Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Fundamentally, zinc ore imports at home and abroad are increasing, zinc ore processing fees are rising, and the sulfuric acid price has increased significantly. This has further repaired smelters' profits, increasing their production enthusiasm. New production capacities are being released, and previously overhauled capacities are resuming production, leading to a faster increase in supply. Currently, import losses are expanding, and the inflow of imported zinc is decreasing. On the demand side, the downstream is in the off - season, and the operating rate of processing enterprises has decreased year - on - year. Recently, zinc prices have fallen, and downstream buyers are purchasing on - demand at low prices, but overall trading remains dull. Domestic social inventories continue to accumulate, and spot premiums are falling. Overseas, LME inventories have decreased significantly, and the strong LME zinc price has driven up domestic zinc prices. Technically, with increasing positions and rising prices, the bullish sentiment is strong. Attention should be paid to the resistance at the 23,000 mark. It is recommended to wait and see for now [3]. 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the main Shanghai zinc futures contract is 22,630 yuan/ton, up 40 yuan; the 09 - 10 contract spread of Shanghai zinc is - 20 yuan/ton, unchanged. The LME three - month zinc quotation is 2,808 US dollars/ton, down 26 US dollars. The total position of Shanghai zinc is 211,490 lots, down 2,088 lots. The net position of the top 20 in Shanghai zinc is 9,902 lots, up 823 lots. Shanghai zinc warehouse receipts are 15,768 tons, up 274 tons. The SHFE inventory is 65,917 tons, up 4,193 tons; the LME inventory is 80,425 tons, down 1,075 tons [3]. 3.2. Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,500 yuan/ton, down 30 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,380 yuan/ton, down 180 yuan. The basis of the main ZN contract is - 130 yuan/ton, down 70 yuan. The LME zinc premium (0 - 3) is - 3.58 US dollars/ton, down 3.35 US dollars. The factory price of 50% zinc concentrate in Kunming is 17,190 yuan/ton, up 40 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,900 yuan/ton, unchanged [3]. 3.3. Upstream Situation - According to WBMS, the monthly zinc supply - demand balance is - 124,700 tons, down 104,100 tons; according to ILZSG, it is - 69,100 tons, up 10,400 tons. The global zinc ore production in the current month is 1.0075 million tons, down 4,300 tons. The domestic refined zinc production in the current month is 628,000 tons, up 45,000 tons. The zinc ore import volume is 455,900 tons, up 124,900 tons [3]. 3.4. Industry Situation - The monthly refined zinc import volume is 35,156.02 tons, down 22,615.39 tons; the monthly refined zinc export volume is 483.88 tons, up 266.83 tons. The weekly zinc social inventory is 91,200 tons, up 3,900 tons [3]. 3.5. Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, down 130,000 tons; the monthly sales volume is 2.34 million tons, down 120,000 tons. The monthly new housing construction area is 303.6432 million square meters, up 71.8071 million square meters; the monthly housing completion area is 225.6661 million square meters, up 41.8147 million square meters. The monthly automobile production is 2.8086 million vehicles, up 166,600 vehicles; the monthly air - conditioner production is 19.6788 million units, up 3.4764 million units [3]. 3.6. Option Market - The implied volatility of at - the - money call options for zinc is 14.3%, up 0.61%; the implied volatility of at - the - money put options for zinc is 14.3%, up 0.61%. The 20 - day historical volatility of at - the - money zinc options is 7.69%, up 0.01%; the 60 - day historical volatility is 13.21%, down 0.06% [3]. 3.7. Industry News - Trump's team is expanding the scope of candidates for the Fed Chair. The White House is expected to announce the candidate this fall. In July, China's automobile production and sales were 2.591 million and 2.593 million vehicles respectively, with year - on - year increases of 13.3% and 14.7%. Among them, new energy vehicle production and sales were 1.243 million and 1.262 million vehicles respectively, with year - on - year increases of 26.3% and 27.4%. New energy vehicle exports were 225,000 vehicles, a year - on - year increase of 1.2 times [3].