Group 1 - The core viewpoint of the news highlights the increase in U.S. retail sales for June, which rose by 0.6%, significantly exceeding the expected 0.1% and recovering from a previous decline of 0.9% [1] - Following the retail sales data release, U.S. Treasury yields increased, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - The announcement from the U.S. Treasury regarding the adjustment of the consumption tax policy for super-luxury cars, now applicable to vehicles with a retail price of 900,000 yuan (excluding VAT) and above, indicates a regulatory shift in the automotive sector [1] Group 2 - Eurozone's June core harmonized CPI year-on-year final value remained stable at 2.3%, matching expectations and the initial value [1] - The Eurozone's June harmonized CPI month-on-month final value was reported at 0.3%, consistent with expectations and the initial value [1] Group 3 - As of July 17, 2025, the 5-10 year Treasury ETF index showed a slight increase of 0.01%, with a recent price of 117.58 yuan [3] - The 5-10 year Treasury ETF has seen a cumulative increase of 5.09% over the past year, indicating positive performance in the bond market [3] - The latest scale of the 5-10 year Treasury ETF reached 1.494 billion yuan, with a recent trading volume of 13.98 million yuan [3] Group 4 - The 5-10 year Treasury ETF has a year-to-date maximum drawdown of 2.15%, which is lower than the benchmark drawdown of 0.59% [5] - The management fee for the 5-10 year Treasury ETF is set at 0.15%, while the custody fee is 0.05% [6] - The tracking error for the 5-10 year Treasury ETF over the past month was reported at 0.030%, indicating a close alignment with the underlying index [6]

Group 1 - The core point of the article highlights the midday gold price in Shanghai on July 11, 2025, which is 769.97 CNY per gram, showing a premium of 1.35 CNY over the international gold price of 768.62 CNY per gram [1] Group 2 - The article provides information on the current spot gold prices, indicating the ongoing trends in the gold market [3]

Core Viewpoint - The U.S. labor market demonstrates strong resilience, with June employment growth exceeding expectations for the fourth consecutive month and a further decline in the unemployment rate, potentially leading the Federal Reserve to adopt a more cautious approach in its next interest rate decision [1][5]. Employment Data Summary - In June, the U.S. non-farm payrolls increased by 147,000, surpassing the expected 106,000, with April and May's non-farm employment figures revised upward by 16,000 [1][5]. - The unemployment rate fell to 4.1%, lower than the expected 4.3% and previous value of 4.2% [3][8]. - The significant growth in state and local government employment was a key driver for the better-than-expected data, while private sector employment only increased by 74,000, the lowest since October of the previous year [5][6]. Labor Market Dynamics - The labor force participation rate increased from 170.51 million to 173.38 million, with the number of unemployed individuals decreasing from 7.237 million to 7.1025 million [9]. - Disparities in unemployment rates were noted among different demographic groups, with the unemployment rate for African Americans rising to 6.8%, while rates for adult women and whites decreased to 3.6% [9]. Wage Growth and Inflation Concerns - Average hourly earnings rose by only 0.2% month-over-month, below the expected 0.3% and the previous month's 0.4%, with the annual wage growth rate at 3.7%, also lower than the revised 3.8% [11]. - The moderate wage growth may alleviate some inflationary pressures for the Federal Reserve [11]. Interest Rate Outlook - Market expectations for interest rate cuts have shifted, with the likelihood of a cut during the July 29-30 meeting dropping to near zero, while the probability for a September cut is around 75% [12]. - The market anticipates a total reduction of 50 basis points within the year, down from a prior expectation of 64 basis points [12]. Market Reactions - U.S. stock futures saw a slight increase, with the Nasdaq 100 futures rising by 0.3%, and the yield on the 10-year U.S. Treasury note increased to 4.261% [16].

Group 1 - The U.S. non-farm payroll data for June showed an increase of 147,000 jobs, exceeding the expected 110,000, with the previous value revised from 139,000 to 144,000 [1] - The unemployment rate for June fell to 4.1%, lower than the expected 4.3% and the previous value of 4.20% [1] - Average hourly wage growth for June was 0.2% month-over-month, below the expected 0.3%, and the year-over-year growth was 3.7%, also below the expected 3.9% [1] Group 2 - Following the non-farm data release, traders reduced bets on a July rate cut by the Federal Reserve, with the probability of a September rate cut now at approximately 80%, down from 98% before the report [2] - The report indicated that job growth was primarily in government positions, with state and local government jobs increasing by 73,000, while federal government jobs decreased by 7,000 [2] - The construction sector saw an increase of 15,000 jobs in June, marking the largest gain since December of the previous year [2] Group 3 - Analysts noted that the employment report does not urgently call for an immediate rate cut by the Federal Reserve, as job growth has consistently exceeded expectations [3] - The decline in the unemployment rate may be linked to shrinking immigrant labor, with the number of foreign-born workers decreasing to 32.6 million in June from 33.7 million in March [3] - The employment report provided support for the U.S. dollar, indicating a resilient labor market despite some moderation in private employment data [3]

Group 1 - The US Dollar Index has increased by approximately 40 points, currently reported at 97.26 [1] - US stock futures have shown a slight increase, with the Nasdaq 100 futures rising by 0.3% [1] - The yield on the US 10-year Treasury bond has risen to 4.261%, reflecting a decrease of 0.029 (-0.68%) [4][5] Group 2 - Spot gold has decreased by approximately $15, currently priced at $3334.40 per ounce [1]

Group 1 - The core point of the article highlights the gold price in Shanghai on July 3, 2025, which is reported at 774.43 CNY per gram, exceeding the international gold price of 770.76 CNY per gram by 3.67 CNY [1] Group 2 - The article indicates that the current spot gold price reflects a localized premium in the Shanghai market compared to international rates [3]

Market Overview - S&P 500 futures, Dow futures, Nasdaq futures, and Russell 2000 futures are currently down by up to approximately 0.5% [1] - Spot gold is down about 0.2%, currently priced at $3,381 per ounce [1] - WTI crude oil futures have decreased by 0.7%, currently at $73.37 per barrel [1] Geopolitical Concerns - U.S. intelligence officials believe that if the U.S. and Israel strike Iran's Fordow nuclear facility, Iran may pursue the development of nuclear weapons [1] - The U.S. also assesses that if Iranian Supreme Leader Khamenei were to be assassinated, Iran would likely manufacture nuclear weapons [1]

Group 1 - The core viewpoint indicates that after the release of a series of data from the United States, both spot gold and the US Dollar Index (DXY) experienced limited short-term fluctuations [1] Group 2 - The US Dollar Index showed minimal volatility following the data release [1] - Spot gold also maintained a stable position without significant changes in response to the economic data [1]

Group 1 - The core point of the article highlights the price of gold in Shanghai on June 17, 2025, which is 784.1 yuan per gram, slightly lower than the international gold price of 784.13 yuan per gram by 0.03 yuan [1][3] Group 2 - The article indicates that the current spot gold price reflects a close alignment with international prices, suggesting stability in the gold market [1][3]

Core Viewpoint - The geopolitical situation in the Middle East is escalating, leading to a short-term surge in gold and oil prices, with spot gold surpassing the $3,400 mark [1] Group 1: Market Reactions - Spot gold has broken through the $3,400 threshold, indicating a significant increase in demand for safe-haven assets amid rising geopolitical tensions [1] - Oil prices have also experienced a short-term increase, reflecting market reactions to the heightened instability in the Middle East [1]