日本贸易谈判代表赤泽亮回应特朗普关税：任务已完成。 ...

Market Overview - Investors are awaiting earnings reports from major tech companies like Google and Tesla, while digesting tariff-related news, leading to declines in semiconductor and AI sectors, which ended the Nasdaq's seven-day rally [2] - General Motors fell over 8% due to performance decline impacted by Trump tariffs in Q2, while Texas Instruments provided a pessimistic Q3 outlook, causing its stock to drop over 11% after hours [2] - The 10-year U.S. Treasury yield fell nearly 3 basis points, and the dollar declined for three consecutive days, dropping nearly 0.5% [2] Key News - Bessent forecasts that tariff revenues could reach $2.8 trillion over the next decade, supporting Powell's continued tenure [3] - Trump announced a trade agreement with the Philippines, imposing a 19% tariff, which is lower than the previously threatened 20% [3] - The U.S. and Indonesia reached a preliminary trade agreement, allowing at least $50 billion in U.S. goods market access and easing restrictions on key mineral exports [3] - Malaysia seeks a 20% tariff but is unwilling to compromise on electric vehicle incentives and foreign ownership limits [3] - Thailand is close to a trade agreement with the U.S., potentially reducing new tariff rates to around 20% [3] Domestic Commodity Market - The domestic commodity market saw a collective surge, with six major products hitting the daily limit, driven by government signals against "involution" and expectations of supply tightening due to coal mine production inspections [12][20] - Coal stocks experienced a surge, with reports confirming the authenticity of a notice regarding coal mine production inspections [20] Company Performance - Medpace's Q2 performance exceeded expectations, with revenue and EBITDA both growing over 10% year-on-year, leading to a nearly 55% stock price increase [14] - SAP's cloud sales fell short of expectations, leading to a 3% drop in stock price post-earnings, attributed to currency fluctuations and tariff uncertainties [13] Industry Developments - OpenAI announced a partnership with Oracle to expand a 4.5GW data center, enhancing its Stargate project capacity [13] - The human-shaped robot industry is entering a competitive phase, with a focus on who can secure orders first to validate commercial value [14] - The TDI market is expected to transition from passive to active inventory replenishment due to supply tightness and seasonal demand [24]

日本首席谈判代表、经济再生大臣赤泽亮正（Ryosei Akazawa）计划会见美国总统特朗普，讨论关税问 题。（NHK） ...

Group 1 - The CEO of Texas Instruments (TXN.O) stated that tariffs and geopolitical factors are disrupting and reshaping global supply chains [1]

Group 1 - The S&P 500 index increased by 0.1%, the Dow Jones rose by 0.38%, while the Philadelphia Semiconductor Index declined by 1.6% [1] - Boeing's stock price remained relatively stable throughout the day [1] Group 2 - The U.S. and Indonesia have reached a trade agreement, with Indonesia agreeing to eliminate 99% of its tariff barriers and supply critical minerals to the U.S. [1] - The U.S. will impose a 19% tariff on Indonesian goods [1] - Indonesia is set to purchase Boeing aircraft, U.S. agricultural products, and energy [1]

智通财经7月23日电，美国总统特朗普宣布，"非常接近"与菲律宾达成协议，菲律宾将被征收19%的关 税。 ...

Core Viewpoint - Nokia has lowered its full-year operating profit forecast due to adverse effects from exchange rate fluctuations and tariffs [1] Financial Performance - The company now expects comparable operating profit for 2025 to be between €1.6 billion and €2.1 billion, down from the previous forecast of €1.9 billion to €2.4 billion [1] - The anticipated negative impact from exchange rate fluctuations, particularly the weakening of the US dollar, is estimated to be around €230 million [1] - Current tariff conditions are expected to reduce the company's full-year operating profit by €50 million to €80 million [1] - Preliminary financial data for the second quarter shows net sales of approximately €4.55 billion and comparable operating profit of €300 million [1]

Core Viewpoint - ASM International highlights that uncertainties remain relatively high due to tariffs, geopolitical tensions, and the overall economic outlook [1] Group 1 - The company is facing challenges from tariffs that could impact its operational costs and pricing strategies [1] - Geopolitical tensions are contributing to an unstable business environment, potentially affecting supply chains and market access [1] - The overall economic outlook remains uncertain, which could influence investment decisions and market demand for the company's products [1]

