Core Viewpoint - The 10-year Japanese government bond yield has increased by 0.5 basis points to 1.605%, marking the highest level since October 2008 [1] Group 1 - The rise in the 10-year Japanese government bond yield indicates a significant shift in the bond market [1] - The current yield level reflects changing investor sentiment and potential economic conditions in Japan [1]

Core Viewpoint - The 10-year Japanese government bond yield has decreased by 0.5 basis points to 1.595% [1] Group 1 - The decline in the 10-year Japanese government bond yield indicates a potential shift in investor sentiment towards safer assets [1]

Group 1 - The 10-year Japanese government bond yield decreased by 0.5 basis points to 1.595% [1]

Group 1 - The yield on Germany's 10-year government bonds rose by 6.3 basis points to 2.702%, experiencing an upward trend throughout the day [1] - The 2-year German bond yield increased by 8.9 basis points, reaching a daily high of 1.933% [1] - The 30-year German bond yield rose by 1.9 basis points, reported at 3.192% [1] Group 2 - The yield spread between the 2-year and 10-year German bonds decreased by 2.512 basis points, reported at +76.684 basis points [2]

Core Viewpoint - The European Central Bank (ECB) President Christine Lagarde expressed optimism about the Eurozone economy, indicating it is showing resilience and growth slightly better than previously expected, despite uncertainties in trade [1] Group 1: Economic Indicators - Eurozone government bond yields continued to rise during Lagarde's press conference, reflecting positive market sentiment [1] - The German 10-year government bond yield increased by 9.5 basis points to 2.697%, up from 2.672% prior to the interest rate decision and press conference, marking a daily increase of 7 basis points [1] Group 2: Market Reactions - Earlier in the day, Eurozone government bond yields were already on an upward trend due to market expectations of a potential trade agreement between the US and Europe [1]

Core Viewpoint - Turkey's government bond yields have halted their decline following an unexpected interest rate cut by the Central Bank of Turkey [1] Group 1 - The Central Bank of Turkey implemented a larger-than-expected interest rate cut, influencing market dynamics [1] - The decision by the Central Bank is seen as a significant factor in stabilizing bond yields after a period of decline [1] - Market reactions indicate a shift in investor sentiment towards Turkish government bonds post-rate cut [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Recent criticism of the Fed Chair by Trump and the defense of central bank independence by the Treasury Secretary have increased market divergence on the future interest - rate path, weakening dollar confidence and boosting the appeal of gold as a non - interest - bearing asset. Uncertainty in interest - rate expectations has solidified the demand for safe - havens. The agreement between the US and Japan on tariff cuts initially boosted the dollar and Treasury yields, but the subsequent decline was quickly absorbed by the gold price. Multiple investment banks have raised their gold price forecasts for the year to between $3600 and $4000. The underperformance of the US in multiple economic indicators has limited the upward momentum of the dollar and yields, providing macro - environmental support for high gold prices. Geopolitical risks may trigger a rapid inflow of safe - haven funds. Future economic data and the Fed's stance at the meeting will determine the trends of Treasury yields and the dollar, which in turn will affect the gold price. It is recommended to maintain the view of buying on dips, while being cautious of short - term correction risks [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai gold main contract was 778.74 yuan/gram, down 14.16 yuan; the closing price of the Shanghai silver main contract was 9386 yuan/kg, down 106 yuan. The main - contract positions of Shanghai gold were 213,456 lots, down 8931 lots; those of Shanghai silver were 459,484 lots, down 18,795 lots. The net positions of the top 20 in the Shanghai gold main contract were 160,396 lots, down 1408 lots; those of Shanghai silver were 135,258 lots, up 1070 lots. The warehouse receipt quantity of gold was 29,358 kg, up 501 kg; that of silver was 1,188,721 kg, up 239 kg [2] 3.2 Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network was 787.97 yuan/gram, up 6.47 yuan; the spot price of silver was 9419 yuan/kg, up 105 yuan. The basis of the Shanghai gold main contract was - 4.93 yuan/gram, down 1.59 yuan; the basis of the Shanghai silver main contract was - 73 yuan/kg, up 6 yuan [2] 3.3 Supply - Demand Situation - Gold ETF holdings were 954.8 tons, unchanged; silver ETF holdings were 15,207.82 tons, up 49.45 tons. Gold CFTC non - commercial net positions were 213,115 contracts, up 10,147 contracts; silver CTFC non - commercial net positions were 59,448 contracts, up 927 contracts. The total quarterly supply of gold was 1313.01 tons, up 54.84 tons; the total annual supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces. The total quarterly demand for gold was 1313.01 tons, up 54.83 tons; the total annual global demand for silver was 1195 million ounces, down 47.4 million ounces [2] 3.4 Option Market - The 20 - day historical volatility of gold was 12.86%, up 1.92 percentage points; the 40 - day historical volatility was 12.23%, up 0.93 percentage points. The implied volatility of at - the - money call options for gold was 22.12%, up 0.8 percentage points; the implied volatility of at - the - money put options was 22.12%, up 0.81 percentage points [2] 3.5 Industry News - The US - Japan tariff negotiation reached an agreement, with the "reciprocal tariff" rate on Japan lowered from 25% to 15%, and Japan will increase imports of US rice. Trump plans to impose 15% - 50% simple tariffs on most other countries and is negotiating with the EU. The EU and the US are moving towards an agreement with a 15% tariff rate on most products. Trump criticized the Fed for lacking "courage" and called for a three - percentage - point interest - rate cut. According to CME's "FedWatch", the probability of the Fed keeping interest rates unchanged in July is 97.4%, and the probability of a 25 - basis - point cut is 2.6%. The probability of keeping rates unchanged in September is 37.2%, the probability of a cumulative 25 - basis - point cut is 61.2%, and the probability of a cumulative 50 - basis - point cut is 1.6% [2]

德国国债低开，10年期国债收益率上涨3BP至2.67%。 ...

Core Viewpoint - The yield on Japan's 40-year government bonds has decreased by 5.5 basis points to 3.4% [1] Group 1 - The decline in the yield indicates a potential shift in investor sentiment towards long-term government bonds [1] - A decrease in bond yields often reflects increased demand for safer investments, possibly due to economic uncertainties [1] - The current yield level may influence future borrowing costs for the government and impact overall economic conditions [1]

Group 1 - The yield on Japan's 40-year government bonds has decreased by 5.5 basis points to 3.4% [1]