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The report suggests going long with a light position, with a reference range of 267,000 - 275,000 yuan/ton. The macro - situation shows that in July, China's automobile production and sales increased year - on - year, and new energy vehicle production, sales, and exports also had significant growth. Fundamentally, although Myanmar's Wa State has restarted mining license approvals, actual ore output will not occur until the fourth quarter; the Congo's Bisie mine plans to resume production in stages, and tin ore processing fees remain at historically low levels. On the smelting side, production in July increased due to multiple factors, but raw material shortages in Yunnan are still severe, and the scrap recycling system in Jiangxi is under pressure. On the demand side, after the end of the photovoltaic industry's rush to install, the operating rate of some producers decreased; the electronics industry entered the off - season, and the US plans to impose tariffs on semiconductors. High prices have suppressed downstream enterprises' willingness to replenish inventory, and holders are reluctant to sell. The spot premium remains at 400 yuan/ton, and domestic inventory is stable. Technically, increasing positions and rising prices indicate a warming bullish atmosphere, and attention should be paid to the M10 support level [3] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai Tin is 270,200 yuan/ton, up 1,820 yuan; the closing price of the September - October contract of Shanghai Tin is - 200 yuan/ton, up 30 yuan. The LME 3 - month tin price is 33,715 US dollars/ton, up 110 US dollars. The main contract's open interest of Shanghai Tin is 26,525 lots, up 2,247 lots. The net position of the top 20 futures of Shanghai Tin is - 129 lots, down 117 lots. The total LME tin inventory is 1,750 tons, up 40 tons. The Shanghai Futures Exchange's tin inventory is 7,805 tons, up 134 tons. The LME tin cancelled warrants are 260 tons, down 60 tons. The Shanghai Futures Exchange's tin warehouse receipts are 7,397 tons, up 71 tons [3] 现货市场 - The SMM 1 tin spot price is 270,600 yuan/ton, up 2,600 yuan. The Yangtze River Non - ferrous Market 1 tin spot price is 270,820 yuan/ton, up 2,960 yuan. The basis of the Shanghai Tin main contract is 400 yuan/ton, up 780 yuan. The LME tin premium (0 - 3) is - 47.99 US dollars/ton, up 22.01 US dollars [3] Upstream Situation - The import volume of tin ore and concentrates is 12,100 tons, down 2,900 tons. The average price of 40% tin concentrate is 256,000 - 260,000 yuan/ton, up 3,400 yuan. The average processing fee of 40% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3] Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons. The monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] Downstream Situation - The price of 60A solder bars in Gejiu is 175,800 yuan/ton, up 2,010 yuan. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, up 144,500 tons. The monthly export volume of tin - plated sheets is 140,700 tons, down 33,900 tons [3] Industry News - The Trump team is expanding the scope of candidates for the Fed Chair, and the White House is expected to announce the candidate this fall. In July, China's automobile production and sales were 2.591 million and 2.593 million vehicles respectively, with year - on - year increases of 13.3% and 14.7%. New energy vehicle production and sales were 1.243 million and 1.262 million vehicles respectively, with year - on - year increases of 26.3% and 27.4%, and exports were 225,000 vehicles, a 1.2 - fold year - on - year increase [3]

免责声明 沪镍产业日报 2025-08-12 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 带动整体精炼镍产量小幅增加。需求端，不锈钢厂利润改善，钢厂进行提产；新能源汽车产销继续爬升， 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 但三元电池需求有限。近期镍价上涨采需减弱，现货升水持稳，国内库存上升；海外LME库存录得增长。 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 技术面，多空存在分歧，预计区间宽幅震荡。操作上，建议暂时观望，或区间操作，参考12.0-12.5。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | ...

