新西兰联储首席经济学家：对关税的不确定性可能会降低新西兰的商业投资和通货膨胀。 ...

Financial Data and Key Metrics Changes - The second quarter revenue totaled ARS $234 billion, reflecting a 13.8% year-on-year increase, partly due to the depreciation of the Mexican peso against other currencies [9][12] - EBITDA was ARS 92.4 billion, up 11.2% in Mexican peso terms and 5.1% at constant exchange rates [12] - Net profit for the quarter was ARS 22.3 billion, equivalent to ARS 37 per share and ARS 38 per ADR [13] - Net debt fell by ARS 7.3 billion over six months to June, with CapEx amounting to ARS 54.9 billion [13][14] Business Line Data and Key Metrics Changes - The company added 2.9 million postpaid clients, with Brazil contributing 1.4 million [7] - Prepaid platform recorded net disconnections of 1.1 million subscribers, but overall wireless subscribers increased by 1.7 million [8] - Fixed line segment gained 462,000 broadband accesses, with significant contributions from Mexico [8] - Postpaid service revenue expanded by 9.5%, while prepaid ARPU in Mexico climbed by 2.2% [10][11] Market Data and Key Metrics Changes - The U.S. Dollar depreciated against most currencies in the region, impacting revenue growth positively [7] - The company experienced strong revenue performance across various countries, particularly in Mexico and Colombia [10][11] Company Strategy and Development Direction - The company is focusing on improving network quality and expanding coverage in Brazil, which has led to strong postpaid revenue growth [20][22] - The new telecommunications law in Mexico introduces regulatory changes that may impact competition and operational strategies [23][24] - The company aims to maintain its CapEx targets around ARS 6.7 billion to ARS 6.8 billion for the year [34] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic activity in Mexico is starting to grow, which is expected to positively impact revenue in the coming quarters [37] - The competitive environment remains aggressive, but the company believes it has a strong network and customer care to sustain its market position [36][38] - Consolidation in markets like Colombia is anticipated to lead to more rational competition [46] Other Important Information - The company reported a significant increase in broadband net adds due to enhanced commercial efforts and a high percentage of customers connected with fiber [57] - A litigation provision in Colombia was booked, affecting margins, but management indicated that the case is closed and payments will be made until the end of the year [59][60] Q&A Session Summary Question: Comments on the Brazilian mobile environment and revenue drivers - Management highlighted strong performance in postpaid due to network quality improvements and successful commercial strategies [19][20] Question: Insights on regulatory changes in the Mexican telco framework - Management discussed the new telecommunications law and its implications for competition and operational strategies [23][24] Question: Outlook for Mexico's economic activity and competitive environment - Management noted that economic activity is trending positively, with no significant changes in competition compared to the previous year [36][37] Question: Expectations for labor obligations and outflows - Management indicated that labor obligations will not see major changes compared to the previous year [44] Question: Dynamics of market consolidation in Colombia - Management expressed optimism about consolidation leading to more rational competition [46] Question: Comments on Bait's performance and market competition - Management acknowledged improvements in their prepaid segment while noting challenges in comparing with competitors like Bait [52][54] Question: Acceleration in broadband volumes in Mexico - Management attributed broadband growth to increased sales force and customer retention efforts [57] Question: Details on litigation provision in Colombia - Management confirmed that the provision is for a closed case and payments will be made until the end of the year [59][60]

金十数据7月23日讯，Algebris Investments的分析师Gabriele Foa在一份报告中表示，由于关税的不确定 性，欧洲央行的利率下降幅度可能超过市场目前的预期。这位投资组合经理表示："贸易紧张局势和关 税进展可能会使削减周期的终点略低于当前市场预期。"LSEG的数据显示，货币市场目前预计欧洲央行 将在12月再降息25个基点。Foa表示，关税对欧洲的溢出效应可能需要更长时间才能显现。 机构：关税不确定性可能会促使欧洲央行不止一次降息 ...

