Group 1 - The Eurozone's August manufacturing PMI preliminary value is 50.5, exceeding the forecast of 49.5 and the previous value of 49.8 [1] - The Eurozone's August services PMI preliminary value is 50.7, slightly below the forecast of 50.8 and the previous value of 51 [1]

Group 1 - The preliminary value of Japan's August Services PMI is 52.7, down from the previous value of 53.6, indicating a slowdown in the services sector [1] - The preliminary value of Japan's August Manufacturing PMI is 49.9, an increase from the previous value of 48.9, suggesting a slight improvement in the manufacturing sector [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry [36]. Core Insights - In July, the S&P Global Services PMI for China rose to 52.6, an increase of 2.0 percentage points from the previous month, while the China Caixin Services Business Activity Index fell to 50.0%, a decrease of 0.1 percentage points [3]. - The divergence between the two service PMIs in July represents the largest gap in nearly two and a half years, highlighting different underlying trends in the service sector [3][4]. - The Caixin Services PMI is more reflective of the retail and real estate sectors, while the S&P PMI captures the impact of international tourism on China's service industry [5][8]. Summary by Sections Section 1: PMI Analysis - The Caixin Services PMI covers a broader sample of over a thousand companies across approximately 40 industry categories, while the S&P Services PMI includes only 650 companies and focuses on a narrower range of industries [4][5]. - Historical data shows that divergences between the two PMIs often occur when the retail and real estate sectors are underperforming, while tourism is thriving [5][22]. Section 2: Sector Performance - The Caixin Services PMI is better at tracking the retail sector's performance, as it aligns more closely with the growth rate of social retail sales [23][26]. - The S&P Services PMI's high readings are largely driven by the recovery in tourism, with a strong correlation to air passenger traffic [8][31]. Section 3: Economic Indicators - The report suggests that the decline in the Caixin Services PMI may signal a cooling in the real estate market, while the S&P PMI reflects a robust tourism sector [6][8]. - The analysis indicates that the Caixin Services PMI is more sensitive to changes in the real estate market, as evidenced by its stronger correlation with housing price indices [6][27].

Group 1 - The core focus of the market is on the upcoming US ISM Non-Manufacturing PMI data, which is expected to significantly influence market trends, particularly for the US dollar and gold [2][3] - The market anticipates the July ISM Non-Manufacturing PMI to reach 51.5, an increase from the previous month's 50.8, indicating potential economic growth [2] - The probability of the Federal Reserve cutting interest rates in September has risen to 87%, up from 63% a week prior, suggesting a favorable environment for gold as a non-yielding asset [2] Group 2 - Gold prices have shown a bullish trend after breaking the $3335 level, currently fluctuating around $3380, with key support at $3360 and critical support at $3350 [3] - If gold prices fall below $3350, they may further decline to the $3320 area or even the $3000 mark, while resistance levels are identified at $3385, $3400, and $3430 [3] - A successful breakout above these resistance levels could lead to testing the yearly high of $3500 [3]

Core Insights - China's service sector accelerated its expansion in July, with new business orders increasing and sales expenses rising for the first time in six months, leading to improved business sentiment at its highest level since March [1][5]. Group 1: Service Sector Performance - The S&P Global Services PMI for July was reported at 52.6, up from 50.6, marking the fastest expansion rate in over a year and remaining in the expansion zone for 31 consecutive months [1]. - The S&P Global Composite PMI for July was 50.8, a slight decline from 51.3, but still indicating expansion for the second consecutive month [3]. Group 2: Business Conditions and Sentiment - Respondents from the service sector indicated that new business supported growth in activity for the second half of the year, with new orders increasing at the fastest rate on record, attributed to improved underlying demand conditions and positive business outlook [5]. - External demand saw its first increase in three months, driven by rising tourism activities and more stable trade conditions, resulting in the fastest growth in new export business in two months [5]. Group 3: Employment and Confidence - Increased workloads and improved confidence led service companies to hire more employees in July, while the expansion of labor capacity resulted in a slowdown of backlog work growth [5]. - Overall business confidence improved, reaching a four-month high, driven by expectations of better economic conditions and improved global trade supporting future sales and activity growth, although still below long-term averages [5]. Group 4: Cost and Pricing Dynamics - The latest survey indicated a rise in sales expenses in July, suggesting enhanced confidence as companies were able to pass on higher costs to customers for the first time in six months [6]. - The performance of the service sector in July contrasted with the slowing trend in manufacturing [6].

Core Insights - The Swiss services PMI for July is reported at 41.8, a decrease from the previous value of 48.5 [1] Group 1 - The decline in the services PMI indicates a contraction in the Swiss services sector, as a PMI below 50 signifies a reduction in activity [1]

Market Insights - President Trump visited the Federal Reserve and described the discussions with Chairman Powell on interest rates as "very productive," indicating a close observation of the committee's rate-setting process [1] - The European Central Bank (ECB) paused its interest rate cuts for the first time since June 2024, highlighting trade disputes as a major source of policy uncertainty [1] - The EU member states voted to impose counter-tariffs on $93 billion worth of U.S. products, which will automatically take effect if trade negotiations fail by August 7 [1] Economic Indicators - The U.S. manufacturing PMI fell to 49.5, the lowest since December 2024, while the services PMI rose to 55.2, marking the highest since December 2024 [2] - The Eurozone's manufacturing PMI reached 49.8, the highest since July 2022, with the services PMI unexpectedly rising to 51.2, pushing the composite PMI to 51, above market expectations [2] - South Korea's GDP grew by 0.6% quarter-on-quarter in Q2, driven by a recovery in consumption and improved exports [2] Commodity and Currency Markets - COMEX gold futures fell by 0.77% to $3,371.3 per ounce, while silver futures decreased by 0.55% to $39.285 per ounce [4] - U.S. oil futures rose by 1.39% to $66.16 per barrel, and Brent crude increased by 0.96% to $68.48 per barrel [5] - The U.S. dollar index increased by 0.29% to 97.49, with various currency pairs showing mixed performance against the dollar [5][6]

Group 1 - The UK's July composite PMI preliminary value recorded at 51.0, marking a two-month low [1] - The services PMI index preliminary value recorded at 51.2, also a two-month low [1] - The manufacturing output PMI preliminary value recorded at 50.0, reaching a nine-month high [1] - The manufacturing PMI recorded at 48.2, indicating a six-month high [1]

Core Viewpoint - The preliminary PMI for the UK services sector in July is reported at 51.2, which is below the expected 53 and the previous value of 52.8 [1] Summary by Category - **Economic Indicator** - The July services PMI indicates a slight contraction in the sector, as the reading of 51.2 suggests growth is slowing compared to previous months [1] - The expected PMI was 53, indicating market expectations were higher than the actual performance [1] - The previous month's PMI was 52.8, showing a decline in the services sector's performance [1]

Core Viewpoint - The Eurozone's preliminary Services PMI for July is reported at 51.2, exceeding expectations of 50.7 and the previous value of 50.5 [1] Group 1 - The Services PMI indicates a growth in the service sector, as a value above 50 signifies expansion [1] - The increase from the previous month's value suggests a positive trend in economic activity within the Eurozone's service industry [1]