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The Shanghai copper main contract shows a volatile trend, with decreasing positions, spot premium, and strengthening basis. Fundamentally, on the mining side, the copper concentrate TC fee has improved but remains in the negative range, and the domestic port inventory has slightly increased. The tight supply of copper ore still provides cost support for copper prices. On the supply side, due to the increase in newly commissioned production capacity and the high price of by - product sulfuric acid making up for smelting losses, smelters are currently producing actively. However, considering the supply of copper concentrates, the production growth rate may gradually slow down. On the demand side, the impact of the consumption off - season is expected to continue, and the large - scale taxation of copper products by the US will suppress export demand. Therefore, downstream consumption demand may slow down, and the total inventory will remain at a medium - low level. Overall, the fundamentals of Shanghai copper may be in a situation where the supply growth rate gradually slows down and the demand is slightly weak due to seasonal changes and trade tariffs. In the options market, the call - put ratio of at - the - money options is 1.24, with a month - on - month increase of 0.0605, indicating a bullish sentiment in the options market, and the implied volatility has slightly decreased. Technically, for the 60 - minute MACD, the double lines are above the 0 - axis, and green bars have just appeared. The operation suggestion is to conduct short - term long trading at low prices with a light position, and pay attention to controlling the rhythm and trading risks [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 79,020 yuan/ton, unchanged; the LME 3 - month copper price is 9,779 dollars/ton, up 47.50 dollars [2]. - The spread between the main contract and the next - month contract is - 60 yuan/ton, down 30 yuan; the position of the main contract of Shanghai copper is 156,044 hands, down 4,840 hands [2]. - The position of the top 20 futures holders of Shanghai copper is 4,902 hands, up 5,608 hands; the LME copper inventory is 155,700 tons, down 150 tons [2]. - The inventory of cathode copper in the Shanghai Futures Exchange is 81,933 tons (weekly), up 9,390 tons; the LME copper cancelled warrants are 11,975 tons, up 900 tons [2]. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange are 26,296 tons, down 2,856 tons [2]. 3.2现货市场 - The price of SMM 1 copper spot is 79,150 yuan/ton, up 620 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market is 79,095 yuan/ton, up 10 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper is 55 dollars/ton, unchanged; the average premium of Yangshan copper is 43.50 dollars/ton, up 3.50 dollars [2]. - The basis of the CU main contract is 130 yuan/ton, up 620 yuan; the LME copper premium (0 - 3) is - 83.25 dollars/ton, down 13.70 dollars [2]. - The import volume of copper ore and concentrates is 234.97 million tons (monthly), down 4.58 million tons; the rough smelting fee (TC) of domestic copper smelters is - 38.06 dollars/kiloton (weekly), up 4.03 dollars [2]. 3.3 Upstream Situation - The price of copper concentrates in Jiangxi is 68,850 yuan/metal ton, up 40 yuan; the price of copper concentrates in Yunnan is 69,550 yuan/metal ton, up 40 yuan [2]. - The processing fee for crude copper in the south is 900 yuan/ton (weekly), unchanged; the processing fee for crude copper in the north is 750 yuan/ton (weekly), unchanged [2]. - The output of refined copper is 130.20 million tons (monthly), up 4.80 million tons; the import volume of unwrought copper and copper products is 480,000 tons (monthly), up 20,000 tons [2]. 3.4产业情况 - The social inventory of copper is 41.82 million tons (weekly), up 0.43 million tons; the price of 1 bright copper wire scrap in Shanghai is 0 yuan/ton, down 54,990 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 640 yuan/ton, unchanged; the price of 2 copper scrap (94 - 96%) in Shanghai is 67,900 yuan/ton, up 400 yuan [2]. 3.5下游及应用 - The output of copper products is 221.45 million tons (monthly), up 11.85 million tons; the cumulative value of investment in power grid infrastructure construction is 2,911 billion yuan (monthly), up 871.14 billion yuan [2]. - The cumulative value of real estate development investment is 46,657.56 billion yuan (monthly), up 10,423.72 billion yuan; the monthly output of integrated circuits is 4,505,785,400 pieces, up 270,785,400 pieces [2]. 3.6期权情况 - The 20 - day historical volatility of Shanghai copper is 9.23%, down 0.14%; the 40 - day historical volatility of Shanghai copper is 9.70%, unchanged [2]. - The implied volatility of at - the - money options in the current month is 9.35%, down 0.0049%; the call - put ratio of at - the - money options is 1.24, up 0.0605 [2]. 