Core Viewpoint - The article highlights positive developments in trade agreements between the U.S. and Japan, as well as potential agreements with the EU, which have led to a significant rise in U.S. stock markets [4][5]. Trade Agreements - The U.S. and Japan have reached a trade agreement that includes a 15% "reciprocal" tariff on goods exported to the U.S. from Japan [4][8]. - The U.S. is reportedly close to finalizing a trade agreement with the EU, which may involve a 15% tariff on European imports, preventing a potential increase to 30% [4]. - The EU is preparing a retaliatory tariff plan that could reach up to €93 billion, with a maximum rate of 30%, if an agreement is not reached by August 1 [4]. Market Reactions - Following the announcement of the trade agreements, the Dow Jones Industrial Average surged by 400 points, reflecting strong market optimism [5]. - Analysts suggest that the clarity in trade policies is beneficial for market stability and could lead to continued stock market gains [9]. Federal Reserve Expectations - There is increasing speculation regarding a change in leadership at the Federal Reserve, which may lead to a more accommodative monetary policy [11][12]. - Market participants are betting on a significant interest rate cut in 2026, with expectations rising from a 25 basis point cut in April to a 76 basis point cut now [11]. - The potential for a new Fed chair who favors rate cuts is influencing investment strategies on Wall Street [12].

Core Viewpoint - Despite the recent trade agreement, the US dollar is expected to remain under pressure due to ongoing uncertainties and tariff impacts [1] Summary by Relevant Sections - **Trade Agreement Impact** The recent trade agreement has reduced uncertainties that have been weighing on the dollar, yet there is little room for a rebound in the currency [1] - **Tariff Effects** The imposition of broad tariffs is projected to exert pressure on the relative economic outlook of the US, which will continue to weaken the strength of the dollar [1] - **Investment Commitments** While the agreement with Japan has improved sentiment on Wall Street, the actual realization of Japan's commitment to invest $550 billion in the US remains uncertain [1] - **Cost Distribution Concerns** There are questions regarding how the costs of tariffs will be distributed among exporters, importers, and consumers [1]

Group 1 - The core point of the article is that the U.S. and Japan have reached a significant trade agreement, which has implications for South Korea's ongoing trade negotiations with the U.S. [1][4] - Japan will invest $550 billion in the U.S. and pay a 15% tariff, setting a benchmark for South Korea's negotiations [1][4] - South Korea's government has decided to exclude rice and beef market openings from the negotiation agenda, focusing instead on expanding imports of energy crops [1][3] Group 2 - South Korea imports approximately 132,000 tons of rice from the U.S. annually, with a 5% tariff, and any increase in quotas requires World Trade Organization approval [3] - In 2024, South Korea imported $2.22 billion worth of U.S. beef, making it a major market for U.S. beef despite existing restrictions [3] - Analysts believe that the U.S.-Japan agreement will pressure South Korea to achieve similar or better terms in its negotiations [4][5]

Core Insights - The article highlights a slight rebound in the prices of U.S. soybeans and corn, driven by positive signals from trade agreements, but emphasizes that the actual fulfillment of export orders is a critical variable for continued price increases [1] Group 1: Market Analysis - U.S. soybean and corn prices have shown a minor rebound [1] - Positive signals from trade agreements are influencing market sentiment [1] - The ability to convert trade agreements into actual export orders is essential for sustaining price growth [1]

斯德哥尔摩会谈将是继今年5月在日内瓦举行的会谈之后举行的中美又一次会谈，会谈达成了为期90天的暂停高额关税协议，上个月在伦敦举行的 后续会议则促使各国取消了出口管制。自此以后，美国放松了对我们销售低端半导体的限制，而我们则在6月份增加了稀土磁体的出货量。 贝森特还预测，从现在到特朗普政府为其他主要经济体设定的8月1日最后期限之间将出现"大量"贸易协定。 而就在今天凌晨，TRUMP在社交平台发文称，刚刚与日本完成了一项规模庞大的交易，可能是有史以来最大的一笔交易。日本将向美国投资5500 亿美元，美国将获得90%的利润。此外，日本将向美国支付15%的对等关税。 来源：张志专栏 隔夜美国的关税又传来消息： 美国财长贝森特在接受媒体采访时表示，中美之间当前贸易休战协议将于8月12日到期，他下周将前往斯德哥尔摩，与中国同行会面，商讨可能的 延期事宜。他还表示，与中国的谈判现在可以涉及更广泛的议题，可能包括中国继续从俄罗斯和伊朗购买"受制裁"的石油。"与中国的贸易关系非 常好，我们将讨论两国可以合作的许多其他事宜。" 贝森特补充说，美国希望看到中国"减少制造业过剩，并集中精力建设消费经济"。 贵金属方面 昨天国际金价一 ...

