Group 1 - The UK economy showed only slight growth in July, with employment numbers decreasing at the fastest rate in five months [1][2] - The S&P Global UK Composite PMI fell from 52.0 in June to 51.0 in July, slightly above the 50.0 mark that separates growth from contraction [2] - The employment index dropped to 45.1, the lowest since February, attributed to increased employee social security contributions starting in April [2] Group 2 - Concerns over weak demand are affecting hiring decisions, with expectations that the Bank of England will implement its fifth interest rate cut in August despite inflation rising to 3.6% in June [2] - The PMI data indicates a quarterly economic growth rate of only 0.1%, with risks of further weakness [2] - The PMI also highlights the Bank of England's dilemma, as price growth has accelerated for the first time since April due to suppliers trying to offset increased tax and wage costs [2] Group 3 - The GBP/USD is currently in a downtrend, with technical indicators suggesting a potential acceleration of decline if it breaks below 1.3100 [3]

Core Viewpoint - The manufacturing sector in Spain experienced its fastest growth in July 2023, with production and new orders reaching their highest levels of the year, indicating a positive trend in the industry [1] Group 1: PMI Data - The Purchasing Managers' Index (PMI) for Spain's manufacturing sector rose from 51.4 in June to 51.9 in July, marking the third consecutive month of growth [1] - This growth rate is the highest since December 2024, when the PMI was at 53.3 [1] Group 2: Production and Demand - The increase in production is attributed to new projects and a growing demand, primarily driven by domestic needs [1] - Industrial production has expanded for three consecutive months, with expectations for further support in the coming months due to an improving demand environment [1]

Group 1 - Silver market shows strong upward momentum, outperforming gold with a year-to-date increase of approximately 35% compared to gold's nearly 28% rise [1] - Current silver price is attempting to maintain above the critical level of $39 per ounce, following a prolonged supply shortage lasting 7 years [1] - Spot gold price has fallen below the important threshold of $3360.23 per ounce, while spot silver has shown a slight increase of 0.02% to $39.03 per ounce [1] Group 2 - The S&P Global Purchasing Managers' Index (PMI) indicates that the US composite PMI rose from 52.9 in June to 54.6 in July, with the services PMI significantly increasing to 55.2, reflecting accelerated economic activity [2] - Strong PMI data supports the Federal Reserve's decision to maintain current interest rates, while also boosting the US dollar index and US Treasury yields [2] - Upcoming US durable goods orders data is crucial as it may provide new insights into gold price trends, with strong data potentially reinforcing economic recovery expectations and further pressuring gold prices [2] Group 3 - Spot gold experienced fluctuations with a downward trend, while spot silver remains near a 14-year high, hovering around levels last seen in September 2011 [3] - Silver's recent price action is supported by a weak dollar, with a weekly increase of nearly 2.36%, despite a slight daily decline of 0.50% [3] - Silver continues to trade well above its 9-day, 21-day, and 50-day moving averages, maintaining a bullish technical structure [3]

Core Insights - Eurozone manufacturing shows signs of stabilization in June, with PMI rising to 49.5, the highest level since August 2022, marking the fourth consecutive month of output growth [1][4] - New orders stabilized in June, ending a 37-month decline, while export orders also showed signs of recovery [4] - Germany's manufacturing PMI reached a 34-month high, with new orders growing at the fastest rate in 39 months, indicating a continued recovery [6][9] - France's manufacturing PMI fell to 48.1, marking the largest decline since February, primarily due to a sharp drop in new orders [11][14] Eurozone Manufacturing Overview - Eurozone manufacturing PMI increased from 49.4 in May to 49.5 in June, approaching the critical 50 mark, although still in contraction territory [4] - Output index decreased from 51.5 in May to 50.8 in June, indicating a slowdown in growth but remaining in the expansion zone [4] - Employment numbers continued to decline for the 25th consecutive month, with layoffs accelerating slightly in June [4] Country-Specific Performance - Germany's manufacturing PMI rose from 48.3 in May to 49.0 in June, with output index reaching 51.9, indicating a two-month high [6][9] - New orders in Germany increased for the third time in four months, reflecting improved domestic and international demand [9] - In contrast, France's manufacturing sector faced further deterioration, with new orders declining at the fastest rate in four months, leading to reduced production activity [11][14] Employment and Pricing Trends - German manufacturers reported a slight increase in purchasing activity for the first time in three years, despite ongoing declines in inventory levels [9] - French manufacturers continued to face rising input prices, with inflation slightly accelerating compared to May, while also reducing selling prices to compete for new business [14]

