Core Viewpoint - Iran's parliament economic committee has approved a currency reform plan, which will change the value of the rial, with 1 rial equating to 10,000 rials under the new system, aimed at addressing severe inflation in the country [1] Summary by Relevant Sections Currency Reform - The approved reform maintains the currency name as "rial" despite previous proposals to change it to "toman" [1] - The reform plan requires approval from the parliament and the Guardian Council, with the timing of the parliamentary vote still unclear [1] Economic Context - The currency reform is a response to Iran's severe inflation and economic challenges exacerbated by multiple rounds of sanctions from the US and Western countries since 2018 [1] - Following the US's unilateral withdrawal from the nuclear deal, Iran's economy has faced significant setbacks, including currency devaluation and high inflation rates [1] - The economic situation led to the impeachment of the Minister of Economic Affairs due to the high inflation and currency depreciation issues [1]

Group 1 - The Yemeni currency has depreciated significantly, with the exchange rate falling below 2900 riyals per 1 USD, marking a historical low and highlighting the ongoing economic deterioration in Yemen [1][3] - The sharp decline in the exchange rate has led to soaring prices, severely diminishing the purchasing power of the Yemeni people, making daily life increasingly difficult [1][3] - Oil exports, a critical component of Yemen's economy, have been completely halted due to attacks on oil facilities, resulting in a drastic reduction in foreign exchange income and a significant rise in prices of essential goods [3][6] Group 2 - The lack of effective government intervention to stabilize the currency is exacerbating the situation, with warnings that continued depreciation will further increase food prices and negatively impact the lives of citizens [4][6] - The economic crisis has pushed the population to the brink of collapse, threatening their basic survival as national income plummets and resources become scarce [6][7] - The disparity between wages and the cost of living is stark, with a typical government employee earning around 50,000 riyals while basic necessities like rice cost 60,000 riyals, leaving citizens with limited options [7]

Group 1 - The recent surge in discussions about the real estate market is not due to sales performance but rather the topics being widely discussed, with some claiming prices could increase fivefold [2] - Despite various favorable policies and a significant issuance of long-term special bonds, data from January to May fell short of expectations, with only land transfer fees increasing while all other metrics declined [4] - Goldman Sachs predicts a continued decline in overall prices by 25% and a 40% drop in sales in the coming years, leading to a resurgence of optimistic narratives about the real estate market [4] Group 2 - The Chinese real estate market has historically been influenced by policies, but recent failures in these policies suggest that significant price increases are unlikely [6] - The future trend of the real estate market will depend on the balance between supply and demand, with a focus on increasing monetary flow to stimulate demand [8] - While there is a possibility of monetary intervention to stabilize the market, it is unlikely to lead to substantial price increases, as such measures may result in greater long-term crises [8]

Market Performance - On July 7, the Istanbul Stock Exchange National 100 Index fell by 1.64%, closing at 10,107.68 points [1] - The Istanbul Stock Exchange Banking Index also declined by 1.64%, ending at 15,561.20 points [1] - The Turkish Lira depreciated by 0.30% against the US Dollar, approaching the psychological threshold of 40 Lira [1] Political and Legal Developments - On July 5, mayors from the cities of Adana, Adıyaman, and Antalya were detained by police on charges of organized crime, bribery, and collusion in bidding [1] - The Turkish stock index experienced a significant drop from 10,802.23 points to 8,872.75 points between March 18-24 due to actions taken by President Erdoğan against opposition [1]

Group 1 - The core viewpoint is that cash is not the fastest depreciating asset in China; instead, it is expected to be real estate, fuel vehicles, university degrees, and electronic products [1][2][4][6][8][10] - The average national housing price has decreased by over 30% from its peak, with ongoing declines expected, particularly in major cities like Shanghai and Shenzhen [4] - The automotive industry is experiencing a significant depreciation in fuel vehicles, with reports of a nearly 10 million yuan drop in value within a year for certain models [6] Group 2 - The value of university degrees is declining, with many graduates struggling to find jobs, leading to a situation where practical experience is prioritized over academic qualifications [8] - Electronic products are depreciating rapidly due to the frequent introduction of new models and reduced consumer spending, resulting in a decline in market demand [10]

Core Viewpoint - Mitsubishi UFJ suggests that Vietnam is inclined to devalue the Vietnamese dong to support economic growth [1] Group 1 - The Vietnamese government is considering currency devaluation as a strategy to bolster economic performance [1] - The potential devaluation of the Vietnamese dong may impact trade balances and foreign investment [1] - The move is seen as a response to global economic pressures and domestic economic challenges [1]

Group 1 - There is a significant divergence in economic outlook between Western and Eastern investors, influenced by factors such as Trump's tariff policy, geopolitical risks, and currency devaluation threats [1][3] - American retail investors are experiencing a wave of profit-taking, shifting from aggressive gold purchases to large-scale selling, reflecting a stark contrast in sentiment compared to Asian investors [3][5] - In Asia, there is a surge in demand for gold, with the World Gold Council reporting a 3% increase in demand for gold bars and coins in the Asia-Pacific region in Q1 2025, particularly driven by a 12% increase in China and over 30% growth in countries like South Korea, Singapore, Malaysia, and Indonesia [5][6] Group 2 - Concerns over the impact of Trump's tariffs initially triggered a strong rebound in gold demand in Asia, with local currency devaluation fears further driving gold purchases [6] - Goldman Sachs maintains a target price of $4,000 for gold next year, while Morgan Stanley predicts gold will reach $3,800 by the end of this year; in contrast, Citigroup forecasts a drop below $3,000 next year [8] - The sentiment among American retail investors has shifted, as they now perceive that tariff policies may not be as detrimental as previously thought, leading to a reduction in gold holdings and a preference for risk assets [8]

Core Insights - The weakening of the US dollar has diminished the attractiveness of holding cash, as indicated by a survey conducted by French foreign trade bank investment management [1] Group 1: Survey Findings - 41% of respondents believe that currency depreciation is the primary risk associated with holding cash [1] - 38% of participants think that better returns can be found elsewhere, making cash less appealing [1] - Concerns about inflation are significant, with 35% of respondents stating that cash interest rates are insufficient to meet long-term goals [1]

金十数据6月23日讯，盛宝银行首席投资策略师查鲁•查纳纳表示，高度依赖石油进口的国家——包括印 度、泰国、菲律宾和欧洲大部分国家面临多重阻力。她说，这些因素包括能源成本上升、货币贬值和资 本外流。如果能源价格居高不下，这些国家对经济增长的担忧可能会更加明显。从经济角度来看，美国 可能相对不太会受到油价上涨的影响。不过，她说，作为能源净出口国，美国也无法不受更广泛市场波 动的影响。 盛宝银行：高度依赖石油进口的国家将面临多重阻力 ...

Core Viewpoint - The Governor of the Central Bank of the Philippines stated that aggressive intervention in the foreign exchange market to maintain the exchange rate is futile, and interventions will only occur for normal liquidity reasons [1] Group 1 - The Central Bank of the Philippines emphasizes that it will not engage in heavy intervention to stabilize the currency [1] - The Governor indicated that if the currency continues to depreciate, more serious interventions may be necessary at some point [1]