Group 1 - The European Union has approved a measure to impose retaliatory tariffs on U.S. products totaling €93 billion, following a period of trade negotiations that seemed to be progressing [1][5] - The retaliatory tariffs will target high-value industrial products such as aircraft, automobiles, wine, and electrical equipment, with the first round of tariffs already implemented earlier this year on items like soybeans and motorcycles [5] - The EU's decision comes amid a backdrop of positive economic data, with the Eurozone's July Composite Purchasing Managers' Index (PMI) rising from 50.6 in June to 51, indicating economic resilience [4] Group 2 - Following the announcement of the retaliatory tariffs, European stock markets experienced a sharp decline, reversing earlier gains that were attributed to positive economic indicators [2][3] - Analysts expect the European Central Bank to maintain its current policy stance, although there may be one or two interest rate cuts in the next six months due to the ongoing trade tensions impacting export performance and inflation [4]

Core Points - The US-Japan trade agreement includes Japan's commitment to invest $550 billion in the US and a $8 billion purchase plan for US agricultural products [1][2] - The agreement establishes a unified 15% tariff on Japanese goods, including automobiles, which is lower than the previously threatened 25% tariff [2][4] Investment Commitment - Japan will create a $550 billion investment fund aimed at revitalizing and expanding core US industries, expected to generate hundreds of thousands of jobs [3] - The fund will focus on strategic sectors such as energy infrastructure, semiconductor manufacturing, critical mineral processing, pharmaceuticals, and defense shipbuilding [3] Tariff Framework - A unified 15% tariff will be applied to Japanese imports, including a 12.5% additional tariff on automobiles and a 2.5% basic tariff [4] - The current 50% tariffs on steel and aluminum will remain unchanged [4] Agricultural and Energy Developments - Japan will increase its US rice import quota by 75%, raising the total to approximately 600,000 tons [5][7] - Japan has committed to purchasing $8 billion worth of US agricultural products, including corn, soybeans, fertilizers, and sustainable aviation fuel [5][7] - The agreement also includes significant expansions in US energy exports to Japan, particularly in liquefied natural gas [7] Aerospace and Defense Cooperation - Japan will purchase 100 Boeing aircraft and additional defense equipment to enhance security cooperation in the Indo-Pacific region [7][8] - The agreement allows US automobiles to enter the Japanese market without long-standing restrictions, with US automotive standards being recognized in Japan [8]

英印贸易协议将给英国经济带来60亿英镑的投资 金十数据7月24日讯，就外媒报道，英国与印度周四签署了一项具有历史意义的贸易协议。这项贸易协 议将为英国经济带来价值达60亿英镑的投资，预计将为英国直接创造逾2000个新岗位。这项贸易协议将 把多种英国商品的平均关税从15%降至3%，有望极大促进英国对印110亿英镑商品出口。英国政府还表 示，双方将加强在反腐败、反欺诈、打击有组织犯罪及非法移民方面的合作，包括共享犯罪记录和其他 情报。该协议还将在英国金融服务领域带来一些利好。 ...

Core Insights - Gold prices faced rejection at the critical level of $3440, leading to a pullback [1] - The market sentiment is influenced by optimism surrounding US trade agreements and strong earnings from US tech companies [2][3] - The upcoming PMI data from the US and EU is expected to impact market expectations regarding monetary policy adjustments by the Fed and ECB [4][5] Group 1: Market Sentiment and Influences - The dollar is weakening due to positive market sentiment from US trade agreements and strong earnings reports, particularly from Alphabet [2][3] - Investors are optimistic about trade agreements between the US and Japan, Indonesia, and the Philippines, as well as potential agreements with the EU [3] - The market is closely monitoring the ongoing disputes between President Trump and Fed Chairman Jerome Powell [6] Group 2: Technical Analysis of Gold Prices - After being rejected near the $3440 resistance, gold prices are testing the 23.6% Fibonacci retracement level at $3377 [10] - For a sustained upward trend, gold needs to break above the $3440 resistance, targeting the June 16 high of $3453 [11] - If sellers maintain pressure, gold could fall below the support level at $3377, with further support around $3340 [12]

Group 1 - Global stock markets continue to rise, driven by the optimism surrounding the US-Japan trade agreement, which has renewed investor confidence in potential trade deals with more countries [1] - Asian stock markets rose by 1%, supporting global stock indices to reach new highs, with Japan's Topix index hitting a record closing high [1][3] - The US is reportedly close to reaching an agreement with the EU to impose a 15% tariff on most products, which has positively impacted European stock indices [1] Group 2 - The Nikkei 225 index increased by 1.6%, while the Topix index rose by 1.7%, and the South Korean Composite Index gained 0.2% [3] - The Thai SET index saw its losses widen to 1% amid geopolitical tensions [3] Group 3 - The US dollar index rose slightly by 0.1%, while the Japanese yen strengthened by over 0.1% [4][13] - The Thai baht fell by over 0.4%, retreating from its high since 2022 [4] Group 4 - US Treasury yields rose across the board, with the benchmark 10-year Treasury yield increasing by approximately 1 basis point [5] - Japanese 40-year government bond yields fell by 5.5 basis points to 3.4% [6] Group 5 - Crude oil prices increased by over 1%, with US oil surpassing $66 and Brent oil exceeding $69.40 [7][18] - Spot gold prices fell by over 0.3%, while silver dropped by approximately 0.4% [6]

