Global Market Performance - The global stock market showed mixed results last week, with the US indices displaying divergence; the Nasdaq and S&P 500 rose while the Dow Jones experienced a slight pullback [3] - In Europe, the FTSE 100 and DAX indices increased, whereas the CAC40 index saw a minor decline [3] - The Asia-Pacific region also had mixed results, with the SENSEX30 index in India retreating [3] Economic Indicators - The US Consumer Price Index (CPI) showed a moderate increase, with a month-on-month rise of 0.3% and a year-on-year increase of 2.7%, marking a four-month high [3] - Core CPI rose by 0.23% month-on-month, with a year-on-year increase of 2.9%, slightly below expectations [3] - The impact of tariffs on specific product categories is becoming more pronounced, indicating ongoing inflationary pressures [3] Stablecoin Legislation - On July 17, the US Congress passed three significant bills regarding stablecoin regulation, which were signed into law by President Trump [4] - The GENIUS Act mandates that stablecoin issuers must hold reserves in a 1:1 ratio with US dollars, enhancing the security of funds held by users [4] - The CLARITY Act delineates the regulatory responsibilities between the SEC and CFTC, establishing a framework for digital assets linked to blockchain technology [6] - The Anti-CBDC Surveillance Act prohibits the Federal Reserve from issuing retail central bank digital currency without explicit Congressional authorization, ensuring that the future of digital dollars remains in the private sector [7] Market Implications of Legislation - The passage of these bills is expected to create a new dominance in the digital finance sector, reinforcing the US's position in the global cryptocurrency market [8] - By binding stablecoins closely to the US dollar, the legislation aims to strengthen the dollar's role in the international monetary system [8] - The demand for US Treasury bonds may diversify as stablecoin issuers are likely to purchase them, alleviating selling pressure and potentially lowering government borrowing costs [8] Market Strategy - Following recent highs in the US stock market, caution is advised due to potential volatility stemming from ongoing tariff negotiations and changing interest rate expectations [3] - The report suggests focusing on high-certainty interest rate trades and sectors with strong growth potential, such as nuclear power and semiconductors, as a strategy to navigate increased market fluctuations [3]

德国政府发言人：（关于欧盟与美国的关税谈判）德国总理目前不认为欧盟采取反制措施是合适的。 ...

韩国产业通商资源部部长：与美国的关税谈判形势严峻，将尽一切努力顺利完成关税谈判。 ...

韩国工业部长：承诺将全力以赴推动与美国的关税谈判顺利完成。 ...

韩国工业部长：与美国的关税谈判局势严峻。 ...

Core Viewpoint - Japanese Prime Minister Shigeru Ishiba emphasizes the importance of not abandoning the negotiation foundation established through tariff discussions with the United States [1] Group 1 - The statement reflects Japan's commitment to maintaining a strong negotiation stance in trade relations with the U.S. [1]

Core Viewpoint - Japanese Prime Minister Shigeru Ishiba emphasizes the need to sincerely confront the severe situation facing the country [1] Group 1 - The election votes are still being counted, preventing any comments on future arrangements [1] - The Prime Minister will fully engage in tariff negotiations before the August deadline [1] - There is no intention to transfer power to the opposition [1]

Core Viewpoint - The actions of former President Bolsonaro should not impact tariff negotiations according to Brazilian Vice President Alckmin [1] Group 1 - Brazilian Vice President Alckmin emphasizes the importance of continuing tariff negotiations despite political actions related to former President Bolsonaro [1]

Core Viewpoint - The German economy has turned around from recession and is moving towards recovery, supported by recent tax relief policies and increasing market confidence [1] Economic Recovery - German Chancellor Merz stated that the government’s recent tax cuts are having a positive effect, leading to a significant increase in investor confidence and expectations for economic growth [1] - Economic research institutions have begun to revise upward their growth forecasts for Germany [1] Trade Negotiations - The EU-US tariff negotiations have entered their final stage, with discussions ongoing about whether to implement differentiated policies for specific industries [1] - Merz supports the EU Commission's efforts to reach an agreement, emphasizing that lower tariffs benefit both parties and that high tariffs ultimately harm everyone [1] Fiscal Concerns - Merz highlighted that the US tax and spending policies have placed significant pressure on its budget, potentially leading to serious fiscal deficits [1]

Core Viewpoint - Brazilian President Lula criticized Trump's tariff letter, stating it lacks negotiation logic [1] Group 1 - Lula's comments highlight the ongoing tensions between Brazil and the United States regarding trade policies [1] - The statement reflects Brazil's stance on international trade negotiations and its approach to tariffs [1] - The lack of negotiation logic in Trump's letter suggests potential challenges in future trade discussions between the two countries [1]