日本将是供资方，而非运营方。 日本用钱"买了"较低的汽车关税税率。 日本协议可充当欧盟贸易协议的范本。 美国商务部长卢特尼克：作为贸易协议一部分，日本方面将为项目供资 美国将选择融资的项目 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - The upward trend of domestic soybean meal is slowing down due to decreased import costs, and the short - term CBOT soybean futures are expected to fluctuate between 1020 - 1040 cents. The domestic continuous soybean meal M09 contract has strong upward momentum but may face short - term high - level callback risks. The domestic soybean meal supply is generally abundant, and the demand side lags behind. The domestic hog market is in a state of short - term supply increase and weak demand, showing an overall oscillatory trend [16][17][18] Group 3: Summary by Directory 1. Market Review - The DCE soybean meal main 2509 contract rose 0.29% to 3095 yuan/ton, and the coastal mainstream regional oil mills' quotes increased by 10 - 60 yuan/ton. The DCE hog main 2509 contract rose 1.46% to 14590 yuan/ton, while the national average ex - factory price of ternary hogs decreased by 0.11 yuan/kg to 14.2 yuan/kg. The overnight CBOT US soybean main contract decreased by 0.07% to 1026 cents/bushel [2] 2. Weather in Main Production Areas - The rainfall system in the US Midwest is active this week, and the temperature will rise. Most areas in the Midwest have good soil moisture, and corn and soybeans are entering the pollination period. However, some areas still need rainfall, and northern Indiana is a key area to focus on. The high - temperature weather this week may put pressure on areas with less rainfall [3][4] 3. Macroeconomic and Industry News - Brazil's July soybean export forecast is 12.11 million tons, and the soybean import costs from the US, Brazil, and Argentina have decreased. On July 22, the domestic mainstream oil mills' soybean meal trading volume decreased, and the average trading price rose for four consecutive days. The US soybean futures prices are oscillating strongly, and the Brazilian soybean export premium quotes are slightly falling. The rapeseed meal continues to rise, and the spot basis weakens slightly. Argentina's June soybean crushing volume is 4.055149 million tons. As of July 20, the EU's 2025/26 soybean, palm oil, and soybean meal imports are lower than last year. The domestic soybean meal futures and spot prices are rising strongly, and the import soybean crushing profit has recovered [5][6][7] 4. Data Charts - The report provides charts related to the prices and basis of soybean meal, rapeseed meal, and hogs, as well as the inventory of Chinese soybeans and soybean meal [10][13][15] 5. Analysis and Strategies - For soybean meal, the short - term CBOT soybean futures are expected to fluctuate between 1020 - 1040 cents. The domestic continuous soybean meal M09 contract has strong upward momentum but may face short - term high - level callback risks. The domestic soybean meal supply is generally abundant, and the demand side lags behind. For hogs, the short - term supply increases and the demand is weak, showing an overall oscillatory trend, and the short - term price changes with the rhythm of slaughter and second - fattening entry and exit [16][17][18]

Group 1 - The trade agreement between the US and Japan was reached after eight rounds of negotiations, with significant implications for both economies [1][2] - The agreement includes a reduction of tariffs on Japanese products exported to the US from 25% to 15%, and Japan will invest $550 billion in the US, with the US retaining 90% of the profits [2][4] - Japan will open its market to US products, including automobiles, rice, and other agricultural goods, which indicates a major concession from Japan [2][4] Group 2 - In the short term, the agreement is seen as a relief for Japan, particularly for its automotive industry, which exports 1.37 million vehicles to the US, accounting for 34% of Japan's total exports to the US [4] - Following the announcement, the Nikkei 225 index surged by over 800 points, closing up 1,396.40 points or 3.51%, indicating increased market confidence [4] - However, the long-term implications suggest that Japan's concessions may lead to significant fiscal pressure and potential hollowing out of domestic industries as companies shift operations to the US [4][5] Group 3 - The trade agreement may alter the competitive landscape for China, as Japan's increased imports of US agricultural products could reduce its imports from other countries, including China [7] - Japanese companies may invest more in the US to avoid tariffs, potentially decreasing their investments in China, which could impact China's related industries [7] - The strengthened supply chain cooperation between Japan and the US in sectors like semiconductors and steel may marginalize Chinese industries, leading to challenges in stability and upgrading of China's industrial chain [7][8]

Group 1 - A-shares experienced volatility, briefly surpassing 3600 points before retreating, with mixed performance across major indices [12][13] - The market saw 1271 stocks rise, with 56 hitting the daily limit up, while 4027 stocks declined [14][15] - The construction and cement sectors showed divergence, with companies like China Power Construction and Huaxin Cement hitting the daily limit up, while most stocks retreated [16] Group 2 - Japanese stock market surged over 1400 points, driven by a trade agreement between the US and Japan, particularly benefiting the automotive sector [4][10] - Major Japanese automakers saw significant stock price increases, with Honda up over 11%, Toyota nearly 15%, and Mazda soaring over 17% [7] - The agreement reduced tariffs from 25% to 15%, providing short-term confidence to the market despite ongoing challenges from competition [10][11]

特朗普此次宣布的协议内容包括对日本产品征收15%关税，较此前威胁的25%有所下调。美国财长贝森特将于下周与中 国财长会晤，讨论是否延长8月12日的关税期限。 CM Trade首席分析师Tim Waterer指出："若8月前达成更多贸易协议，可能进一步提振风险偏好，削弱黄金需求。但若 美元持续疲软，金价仍有望重返3500美元。" 今日周三(7月23日)欧盘时段，白银期货目前交投于9487一线下方，今日开盘于9442元/千克，截至发稿，白银期货暂报 9476元/千克，上涨0.94%，最高触及9526元/千克，最低下探9390元/千克，目前来看，白银期货盘内短线偏向震荡走 势。 【要闻速递】 美国总统特朗普宣布与日本达成贸易协议后，日本股市大涨近4%创下逾一年新高，上证指数也创下去年10月以来新 高，市场风险偏好回升令白银避险需求减弱。不过美元指数徘徊在两周低点附近，以及美债收益率走低，为银价提供 一定支撑。 沪银在多头趋势下，周二继续刷新高点，暂时高点在9540附近，虽然开盘有部分回落，但目前还没有形成顶部形态， 下方支撑在9350，9250，跌破9350可能从强转弱，跌破9250可能短期见顶。 市场同时关注美联 ...