Group 1 - The recent round of tariffs introduced by the U.S. has led to a reduction in oil prices, with WTI crude falling below $65.00 [1][3] - Strong U.S. economic data has diminished expectations for immediate interest rate cuts by the Federal Reserve, adding further pressure on oil prices [1][3] - Despite the recent decline, WTI crude prices have increased approximately 3.6% this week, recovering from a low of around $61.50 per barrel [1][3] Group 2 - Concerns over a potential decline in global demand due to President Trump's new tariffs have caused WTI crude prices to retreat from a three-week high of $65.30 to around $64.75 [3] - The unexpected decrease in U.S. commercial crude oil inventories has provided additional support for oil prices, alongside geopolitical tensions affecting Russian oil production [3]

Market Overview - Major US indices experienced declines, with the Dow Jones down 173.96 points (-0.38%) at 45947.32, Nasdaq down 113.16 points (-0.50%) at 22384.7, and S&P 500 down 33.25 points (-0.50%) at 6604.72 [2] Economic Developments - The US GDP for Q2 was revised to an annualized growth rate of 3.8%, exceeding expectations of 3.3%, driven by an increase in consumer spending from 1.6% to 2.5% [5] - The core PCE price index was revised to 2.6%, which is 0.1 percentage points higher than expected, indicating rising inflationary pressures [5] Corporate Actions - President Trump signed an executive order approving TikTok's continued operation in the US, with a valuation of $14 billion, involving a sale of its US operations to a new joint venture [8] - Oracle and Silver Lake Capital will be major investors in the new company, controlling approximately 45% of the shares, while ByteDance retains less than 20% [8] Legal and Regulatory Issues - Amazon reached a $2.5 billion settlement with the Federal Trade Commission over misleading Prime membership fees, which includes a $1 billion civil penalty and $1.5 billion in refunds to affected users [8] - SAP is under investigation by the European Commission for potential anti-competitive practices in the software support services market, which could lead to significant fines [9] - xAI, founded by Elon Musk, has filed a lawsuit against OpenAI for allegedly poaching employees and stealing trade secrets [8] Strategic Partnerships - Intel is in discussions with TSMC and Apple regarding investment and manufacturing collaborations, which have accelerated since the US government acquired a 10% stake in Intel [11]

Group 1 - The U.S. government will impose a 100% tariff on all imported brand-name or patented drugs starting October 1, 2023, with exemptions for companies building pharmaceutical plants in the U.S. [1] - In 2023, the U.S. imported $203 billion worth of drugs, with 73% coming from Europe, primarily Ireland, Germany, and Switzerland [1] - A report commissioned by the U.S. pharmaceutical industry indicates that a 25% tariff on drug imports could increase U.S. drug costs by nearly $51 billion annually, potentially raising drug prices by up to 12.9% for consumers [1] Group 2 - The U.S. will also impose a 25% tariff on all imported heavy trucks to protect domestic manufacturers from unfair external competition [4] - The five largest sources of imported heavy trucks are Mexico, Canada, Japan, Germany, and Finland, which are considered allies and pose minimal threats to U.S. national security [4] - Tariffs of 50% will be applied to kitchen cabinets, bathroom sinks, and related building materials, while a 30% tariff will be imposed on imported upholstered furniture [4] Group 3 - The U.S. Treasury Secretary mentioned alternative options for potential legal challenges regarding tariff legitimacy, including the Trade Expansion Act of 1962, which allows the Commerce Department to investigate imports threatening national security [5] - The Commerce Department has previously initiated investigations under this act for various products, including automobiles, copper, steel, and aluminum [5] - A new investigation was launched on September 2, 2023, covering products such as industrial machinery and medical devices [5]

Group 1: Tariff Announcements - The U.S. will impose high tariffs on various imported products starting October 1, including 50% on cabinets and vanities, 30% on furniture, 25% on heavy trucks, and 100% on patented and branded drugs [1][2] - The tariffs are aimed at addressing perceived unfair competition from foreign manufacturers and restoring U.S. manufacturing strength [1][3] Group 2: Impact on Furniture Prices - Furniture prices have significantly increased due to the tariffs, with a reported 4.7% rise in August 2024 compared to the previous month, and a 9.5% increase over the past 12 months [1] - Prior to the tariffs, furniture prices had been declining for nearly two and a half years [1] Group 3: Heavy Truck Manufacturing - The 25% tariff on heavy trucks is intended to create a fair competitive environment for U.S. truck manufacturers [2] - The tariffs on steel, aluminum, and copper have raised costs for U.S. truck manufacturers, potentially making domestically produced trucks more expensive than foreign ones [2] Group 4: Market Reactions - Following the tariff announcements, stocks of furniture and home goods companies, including Wayfair, RH, and Williams-Sonoma, fell sharply in after-hours trading [1]