Group 1 - The IMF warns that the global current account imbalance is set to widen sharply in 2024, reversing the trend of narrowing since the 2008-2009 financial crisis [1][2] - The report criticizes the U.S. administration's high tariffs on trade partners, stating that such trade conflicts could have significant macroeconomic impacts and exacerbate inflationary pressures [1][2] - The report highlights that excessive surpluses or deficits may not be problematic in themselves, but can lead to risks if they become excessive, particularly in the context of long-term domestic imbalances and rising trade tensions [1][3] Group 2 - The IMF's chief economist emphasizes that excessive surpluses or deficits stem from domestic policy distortions, advocating for reforms targeting these domestic drivers rather than relying on tariffs [2] - The report indicates that the rise in tariffs has limited impact on global imbalances, as it simultaneously reduces investment and savings in the taxing country, while tariff uncertainty may weaken consumer and business confidence [2] - The report acknowledges the dollar's continued dominance but warns that geopolitical fragmentation could pose risks to the international monetary system, with recent declines in U.S. Treasury demand reflecting market concerns over the U.S. fiscal trajectory [2]

Financial Data and Key Metrics Changes - Total GPC sales for Q2 2025 were $6.2 billion, an increase of 3.4% compared to the same period last year [5][31] - Gross margin expanded by 110 basis points to 37.7%, driven by strategic pricing and sourcing initiatives [5][32] - Adjusted EPS for the quarter was $2.10, down 14% year-over-year, reflecting lower pension income and higher depreciation and interest expenses [30][31] - Adjusted SG&A as a percentage of sales increased to 28.7%, up 150 basis points year-over-year [33] Business Segment Data and Key Metrics Changes - Global Industrial segment sales were $2.3 billion, a 1% increase year-over-year, with comparable sales essentially flat [11] - Global Automotive segment sales increased by 5%, with EBITDA of $338 million, representing an 8.6% margin, down 110 basis points from the previous year [14][15] - E-commerce sales at Motion accounted for 40% of sales, up over 10% from the start of 2024 [13] Market Data and Key Metrics Changes - Industrial activity metrics like industrial production and PMI were trending positively at the start of the year but fell below 50 during the second quarter [12] - In the U.S., total sales for the automotive segment were up 4%, with comparable sales essentially flat [18] - Canada saw total sales increase approximately 5% in local currency, while Europe experienced flat sales with comparable sales down 1% [23][24] Company Strategy and Development Direction - The company is focused on executing strategic initiatives and cost actions to navigate ongoing market challenges, including tariffs and inflation [6][10] - A global cross-functional command center has been established to manage tariff impacts and support customers [8] - The company aims to enhance operations and drive long-term value through disciplined investments and strategic acquisitions [28] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for market improvement in the second half of 2025, despite ongoing challenges [10] - The impact of tariffs is expected to be more pronounced in the latter half of the year, affecting revenue and customer demand [39][41] - Management highlighted the importance of agility and discipline in operations to adapt to the dynamic environment [48] Other Important Information - The company announced a leadership transition in the North America automotive business, with Randy Bro retiring and Alain Moss promoted to President, North America Automotive [16][17] - The company acquired 32 stores from independent owners in the U.S. during the second quarter, strengthening its market presence [22] Q&A Session Summary Question: What are the fill rates in independent NAPA stores? - Management noted improvements in independent owner inventory positions, with sales out aligning well with company-owned stores [51] Question: How is pricing around tariff increases being managed? - Management confirmed that pricing dynamics are balanced with supplier cost increases, though not resulting in a net benefit to gross margin [52][54] Question: What are the expectations for same SKU inflation in the U.S.? - Management indicated that inflation assumptions are consistent across segments, with a focus on the NAPA business [60][62] Question: How does the company view the cadence of price tailwinds into the second half? - Management expects an acceleration of price impacts in the third quarter, with a leveling off in the fourth quarter [56] Question: What is the outlook for the motion business? - Management expressed confidence in positive trends for the motion business, despite moderated growth expectations [72][75]