（35%）。 关税谈判截止日期推迟至8月1日 7月9日是此前设定的所谓"对等关税"谈判截止日，而他此举相当于又一次延期。这些国家是特朗普威胁 发出的一系列单边贸易警告中的首批对象。特朗普在信中写道， "我们之间的贸易关系可惜一直远非对等"。 这批信函在特朗普的Truth Social平台上公布，关税数字大体与他之前预告的一致。白宫新闻秘书卡罗琳 ·莱维特（Karoline Leavitt）表示，其余国家将在接下来几天陆续收到。 尽管部分受影响国家与美国的贸易规模有限，例如缅甸（2024年美国从缅甸进口仅约6.56亿美元），但 仍被纳入此次打击。美国偶尔也从哈萨克斯坦进口原油，2024年4月的日均进口量为3.3万桶，为近20年 来最高水平 ...

Group 1 - German factory orders have declined for the first time in four months, with a month-on-month decrease of 1.4% in May, which is weaker than all but one forecast in a Bloomberg survey [1] - Year-on-year, orders still show a growth of 5.3%, indicating that the long-term demand fundamentals have not completely deteriorated [1] - The manufacturing sector in Germany is closely monitoring the progress of trade negotiations between Europe and the U.S., with less than a week remaining before the deadline for an agreement [3] Group 2 - Major companies like Continental and Merck have lowered their earnings expectations due to trade concerns, while others like ZF and Bosch have taken measures such as layoffs and factory closures due to weak demand [3] - Domestic investment goods orders saw a significant month-on-month decline of 12.7%, while overall domestic factory demand decreased by 7.8%, contrasting with a 2.9% increase in foreign orders, reflecting structural differentiation in internal and external demand [3] - The German Ministry of Economic Affairs stated that despite the setback in industrial demand in May, the basic trend still shows an upward trajectory, although order fluctuations may continue due to high trade and geopolitical uncertainties [3]

Group 1 - The international gold price experienced a slight decline due to investors remaining cautious ahead of the U.S. employment data release, with daily fluctuations under $20 [1] - The U.S. dollar regained buying interest, reversing its previous decline caused by concerns over U.S. tariffs and Trump's "big and beautiful plan," which limited the upward potential for gold prices [1] - Market focus is shifting towards the upcoming U.S. ADP private sector employment data and the June non-farm payroll data, which will provide more insights into labor market conditions [3] Group 2 - The current trend for gold remains stable, with limited downside movement, and the market is still leaning towards a bullish outlook despite smaller fluctuations compared to the previous day [5] - A support level is identified around 3325, with a target range set between 3350-3355 for potential upward movement [7]

Group 1 - Gold prices are stabilizing after two days of rebound, hovering below a one-week high, influenced by a slight recovery in the dollar and improved market risk appetite, but limited by expectations of Federal Reserve rate cuts and trade uncertainties [1] - The international gold market shows a bullish sentiment with a long upper shadow in the monthly candlestick, indicating significant selling pressure above, while the market is closely watching for U.S. data and comments from President Trump regarding rate cuts [2] - Short-term resistance for gold is identified in the 3355-3360 range, with potential upward targets of 3375-3380 and 3400, while support is seen at the 3315 level, below which further declines could occur [4] Group 2 - The domestic gold market, including Shanghai gold and other products, has seen a recent increase, with significant profits noted from previous bottom-buying strategies, although a temporary pullback is expected [4] - Support levels for Shanghai gold are around 775, while for other products, it is at 766, with expectations of continued upward movement after the current adjustment phase [4] - The overall bullish trend remains intact, with targets set at 795 for Shanghai gold and 790 for other products, indicating a need for patience among investors [4]

Core Viewpoint - The International Monetary Fund (IMF) projects Switzerland's economic growth rate to be 1.2% in 2026, highlighting significant risks, particularly external ones [1] Economic Outlook - Switzerland's economy is facing major risks, especially from external factors such as geopolitical tensions, fluctuations in energy prices, trade uncertainties, and tariffs [1]