Group 1 - The core viewpoint is that President Trump is losing patience with President Putin regarding the stalled efforts for a ceasefire in Ukraine, threatening new economic sanctions against Russia [2][3] - Trump indicated that he has already taken significant actions to penalize Russia, including imposing tariffs on Indian purchases of Russian energy, emphasizing that the issue is more severe for Europe than for the U.S. [3] - The Kremlin stated that negotiations with Ukraine are currently at a "standstill," despite Trump's previous push for direct talks between Russian and Ukrainian leaders [3][4] Group 2 - The U.S. is expected to urge G7 allies to impose tariffs of up to 100% on countries purchasing Russian oil during the upcoming Treasury meeting [4] - A proposal suggests that G7 countries should establish a legal framework to confiscate frozen Russian sovereign assets, with approximately $300 billion of Moscow's assets currently frozen, mostly in Europe [4] - Trump expressed willingness to impose comprehensive new tariffs on India to encourage negotiations between Putin and Ukraine, contingent on European countries doing the same [4]

Core Viewpoint - The upcoming visit of U.S. Treasury Secretary Becerra to Europe from September 12 to 18 will focus on discussions with Chinese Vice Premier He Lifeng, particularly regarding the sale of TikTok and other economic and trade-related issues between the U.S. and China [1][3]. Group 1 - The U.S. Treasury Department announced that discussions will cover important national security, economic, and trade issues, including TikTok and anti-money laundering networks [3]. - A law in the U.S. that deems TikTok's operation under Chinese capital as illegal took effect in January, leading to demands for the sale of TikTok's U.S. operations [3]. - The deadline for TikTok's sale has been extended multiple times, with the next deadline set for September 17 [3]. Group 2 - Following a series of high tariffs and retaliatory measures, the U.S. and China have paused tariff measures after negotiations in May, with the current suspension set to last until November 10 [3].

Core Viewpoint - President Trump believes India's proposal to reduce tariffs to zero is "too late" and should have been made years ago [1] Trade Relations - The current U.S. tariffs on Indian goods have increased to 50% as a punitive measure for India's purchase of Russian oil, doubling the previous rate of 25% [1] - This new tariff affects over 55% of India's exports to the U.S., with labor-intensive sectors like textiles and jewelry being the most impacted [1] - Major export products such as electronics and pharmaceuticals remain unaffected, allowing companies like Apple to continue their investment plans in India [1] Diplomatic Context - India's officials were reportedly shocked by the new tariff measures, especially after months of trade negotiations between the two countries [1] - India is one of the first countries to engage in trade talks with the Trump administration [1] - Prime Minister Modi's recent meeting with President Putin highlights India's strong ties with Russia, despite U.S. pressure [1] - Modi emphasized the "special" relationship between India and Russia, indicating India's commitment to maintaining economic relations with Moscow [1]

Core Points - The U.S. Department of Commerce announced an expansion of tariffs on steel and aluminum products, affecting hundreds of items including children's car seats, cutlery, and heavy equipment [1] - A total of 407 product categories have been added to the list of "derivative products" subject to a 50% tariff, effective immediately [1] - The new list includes wind turbines and their components, mobile cranes, household appliances, bulldozers, railway vehicles, furniture, compressors, and pumps among other products [1] Industry Impact - The Deputy Assistant Secretary for Industrial and Security, Jeffrey Kessler, stated that this move aims to "close loopholes" in tariff evasion and reiterated the goal of boosting the U.S. steel and aluminum industries [1] - Economists warn that while the immediate impact of tariffs on consumer prices may be limited, the full effects have yet to be realized [1] - Some companies are preemptively purchasing products expected to be subject to tariffs, while others may pass on additional costs to consumers or absorb some of the new tariff burdens [1] - Analysts indicate that importers and retailers cannot indefinitely bear these costs, suggesting that consumer prices for more goods may eventually rise [1]

Group 1 - International silver prices rose to $37.89 per ounce, up 1.41%, with a daily high of $37.93 and a low of $36.95, indicating a volatile market influenced by rising consumer prices due to tariff measures [1] - As of August 20, 2025, silver ETF holdings decreased to 15,305.76 tons, down by 33.90 tons from the previous day, reflecting a bearish sentiment in the market [2] - The core Consumer Price Index (CPI) has risen to around 3%, with tariffs expected to further increase consumer prices, although the Federal Reserve views these tariff impacts as one-time adjustments [2][3] Group 2 - The current economic environment shows that inflation rates have exceeded the 2% target, with price pressures likely to increase in the coming months due to higher tariff costs being passed on by businesses [3] - The labor market is experiencing a slowdown in new population growth, which may limit the expected downward pressure on prices, despite a stable unemployment rate [3] - The silver market is currently in a weak downward trend, with support levels at $36.5 and resistance levels at $37.60 and $37.85, indicating potential future price movements [4]

Core Viewpoint - The company reported a decline in revenue due to extreme trade policies and tariffs implemented by the United States, which created significant uncertainty in the global business environment, leading to decreased consumer demand and subsequently affecting the company's product demand [1]. Financial Performance - The company achieved a revenue of HKD 50.446 million, representing a year-on-year decrease of 18.01% [1]. - The net profit was HKD 2.598 million, showing a year-on-year increase of 145.09% [1]. - The basic earnings per share were HKD 0.01 [1]. - The company proposed an interim dividend of HKD 0.01 per share [1]. Market Impact - The decline in revenue is attributed to the impact of U.S. trade policies and tariffs, which have led to a turbulent global business environment and reduced consumer demand [1].