基本面： 技术面： 周四（7月24日）亚盘时段，现货黄金受制隔夜回吐空间内承压震荡，目前暂交投于3390美元附近。周三（7月23日），黄金市场经历了一场"过山车"行情。 金价在亚市早盘一度冲高至五周高点3438美元/盎司，但随后快速回落，单日跌幅超过1%，最终收于3386.99美元/盎司，较日内高点下跌逾50美元。这一剧 烈波动背后，是美欧关税协议进展、风险资产回暖以及美联储政策不确定性等多重因素的共振。 衡量美元兑日元和欧元等一篮子货币的美元指数下跌0.14%至97.33，有望连续四个交易日下跌。标普500 指数上涨 0.78%，收于 6358.91 点。纳斯达克指数 上涨 0.61%，报 21020.02 点；道琼斯工业指数上涨 1.14%，报45010.29 点，略低于去年12 月4 日创下的最高收盘纪录。美股标普500指数和纳斯达克指数周 三创下收盘新高，受英伟达和GE Vernova上涨带动。与此同时，欧盟与美国似乎正在接近达成一项贸易协议，类似于总统特朗普此前与日本达成的协议。据 两位外交官透露，白宫与欧盟的协议将对进口至美国的欧盟商品普遍征收15%关税可能包括汽车在内。这项税率将仿照美国与日本达 ...

日本经济再生大臣赤泽亮正：日本和美国在贸易协议上没有理解上的分歧。 ...

日本经济再生大臣赤泽亮正：我们已经与美国建立了相互理解、相互信任的关系，以推进贸易协议。 ...

Core Viewpoint - The gold market experienced significant volatility due to multiple factors including progress in US-EU tariff agreements, a rebound in risk assets, and uncertainty surrounding Federal Reserve policies [1][3][4]. Group 1: Trade Agreements Impact - The decline in gold prices is attributed to market expectations of easing trade tensions, highlighted by a trade agreement between the US and Japan, which reduced auto tariffs from 27.5% to 15% and included a commitment from Japan to invest $550 billion in the US [3]. - The EU is also nearing a similar agreement with the US, potentially setting the baseline tariff for EU goods at 15%, alleviating fears of a 30% tariff increase on August 1 [3]. Group 2: Market Sentiment and Risk Assets - Optimism surrounding trade agreements has led to a rally in risk assets, with major US stock indices reaching new closing highs and significant gains in European automotive stocks [4]. - As a result, funds have shifted from safe-haven assets like gold to riskier investments, putting downward pressure on gold prices [4]. Group 3: Federal Reserve Policy Uncertainty - There is growing concern regarding the independence of the Federal Reserve, with President Trump publicly criticizing Chairman Powell for maintaining high interest rates, which could influence future monetary policy [4][5]. - Current market expectations for a rate cut in September stand at 58%, indicating a divided outlook on future Fed actions [5]. Group 4: Technical Analysis and Market Outlook - Technically, gold prices are struggling to maintain levels above $3400, with potential declines to the $3350-$3330 range if the price falls below the July 16 high of $3377.17 [6]. - Analysts suggest that the recent pullback in gold prices may be a healthy profit-taking phase, with long-term bullish factors still in play, including geopolitical risks and US debt issues [6]. - The future trajectory of gold prices will be influenced by three main factors: progress on trade agreements, signals from the Federal Reserve regarding interest rates, and upcoming economic data releases [8][9][10].

Group 1: Market Overview - The report highlights that the Hong Kong stock market has continued its upward trend, reaching a three-year high, driven by newly established trade agreements between the US and several Asian countries, including Japan, the Philippines, and Indonesia [2][3] - The Hang Seng Index opened at 25,348 points, fluctuated throughout the day, and closed at 25,538 points, marking an increase of 408 points or 1.62% [2] - The trading volume in the Hong Kong market was robust, with a total turnover of HKD 333 billion, a 25.2% increase from the previous day, indicating strong market activity [2] Group 2: Trade Agreements Impact - The US has reached trade agreements with Japan, the Philippines, and Indonesia, which are expected to enhance market sentiment and investor risk appetite [3][4] - Japan has committed to investing USD 550 billion in the US and increasing imports of American rice, while the US will reduce tariffs on Japanese automobiles from 25% to 15% [4] - The agreement with the Philippines includes a reduction of the "equivalent tariff" from 20% to 19%, while Indonesia will lower its tariff from 32% to 19% and purchase 50 Boeing aircraft [4] Group 3: Sector Performance - Among the 12 Hang Seng Composite Industry indices, 10 sectors saw gains, with Information Technology and Consumer Discretionary leading the way, increasing by 3.18% and 1.80% respectively [3] - The Financials and Conglomerates sectors also experienced growth, but at a rate lower than the overall Hang Seng Index [3] - The only sectors that declined were Industrials and Utilities, with decreases of 0.40% and 0.16% respectively [3] Group 4: Company Analysis - Anta Sports - Anta Sports reported a low single-digit year-on-year revenue growth for its main brand in Q2 2025, slightly below expectations, with children's products performing better than general merchandise [8][9] - The company has seen a high double-digit growth in its other brands, with Descente and Kolon achieving over 40% and 70% growth respectively [8][9] - Anta's acquisition of Jack Wolfskin for USD 290 million is expected to enhance its presence in the outdoor apparel market in China, leveraging its supply chain and distribution capabilities [9] Group 5: Investment Recommendations - The report suggests that Anta Sports, as a leading player in the Chinese sportswear industry, is well-positioned to benefit from industry growth, with projected EPS of 4.72, 5.26, and 5.88 for 2025-2027 [9] - A target price of HKD 113.6 is set for Anta Sports based on a 22x PE ratio for 2025, maintaining a "Buy" rating [9]