德国软件巨头SAP周二美股盘后公布的第二季度业绩显示，美元走软带来的汇率压力导致该公司云业务收 入不及分析师预期，美股ADR盘后一度下跌3%。 以下是SAP二季度财报要点： 主要财务数据： 总营收：SAP第二季度总营收达到90.27亿欧元，同比增长9%（按不变汇率计算增长12%）， 不及分析师预期的90.7亿欧元。 云ERP套件收入：SAP第二季度云ERP套件（包括S/4HANA Cloud）收入达到44.22亿欧元，同 比增长30%（按不变汇率34%）。 云积压订单：SAP第二季度云积压订单达180.52亿欧元，同比增长22%（按不变汇率28%）， 不及分析师预期的185亿欧元。 云ERP套件：SAP第二季度云ERP套件（包括S/4HANA Cloud）收入达到44.22亿欧元，同比增 长30%（按不变汇率34%）。 云计算与软件营收：SAP第二季度云计算及软件营收达到79.7亿欧元，同比增长11%，略低于 分析师平均预期的79.9亿欧元。 云业务毛利：非IFRS口径下，SAP第二季度云业务毛利润增长至38.56亿欧元，毛利率达 75.2%，较2024年第二季度的73.3%明显提升。 运营利润：SAP第二季 ...

加拿大央行调查：关税及相关不确定性持续对企业前景产生重大影响。 ...

周一（7月21日）亚市盘中，白银期货维持震荡偏多，最新沪银主力价格报9272元/千克，涨幅0.94%， 对美债增长的担忧和关税的进一步消息可能会让白银继续受到关注，目前看来，银价得到了很好的底部 支撑。 【要闻速递】 在关税方面，印尼仍在制定与美国新贸易协议的细节，而美国财政部长贝森特则告诉日本首相有可能达 成"良好协议"。 报道援引不具名消息人士称，特朗普对欧盟要求降低汽车关税的最新提议无动于衷，并将按计划维持 25%的汽车关税。 【技术分析】 当前贵金属策略上建议维持多头思路，沪银主力合约参考运行区间9095-10000元/千克。工信部称汽 车、钢铁、有色、石化等重点行业稳增长工作方案即将出台，银价跟随有色金属价格小幅走高。沪银溢 价维持至350元/千克左右关注。降息预期依旧高涨，银价支撑仍存。沪银主力合约参考运行区间9095- 10000元/千克，上方阻力关注9300-9400，下方支撑看8900-9000。 本周，美国对印尼征收的威胁性关税税率从32%降至19%后，印尼仍在就最近与美国达成的贸易协议的 细节进行谈判，并正在寻求对其出口的棕榈油和镍给予豁免。印尼经济官员称，印尼已要求美国对其出 口的可可 ...

Group 1 - The core viewpoint of the article highlights the recovery of overseas demand for U.S. Treasury bonds in May, with a notable increase of $32.4 billion, bringing the total holdings by major foreign investors to $9.0458 trillion [1] - Japan, the UK, and mainland China remain the top three holders of U.S. debt, with Japan and the UK slightly increasing their holdings, while China reduced its holdings for the fourth consecutive month, selling $900 million in May [1][2] - Canada significantly increased its U.S. Treasury holdings by $61.7 billion in May, reaching a historical high of $430.1 billion, moving up to the fifth position among major foreign investors [1] Group 2 - The article discusses the impact of U.S. fiscal policies on the demand for U.S. Treasury bonds, noting that despite concerns over the U.S. deficit, the fundamental demand for these bonds remains strong due to their market depth and liquidity [2] - The U.S. Congress passed a large tax and spending bill in May, which is projected to increase the deficit by $2.8 trillion over the next ten years, raising concerns about the long-term fiscal health of the U.S. [3] - Moody's downgraded the U.S. long-term issuer rating from Aaa to Aa1, citing the ongoing large fiscal deficits and their implications for government debt and interest expenses [3] Group 3 - In May, U.S. Treasury investors faced multiple challenges, including uncertainty over tariffs, rising government debt, and a downgrade in sovereign ratings, leading to a decline of over 1.2% in Treasury indices [3] - The Federal Reserve maintained its interest rate target range at 4.25% to 4.50%, indicating increased uncertainty in the economic outlook, despite stable unemployment rates [4] - Fed Chairman Powell noted that the impact of tariffs has not yet fully manifested in economic data, and the evolving policies of the Trump administration contribute to economic uncertainty [4][5]

智通财经7月17日电，台积电表示，由于关税及其他不确定性，对第四季度的预测更为保守。 ...

Group 1 - Volvo Cars reported Q2 revenue of 93.5 billion Swedish Krona, which is below the IBES estimate of 89.069 billion Swedish Krona [1] - The company experienced a net loss of 7.51 billion Swedish Krona in Q2 [1] - Demand continues to be affected by macroeconomic conditions, tariff-related uncertainties, and increased competition, leading to ongoing pressure on production and profitability [1]

Group 1 - The core viewpoint is that Volvo Cars is facing ongoing pressure on production and profitability due to macroeconomic conditions, tariff-related uncertainties, and intensified competition [1]