3.7行业消息 - The Trump team is expanding the scope of candidates for the Fed Chair. The White House is expected to announce the Fed Chair candidate this fall [2]. - Goldman Sachs: As of June, US companies bear 64% of the tariff costs, consumers bear 22%, and foreign exporters bear 14%. By October, consumers are expected to bear 67% of the costs, and the proportion borne by companies will drop to less than 10% [2]. - In July, China's automobile production and sales reached 2.591 million and 2.593 million respectively, with year - on - year increases of 13.3% and 14.7%. The production and sales of new energy vehicles reached 1.243 million and 1.262 million respectively, with year - on - year increases of 26.3% and 27.4%. The export of new energy vehicles was 225,000, a year - on - year increase of 1.2 times [2]. - China opposes the politicization, instrumentalization, and weaponization of science, technology, and economic and trade issues, and opposes malicious blockades and suppressions against China. It hopes that the US will work with China to achieve positive results on the basis of equality, respect, and reciprocity [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The alumina market is expected to see a slight increase in both supply and demand, with cost support and improved supply expectations due to policy influence. It is recommended to trade with a light position in a volatile manner [2]. - The electrolytic aluminum market may face a situation of slightly increasing supply and weakening demand, with accumulating industrial inventory. Option market sentiment is bullish, and it is advised to trade with a light position in a volatile way [2]. - The cast aluminum market is likely in a stage of slightly shrinking supply and weak demand during the off - season, with accumulating industrial inventory. Light - position volatile trading is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Spreads**: The closing price of the Shanghai Aluminum main contract is 20,735 yuan/ton, up 35 yuan; the alumina futures main contract is 3,308 yuan/ton, up 126 yuan. The main - to - second - consecutive contract spread for Shanghai Aluminum is 50 yuan/ton, up 20 yuan; for alumina, it is - 41 yuan/ton, down 22 yuan [2]. - **Inventory and Positions**: Shanghai Aluminum main contract positions decreased by 4,524 hands to 210,986 hands; alumina main contract positions decreased by 18,724 hands to 96,168 hands. LME aluminum inventory increased by 5,275 tons to 475,850 tons; alumina total inventory increased by 38,284 tons to 85,472 tons [2]. 3.2 Spot Market - **Prices**: The Shanghai Non - ferrous A00 aluminum price is 20,630 yuan/ton, down 20 yuan; the alumina spot price in Shanghai Non - ferrous is 3,220 yuan/ton, unchanged [2]. - **Basis**: The basis of cast aluminum alloy decreased by 600 yuan to 110 yuan/ton; the basis of electrolytic aluminum decreased by 55 yuan to - 105 yuan/ton [2]. 3.3 Upstream Situation - **Supply and Demand**: Alumina production increased by 26.13 tons to 774.93 tons, and demand decreased by 23.83 tons to 696.19 tons. The supply - demand balance increased by 52.40 tons to 27.14 tons [2]. - **Trade**: Alumina imports increased by 3.38 tons to 10.13 tons, and exports decreased by 4 tons to 17 tons [2]. 3.4 Industry Situation - **Production and Capacity**: Electrolytic aluminum total capacity increased by 2.5 tons to 4,523.2 tons, and the开工 rate increased by 0.10% to 97.78%. Aluminum product production increased by 11.17 tons to 587.37 tons [2]. - **Trade**: Unwrought aluminum and aluminum product exports increased by 5.2 tons to 54.2 tons; aluminum alloy exports increased by 0.16 tons to 2.58 tons [2]. 3.5 Downstream and Application - **Production**: Automobile production increased by 16.66 million to 280.86 million; aluminum alloy production increased by 2.4 tons to 166.9 tons [2]. - **Index**: The National Real Estate Prosperity Index decreased by 0.11 to 93.60 [2]. 3.6 Option Situation - **Volatility**: The 20 - day historical volatility of Shanghai Aluminum increased by 0.01% to 7.79%; the 40 - day historical volatility decreased by 0.01% to 8.68% [2]. - **Ratio**: The purchase - to - put ratio of Shanghai Aluminum options increased by 0.0403 to 1.19 [2]. 3.7 Industry News - Trump's team is expanding the scope of candidates for the Fed Chair, and the White House may announce the candidate this fall [2]. - Goldman Sachs predicts that by October, consumers will bear 67% of the tariff cost, and enterprises' share will drop to less than 10% [2]. - In July, China's automobile production and sales increased year - on - year, with new energy vehicle production and sales up 26.3% and 27.4% respectively, and new energy vehicle exports up 1.2 times [2]. - China opposes the politicization, instrumentalization, and weaponization of science, technology, and economic and trade issues [2].

