Core Viewpoint - The European Central Bank Executive Isabel Schnabel indicated that trade conflicts may suppress domestic inflation, highlighting the impact of global value chains on price shocks [1] Group 1 - Trade conflicts are likely to have a dampening effect on domestic inflation rates [1] - Global value chains are exacerbating price shocks, contributing to inflationary pressures [1]

Core Points - Bulgaria has officially met the criteria to join the Eurozone, with a planned entry date of January 1, 2026, marking a significant milestone in its integration into the European Union [1][2] - The European Commission's report highlights that Bulgaria's legislation aligns with Eurozone requirements, and the move is expected to strengthen the economy and improve financing channels [1][2] - The potential economic benefits include an improved credit rating, cost savings exceeding 1 billion Lev annually, and the release of 15 billion Lev in frozen reserves, enhancing financial efficiency [2] Economic and Financial Implications - The introduction of the Euro is anticipated to stabilize prices, reduce transaction costs, protect savings, increase investment, and promote trade [1][2] - The Bulgarian government has mandated dual pricing in Lev and Euro to ensure price transparency and prevent inflation during the transition [3] - Concerns exist regarding the loss of monetary policy autonomy, as Bulgaria will rely on the European Central Bank for interest rates and money supply, which could lead to inflation and economic bubbles [4] Public Sentiment and Reactions - The decision to adopt the Euro has sparked mixed reactions among the public, with fears of rising prices and emotional attachment to the Lev being significant concerns [3][5] - Some citizens express difficulty in accepting the removal of the Lev, viewing it as a loss of national identity [5] - Criticism has emerged regarding the government's engagement with public opinion on this decision, suggesting a disconnect between policymakers and citizens [5]

Group 1 - The core viewpoint of the articles indicates that the prices of consumer goods in Yiyuan County, Shandong Province, have shown mixed trends, with significant increases in vegetable and fruit prices compared to the previous week [1] Group 2 - As of June 5, the price data from the market shows that the prices of staple grains remain stable, with corn priced at 1.18 yuan per jin and wheat at 1.2 yuan per jin, showing little change week-on-week [2] - Egg prices have slightly decreased, with a price of 3.3 yuan per jin, reflecting a week-on-week decline of approximately 2.9% [2] - The prices of oil and grain products are also stable, with prices for various items such as noodles, corn flour, and peanuts remaining unchanged compared to the previous week [2] Group 3 - Fruit prices have seen a notable increase, with average price rises of about 4.9%, including apples at 3.5 yuan per jin and watermelons at 1.00 yuan per jin [2] Group 4 - Vegetable prices have surged significantly, with an average increase of approximately 18.2%. Among the 17 monitored vegetable types, 11 saw price increases, with notable rises in celery, cabbage, and cucumbers, reflecting increases of 50%, 40%, and 38.5% respectively [3] - Specific vegetable prices include celery at 1.2 yuan per jin, cabbage at 0.7 yuan per jin, and cucumbers at 1.8 yuan per jin, all showing substantial increases compared to the previous week [3]

美联储理事库格勒：美国总统特朗普的减税法案总体上具有更强的刺激作用，可能会刺激需求并影响物 价。 ...

Group 1 - The core point of the article indicates that the Eurozone's Producer Price Index (PPI) for April decreased by 2.2% month-on-month, which was worse than the expected decrease of 2.1% and a significant drop from the previous value of -1.6% [1]

Group 1 - The core point of the article indicates that the Eurozone's Producer Price Index (PPI) for April showed a year-on-year increase of 0.7%, which is below the expected 1.1% and significantly lower than the previous value of 1.9% [1]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 核心观点 展望 5 月，宏观的焦点或更加聚焦于出口。首先，内部来看，变化或较小。包括"以旧换新"作用下耐用品 消费继续维持高增、"政府债"发行前置下社融总量尚有支撑、投资受"项目不足"影响增速或小幅回落、地 产新房销售维持偏弱态势。变化或在出口。从高频数据来看，指向 5 月出口边际走弱，但尚在可接受范 围，增速或在 3.5% 左右。但，引发的思考是，抢出口是否已结束亦或受订单 - 生产时滞影响尚未结束？若 已结束，原因是什么？政策何时会开始加码？若未结束，后续如何观察其动向？ 报告摘要 一、出口：整体或边际回落，但尚在可接受范围 预计 5 月 美元计价出口同比 3.5% 左右，进口 -2% 左右。 出口方面，从高频数据来看， 一是截至 5 月 25 日当周，我国监测港口集装箱吞吐量四周累计同比降至 6.7% ， 4 月底同比为 7.3% 。 二是从中国发往美国的载重集装箱船数量来看， 5 月平均同比 -20.2% ， 4 月为 15.6% ， 或反映中国对美国直接出口仍然 ...

Core Insights - The UK's Office for National Statistics reported an error in vehicle excise duty data, which will lead to an increase of 0.1 percentage points in the annual consumer price inflation rate and retail price index until April 2025 [1] Group 1 - The error in vehicle excise duty data is significant enough to affect inflation metrics [1] - The adjustment will impact the annual consumer price inflation rate and retail price index, indicating a potential shift in economic indicators [1]

特朗普称鸡蛋价格已大幅下降，"我们不用订塑料鸡蛋" 金十数据6月5日讯，当地时间6月4日，美国总统特朗普在夏季联欢晚会（Summer Soiree）发表演讲。 特朗普称，食品杂货价格和汽油价格双双大降，降价的时机刚刚好。说起此前举办的复活节滚彩蛋活 动，特朗普也自信满满表示"我们不用订塑料鸡蛋"。 ...

就业方面，就业水平只有很小变化，大多辖区就业状况持平。广泛存在关于不确定性导致招聘延迟的议 论。所有辖区劳动力需求均下降，体现在工作时间和加班减少、招聘暂停和计划裁员等。尽管很多辖区 工资上涨压力整体放缓，但工资继续温和增长。 物价方面，4月下旬以来经历温和物价上涨。辖区内对成本和物价今后将以更快速度上涨的预期广泛存 在。一些辖区预计将出现强劲、显著或实质性成本增加。所有辖区均表示，关税的上调在给成本和物价 带来上涨压力。不过，对成本上涨的应对策略各有不同。计划把关税相关成本转嫁出去的企业预计在3 个月内完成。 美联储每年发布8次"褐皮书"，通过地区储备银行对全美经济形势进行摸底。该报告是美联储货币政策 会议的重要参考资料。下一次美联储货币政策会议将于6月17日至18日举行。 （文章来源：新华财经） 新华财经纽约6月4日电（记者刘亚南）美国联邦储备委员会4日发布的全国经济形势调查报告显示，处 于高位的经济和政策不确定性对企业和家庭带来不利影响，关税上调则带来成本和物价上涨压力。 该报告根据美联储下属12家地区储备银行（即12个辖区）的最新调查结果编制而成，也称"褐皮书"。报 告显示，自4月下旬以来，经济活动整 ...