Group 1 - The core viewpoint of the news highlights the recent performance of silver futures and the economic indicators from Japan, suggesting potential market movements and implications for investment strategies [1][2] - On June 23, the Shanghai silver futures closed at 8770 yuan per kilogram, with a daily increase of 0.35% and a trading volume of 436,999 contracts [1] - The spot price of silver in Shanghai was reported at 8707 yuan per kilogram, indicating a discount of 63 yuan per kilogram compared to the futures price [1] Group 2 - The Bank of Japan has decided to slow down the reduction of bond purchases starting from the fiscal year 2026, amid concerns over the economic outlook and potential impacts of U.S. trade tariffs [1] - Japan's core inflation rate has remained above the central bank's 2% target for over three years, reaching a two-year high in May, which opens the door for further interest rate hikes [1] - The au Jibun Manufacturing Purchasing Managers' Index (PMI) showed that Japan's manufacturing sector returned to expansion for the first time since May 2024, rising from 49.4 to 50.4 in June [1] Group 3 - The trading strategy for silver futures indicates a recent trend of initial declines followed by rebounds, with a focus on adjusting the rebound target upwards [2] - The primary resistance level for silver futures is set at 8900, and if this level is breached, there is potential to test the 9000 psychological resistance zone [2] - The overall trading rhythm is expected to remain oscillating and slightly bearish [2]

Group 1: U.S. Economic Indicators - The Federal Reserve's Beige Book indicates weak economic growth, with only 3 out of 12 districts showing slight growth due to hiring slowdowns and concerns over tariffs affecting prices [1] - ADP reported that U.S. private sector employment increased by only 37,000 in May, significantly below the expected 110,000, marking the lowest increase in over two years [1] - The ISM reported that the U.S. non-manufacturing PMI fell below 50 for the first time in a year, indicating contraction, driven by declining new orders and rising prices due to higher import tariffs [1] Group 2: European Market Response - European markets reacted positively to the news of U.S. tariffs, with all three major indices rising, and the DAX index reaching a historical high [2] - The European Commission indicated that trade negotiations with the U.S. are progressing positively, which helped to soothe market sentiments [2] Group 3: Eurozone Economic Data - The Eurozone composite PMI for May was reported at 50.2, exceeding expectations, suggesting greater economic resilience amid U.S. tariff uncertainties [3] - However, the services sector in the Eurozone showed signs of weakness, with the PMI falling below 50, particularly in Germany, while France showed slight improvement [3] Group 4: Commodity Market Movements - International oil prices fell due to OPEC's decision to maintain production increases and OECD's downward revision of global growth forecasts, raising concerns about oversupply [4] - International gold prices saw a slight increase as the U.S. dollar index dropped below 99, with August gold futures closing at $1,399.20 per ounce [5]

Group 1 - The core viewpoint indicates that the British pound is influenced primarily by fundamental factors, with limited high-impact financial data released recently [1] - The upcoming final Purchasing Managers' Index (PMI) for May, particularly in the services sector, and May's housing price indicators are expected to be significant for the pound's movement [1] - Market expectations suggest that the Bank of England may lower interest rates once or even twice before the end of the year [1] Group 2 - The Consumer Price Index (CPI) and retail sales data for April exceeded expectations, potentially easing the market's dovish outlook on the Bank of England [1] - The speech planned by Bank of England Monetary Policy Committee member Mann on Tuesday is a key event for monetary policy, with hawkish tones likely to support the pound [1] - The call from Bank of England Governor Bailey for stronger ties between the UK and the EU remains a primary concern for pound traders, especially in light of disappointing UK-US trade agreements [1] Group 3 - The UK government's austerity measures may exert pressure on the pound [1] - Analysts believe that the intentions of the Bank of England will be crucial for the pound's movement in the coming week, alongside external fundamental factors from the US and EU [1] - The 14-day Relative Strength Index (RSI) is struggling to maintain above 60.00, with a potential decline to the 40.00-60.00 range signaling the end of bullish momentum [1]