Group 1: US Stock Market Performance - The US stock market faced pressure with all three major indices closing down: Dow Jones down 0.45%, Nasdaq down 0.30%, and S&P 500 down 0.25% [1] - In the tech sector, Nvidia fell by 0.3%, AMD by 0.28%, and Apple by 0.95%, while Tesla saw an increase of 2.85% after applying for a household electricity supply license in the UK [1] - Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index down 0.29%. Alibaba, Pinduoduo, and Baidu all fell over 1%, while Tencent Music rose over 2%, XPeng Motors increased over 5%, and Bilibili rose over 1% [1] Group 2: Gold Market Reaction - President Trump stated that gold would not be subject to tariffs, but this did not lead to significant short-term fluctuations in gold prices, with spot gold maintaining a 1.58% decline [2][3] - Following an unexpected ruling by the US Customs and Border Protection (CBP) that gold imports would incur tariffs, gold futures surged to a historical high, causing disruptions in gold transportation [4] - Analysts noted that if the CBP's decision remains, it could have profound implications for the global gold market and the smooth operation of US futures contracts, distinguishing gold from other commodities affected by tariffs [4] Group 3: Federal Reserve Chair Candidates - The list of candidates for the Federal Reserve Chair has expanded to eight, including current Vice Chairs Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan [5] - The selection process is being led by Treasury Secretary Scott Bessent, who will interview more candidates in the coming weeks [5] - Other candidates still under consideration include Kevin Hassett, Christopher Waller, Marc Sumerlin, Kevin Warsh, and James Bullard [5]

当地时间周一，美股市场表现承压，三大股指收盘均告下跌。其中，道指下跌 0.45% ，纳指下跌 0.30% ，标普 500 指数下跌 0.25% 。 科技股方面，英伟达下跌 0.3% ， AMD 下跌 0.28% ，苹果股价下跌 0.95% ；而特斯拉则逆势 上涨 2.85% ，该公司已向英国能源监管机构提交家庭用电供应许可证申请。 热门中概股收盘呈现涨跌分化态势，纳斯达克中国金龙指数下跌 0.29% 。 具体来看，阿里巴巴、拼多多、百度跌幅均超 1% ，京东下跌近 1% ；与之相对，腾讯音乐上涨 超 2% ，小鹏汽车涨幅超 5% ，哔哩哔哩上涨超 1% ，贝壳上涨 1% 。 01 黄金不会被加征关税 北京时间8月12日凌晨1:30，美国总统特朗普在社交媒体上发文明确表示： " 黄金不会被征收关 税！ " 不过，特朗普的表态并未引发金价显著短线波动。发文后，现货黄金仍维持 1.58% 的跌幅，在日 低 3341.40 美元附近持稳； COMEX 黄金期货则维持 2.55% 的跌幅，持稳于日低 3402 美元附 近。 此后，现货黄金跌幅有所收窄，从 3341 美元附近回升至 3354.61 美元，日内整体仍下跌 ...