Core Viewpoint - The financial market is experiencing significant volatility in gold prices due to intertwined influences of Federal Reserve monetary policy expectations and geopolitical risks, with a focus on U.S. economic data, particularly employment indicators [1] Group 1: Federal Reserve Policy Expectations - The U.S. dollar index has declined by 10.8% in the first half of 2025, marking the worst performance since 1973, largely due to uncertainties surrounding Trump's trade policies and pressure on the Federal Reserve to lower interest rates [3] - Current market expectations suggest that the U.S. will implement three interest rate cuts in the second half of the year, providing crucial support for non-yielding assets like gold [3] - Technical analysis indicates that international gold prices are stabilizing around $3,300, with a previous resistance at $3,450, while the price remains supported above the 60-day moving average [3] Group 2: Trade Uncertainty and Safe-Haven Demand - The complexity of the global trade environment enhances gold's appeal as a safe-haven asset, with ongoing uncertainties regarding U.S. tariff policies affecting market sentiment [4] - Although recent data shows that the actual impact of tariff policies is less severe than anticipated, limited progress in trade negotiations continues to create a foundation for future monetary easing [4] - The outcome of trade agreements will be critical in shaping market sentiment, as failure to reach agreements could lead to inflationary pressures on the U.S. economy and increased uncertainty regarding the timing of the Federal Reserve's monetary easing [4]

Group 1 - The US stock market indices collectively rose, with the Nasdaq up 0.97%, the Dow Jones up 0.94%, and the S&P 500 up 0.8%, marking near historical closing highs for both the Nasdaq and S&P 500 [1] - Major tech stocks mostly increased, with Netflix, Amazon, and Meta rising over 2%, while Microsoft, Google, and Intel rose over 1%. Nvidia continued to reach new highs, while Apple and Tesla saw slight declines [1] - The Nasdaq Golden Dragon Index, which tracks Chinese stocks, fell by 0.29%, with mixed performances among popular Chinese concept stocks. Xiaomi Group's ADR surged nearly 10% after announcing significant pre-orders for its electric vehicle [1] Group 2 - The US Bureau of Economic Analysis reported a 0.5% annualized decline in real GDP for Q1, reversing a previous growth of 2.4% in Q4 2024, marking the first economic contraction in three years [2] - The decline in GDP was primarily due to a significant 37.9% increase in imports, the fastest growth since 2020, which negatively impacted GDP by nearly 4.7 percentage points, and a 4.6% decrease in government spending, the largest drop since 1986 [2] - Durable goods orders in May saw a preliminary month-on-month increase of 16.4%, the largest since July 2014, driven by a 230% increase in non-defense aircraft orders [2] Group 3 - Federal Reserve Chairman Jerome Powell indicated that lower-than-expected inflation data or a weak job market could lead to earlier interest rate cuts, with market expectations for three rate cuts within the year [2][3] - Richmond Fed President Barkin warned that tariffs could raise inflation in the coming months but suggested that the impact would not be as severe as previously experienced [2][3] - Goldman Sachs cautioned investors to be wary of low-quality stocks in the current bullish market, as their price increases may be driven by short-sellers covering positions rather than strong fundamentals [3][4]

Core Viewpoint - The article highlights the significant impact of a partnership between Cyngn and NVIDIA, which has led to a dramatic surge in Cyngn's stock price, alongside broader market movements influenced by macroeconomic data and investor sentiment [2][6][20]. Group 1: Cyngn and NVIDIA Partnership - Cyngn's stock price soared over 539% after being mentioned in an NVIDIA blog post and announcing collaboration at the Automatica 2025 robotics exhibition [2][6]. - The partnership aims to enhance Cyngn's mission of providing advanced autonomous vehicles that deliver real investment returns for industrial operators [7]. - Cyngn's DriveMod software, integrated into vehicles, focuses on reducing labor costs, increasing output, and enhancing safety in commercial environments [9]. Group 2: Market Movements and Economic Data - Major U.S. stock indices showed strong performance, with the Dow Jones up 0.66%, NASDAQ up 0.56%, and S&P 500 also up 0.56%, nearing historical highs [4]. - The U.S. labor market is showing signs of slowing, with continuing unemployment claims rising to 1.974 million, the highest level since November 2021 [15][16]. - The U.S. economy experienced a contraction in Q1, with actual GDP declining at an annual rate of 0.5%, reversing a previous growth of 2.4% in Q4 2024 [12]. Group 3: Investor Sentiment and Warnings - Goldman Sachs issued a warning about the potential risks in the market, particularly regarding low-quality stocks whose price increases are driven by short-seller cover rather than strong fundamentals [20][21]. - The report emphasizes caution towards unprofitable tech stocks, which may face significant downward pressure as economic growth slows [22][24]. - The upcoming economic outlook is expected to be negative, with high inflation data potentially impacting the most vulnerable sectors of the market [24].