Group 1: PMI Data Overview - The manufacturing PMI for May is 49.5, an increase of 0.5 percentage points from April[2] - The non-manufacturing PMI is 50.3, a decrease of 0.1 percentage points from April[2] - Overall PMI data shows improvement, indicating reduced economic pressure compared to April[3] Group 2: Production and Demand Insights - Production index rose to 50.7, above the neutral line, while demand recovery was less pronounced[4] - New orders increased by 0.6 percentage points to 49.8, and new export orders rose by 2.8 percentage points to 47.5[4] - The "production-demand gap" expanded by 0.3 percentage points to 0.9 percentage points[4] Group 3: Inventory and Price Trends - Raw material inventory increased by 0.4 percentage points to 47.4, while finished goods inventory decreased by 0.8 percentage points to 46.5[5] - Price indicators have declined for three consecutive months, with purchasing prices down 0.1 percentage points to 46.9[5] - Factory gate prices also fell by 0.1 percentage points to 44.7, indicating ongoing profit pressure for enterprises[5] Group 4: Non-Manufacturing Sector Performance - Non-manufacturing PMI slightly decreased by 0.1 percentage points to 50.3, underperforming compared to historical averages[10] - Consumer services sector showed resilience, increasing by 2.3 percentage points to 51.6, while production services declined[11] - Construction PMI fell by 0.9 percentage points to 51.0, with civil engineering improving but housing construction declining[10]

Economic Overview - The Eurozone economy unexpectedly contracted in May, with the services sector experiencing its worst performance in 16 months, overshadowing a slight improvement in manufacturing [2][3][7] - The Eurozone composite PMI dropped from 50.4 in April to 49.5 in May, below analysts' expectations of 50.6 [3] - The services PMI preliminary value was 48.9, lower than the expected 50.5 and previous value of 50.1, while the manufacturing PMI preliminary value was 49.4, slightly above the expected 49.2 [3] Country-Specific Performance - France's economic activity has contracted for nine consecutive months, with a composite PMI rising only slightly from 47.8 in April to 48, still well below the 50 threshold [6][8] - German PMI data was disappointing, with a decline in the services sector, although government infrastructure reforms may provide future economic support [11] - Southern European countries like Spain showed relatively better performance, with strong tourism demand reported by Ryanair Holdings Plc [14] Sector Analysis - The weak performance of the services sector is a key factor in the overall PMI decline, indicating a challenging road for Eurozone economic recovery [7] - Despite the overall poor data, the manufacturing sector in the Eurozone has shown improvement, marking the first time since the pandemic that manufacturing outperformed services [7] - The manufacturing sector has seen production increase for three consecutive months, with new orders not declining for the first time since April 2022 [7] US Economic Context - In contrast, the US saw better-than-expected performance in May, with Markit manufacturing and services PMIs both indicating expansion [15][18] - The US manufacturing PMI preliminary value was 52.3, the highest in three months, while the services PMI preliminary value was also 52.3, reflecting growth driven by new business [18][21] - The US composite PMI preliminary value was 52.1, indicating a rebound from the lowest point of the year recorded in the previous month [23]

Group 1 - The core viewpoint of the articles indicates that the Eurozone's economic activity is experiencing a contraction, with the composite PMI falling from 50.4 in April to 49.5 in May, below market expectations [1] - The services sector PMI dropped to 48.9, the lowest since January 2024, significantly below the expected 50.3 and previous value of 50.1, indicating weakened demand and declining business confidence [1] - Manufacturing PMI showed signs of stabilization, rising to 49.4, above the previous value of 49.0 and the expected 49.3, with output index remaining in expansion territory at 51.5 for the second consecutive month [1] Group 2 - The analysis highlights that the Eurozone's economic momentum is insufficient, with the services sector's long-standing role as a growth engine being challenged, particularly under the pressures of global trade tensions and policy uncertainties [2] - There is an expectation that the European Central Bank will lower the deposit rate by 25 basis points to 2.00% in the upcoming meeting on June 5, which could further boost business confidence [1]