Core Viewpoint - The Trump team is expanding the list of candidates for the Federal Reserve Chair, including current Fed Governor Bowman and Vice Chair Jefferson, with an announcement expected this fall [1] Group 1 - The Trump administration is actively considering new candidates for the Federal Reserve Chair position [1] - Current Federal Reserve Governor Bowman and Vice Chair Jefferson are now included in the candidate pool [1] - An official announcement regarding the new Federal Reserve Chair is anticipated in the fall of this year [1]

Group 1 - The potential candidates for the next Federal Reserve Chair include James Bullard and Mark Sullivan, expanding the list to about 10 candidates [1][2][4] - Morgan Stanley economists predict that the Federal Reserve will cut interest rates by 25 basis points in September, followed by three additional cuts, bringing the benchmark rate to between 3.25% and 3.5% [5][6] - The appointment of Stephen Milan as a Federal Reserve Board member is expected to influence the Fed's future monetary policy, with a more dovish stance anticipated [5][6] Group 2 - The current Federal Reserve Chair, Jerome Powell, is under pressure from President Trump to lower interest rates, with several candidates expressing support for rate cuts [3][5] - The upcoming employment data in August will be crucial in determining the extent of potential rate cuts, with a 4.4% unemployment rate possibly leading to larger cuts [5] - The yield curve for U.S. Treasury bonds may steepen if Trump's key appointments succeed, reflecting market reactions to the Fed's policy direction [6]

Stock Market Performance - All three major indices in the US closed higher this week, with the Dow Jones up 1.35%, S&P 500 up 2.43%, and Nasdaq up 3.87% [1] - On Friday, the Dow rose by 206.97 points (0.47%) to close at 44,175.61 points, Nasdaq increased by 207.32 points (0.98%) to 21,450.02 points, and S&P 500 gained 49.45 points (0.78%) to 6,389.45 points [1] - Nasdaq reached an intraday all-time high of 21,464.53 points during Friday's trading [1] Individual Stock Movements - Apple (AAPL.US) surged over 4% on Friday and accumulated a 13% increase for the week, marking its best weekly performance since July 2020 [1] - Tesla (TSLA.US) rose by 2.29%, while Google (GOOG.US) increased by 2.44% [1] - Freddie Mac (FMCC.US) saw a significant rise of over 20% [1] European Stock Market - The German DAX30 index fell by 38.84 points (0.16%) to 24,151.86 points, while the UK FTSE 100 index decreased by 13.02 points (0.14%) to 9,087.75 points [2] - The French CAC40 index rose by 33.68 points (0.44%) to 7,743.00 points, and the Spanish IBEX35 index increased by 145.70 points (0.99%) to 14,823.20 points [2] Asian Stock Market - The Nikkei 225 index in Japan rose over 1.8%, while the KOSPI index in South Korea fell by 0.55% [3] Commodity Prices - Light crude oil futures for September settled at $63.88 per barrel, unchanged from the previous day, while October Brent crude oil futures rose by 16 cents to $66.59 per barrel, a 0.24% increase [3] - Gold futures in New York rose by 0.13% to $3,458.2, reaching an intraday high of $3,534.1 [4] Cryptocurrency Market - Bitcoin decreased by 0.54% to $116,889.9, while Ethereum increased by over 3% to $4,044.24 [5] Employment Data in Canada - Canada saw a reduction of 40,800 jobs in July, with the employment rate dropping to 60.7%, the lowest level since the pandemic began [9] - The youth unemployment rate for those aged 15 to 24 rose to 14.6%, the highest level since September 2010, excluding the pandemic years [9] Company News - Tesla (TSLA.US) received approval for a rideshare license in Texas, paving the way for its autonomous taxi service [10] - The US government is preparing to list Freddie Mac and Fannie Mae (FMCC.US) later this year, potentially raising around $30 billion [11] - The automotive industry, particularly companies like Ford (F.US) and General Motors (GM.US), is facing significant losses due to tariffs, with projected losses of $7 billion in profits by 2025 [12]