Core Viewpoint - The yield on Japan's 40-year government bonds has decreased by 8 basis points to 3.295% [1] Group 1 - The decline in the yield indicates a potential shift in investor sentiment towards long-term government bonds in Japan [1] - The current yield level may reflect broader economic conditions and monetary policy expectations in Japan [1]

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]

Core Viewpoint - The 30-year Japanese government bond yield has decreased by 1 basis point to 3.08% [1] Group 1 - The decline in the 30-year Japanese government bond yield indicates a potential shift in investor sentiment towards long-term debt securities [1]

Core Viewpoint - Despite the impact of Trump's tariff policies, U.S. consumers continue to spend actively, with June retail sales showing a surprising rebound, alleviating concerns about consumer spending tightening [1][3]. Group 1: Retail Sales Performance - U.S. retail sales in June increased by 0.6% month-over-month, surpassing expectations of 0.1% and reversing a decline of 0.9% in the previous month [4]. - Excluding automobiles, retail sales rose by 0.5%, against an expected increase of 0.3% and a prior decrease of 0.2% [4]. - Retail sales excluding automobiles and gasoline also saw a 0.6% increase, exceeding the anticipated 0.3% [4]. Group 2: Consumer Spending Insights - In June, 10 out of 13 major retail categories experienced growth, with automotive sales rebounding after two months of decline, indicating strong consumer spending on key goods [3][6]. - The "control group" retail sales, which directly contribute to GDP calculations, also rose by 0.5% month-over-month, leading to a year-over-year growth of 4.0%, further confirming the resilience of consumer spending [6]. Group 3: Economic Context - The strong retail sales data contrasts with previous "soft data" surveys that reflected pessimistic sentiment, suggesting that actual consumer spending behavior is more positive and robust than perceived [7]. - Adjusting for inflation, the estimated "real" retail sales have shown year-over-year growth for nine consecutive months, indicating that U.S. consumers' purchasing power remains on an upward trend despite rising prices [11].

美国国债收益率回吐早先数据推动的涨幅，10年期国债收益率上涨1.4个基点，至4.469%。 ...

Group 1 - The release of US retail data for June led to an increase in US Treasury yields, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - Spot gold experienced a short-term decline, with a daily drop of 1%, currently priced at $3313.02 per ounce [1]

Group 1 - The yield on UK two-year government bonds has increased by over 5 basis points, reaching 3.904%, marking the highest level since July 9 [1]

英国五年期国债收益率上升超过4个基点，至4.093%，为6月16日以来最高水平。 ...

Group 1 - The yield on Japan's two-year government bonds has decreased by 0.5 basis points to 0.78% [1]

Core Viewpoint - Australia's 3-year government bond yields have continued to decline by 6 basis points due to weak employment data [1] Group 1 - The decline in bond yields indicates a response to economic indicators, particularly employment figures [1] - Weak employment data suggests potential economic slowdown, influencing investor sentiment towards government bonds [1]