Core Insights - The XTransfer PMI report indicates a positive export outlook for small and micro foreign trade enterprises in China, with a PMI index of 52.4% in July, slightly above the neutral point [1] - The report highlights that African countries have the highest export PMI, particularly Ghana and Nigeria, as small and micro enterprises seek new opportunities in the African market due to declining demand in the US [1] Group 1: Export Trends - The "new three samples" of exports, including lithium batteries, new energy vehicles, and solar cells, have shown strong performance, with order and price indices significantly above the market average [2] - Southeast Asia has emerged as a key export region for the "new three samples," while Europe’s energy-saving policies continue to drive demand for these products [2] - Infrastructure demands in Latin America and Africa present substantial market potential for the export of "new three samples" [2] Group 2: Business Adaptation - Many enterprises emphasize the importance of resilience and confidence in the face of external uncertainties and increasing market competition, highlighting the need for differentiated competitive advantages [2] - A case study from a mechanical products exporter in Guangzhou illustrates how XTransfer's local collection accounts have improved cash flow efficiency by reducing transaction times and fees [2] - XTransfer aims to leverage its industry-leading platform to share insights and trends with foreign trade practitioners, enhancing their global business strategies [2]

Group 1 - Singapore's retail sales in June 2025 increased by 2.3% year-on-year, outperforming May's growth of 1.3%, but showed a month-on-month seasonally adjusted decline of 1.2% [1] - The decline in retail sales is attributed to the school holidays and a stronger Singapore dollar, leading families to spend more on overseas travel, which weakened domestic retail demand [1] - The number of inbound tourists dropped to 1.25 million in June, the lowest point of the year, impacting the retail market [1] Group 2 - Excluding automobile sales, the year-on-year growth of retail sales was only 0.4%, indicating weakness in the core consumer market [1] - Automobile sales were the main driver of growth, with a year-on-year increase of 14.6%, while sales in several sectors, including gas stations and food and beverage, experienced declines [1] - The overall retail sales for the first half of 2025 grew by 1.2% year-on-year, a slowdown compared to 2.2% in the same period last year [2] Group 3 - The Purchasing Managers' Index (PMI) for Singapore rose to 52.7 in July, indicating economic expansion for six consecutive months, despite a cooling labor market [2] - Input price inflation reached a six-month high, while selling prices remained nearly unchanged, suggesting potential pressure on profit margins for businesses [2] - The forecast for retail sales in Q3 2025 remains weak, with expectations of stabilization in Q4 due to a lower base, projecting an annual growth of 1% to 1.5% [2]

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]

Group 1 - The euro is currently experiencing narrow fluctuations, with traders closely monitoring the potential impact of tariff noise on the euro to USD exchange rate, reflecting heightened investor caution due to concerns over potential risks [1][2] - If the US and EU fail to reach an agreement, the EU plans to impose a 30% tariff on approximately €100 billion worth of US goods, which has led to a slight decline in the euro against the dollar, currently trading around 1.1720 [1] - The EU is preparing to launch a robust countermeasure plan amid stalled tariff negotiations with the US, merging previously approved tariffs on €210 billion worth of US products with an additional proposed list of €720 billion [1] Group 2 - Market focus is on the latest developments in US-EU trade negotiations, resulting in low trading activity in the forex market, with the euro likely to continue its narrow fluctuations in the short term [2] - The European Central Bank (ECB) is expected to maintain current interest rates during its upcoming decision, as policymakers assess the impact of US-EU tariffs and the euro exchange rate on economic growth and inflation [2] - The ECB is also monitoring the significant rise of the euro, with analysts noting that any comments regarding foreign exchange during the ECB meeting will attract attention, especially with the euro surpassing 1.20 [2]

Core Viewpoint - The Purchasing Managers' Index (PMI) serves as a critical indicator of economic performance, with China's PMI showing signs of recovery in June 2025, indicating a potential economic rebound despite ongoing external pressures [1][2][9]. Group 1: PMI Overview - In June 2025, China's manufacturing PMI was reported at 49.7%, a slight increase from 49.5% in May, indicating continued improvement in manufacturing sentiment [2][5]. - A PMI above 50% indicates economic expansion, while below 50% indicates contraction. The new orders index rose to 50.2%, entering expansion territory, which suggests a recovery in market demand [2][9]. - The PMI is a leading indicator that reflects economic trends 1-3 months in advance, making it a vital tool for monitoring economic dynamics [2][5]. Group 2: Sector Performance - Large enterprises showed a PMI of 51.2%, indicating robust performance, while medium and small enterprises had PMIs of 48.6% and 47.3%, respectively, indicating challenges in these segments [6][9]. - Key components of the manufacturing PMI, including production index (51.0%) and new orders index (50.2%), were above the critical point, signaling increased production activity and improved market demand [6][9]. - The raw material inventory index was at 48.0%, indicating a continued reduction in inventory levels, which may affect future production capabilities [6][9]. Group 3: Economic Policy Impact - The increase in new orders and overall PMI suggests that China's economic stimulus policies are beginning to take effect, helping to mitigate the impact of external trade pressures [9]. - The People's Bank of China indicated a commitment to maintaining a moderately loose monetary policy to support high-quality economic development and facilitate a sustained economic recovery [9].