新西兰二季度CPI同比 2.7%，预期 2.8%，前值 2.5%。 ...

智通财经7月21日电，新西兰第二季度CPI同比上升2.7%，预期2.80%，前值2.50%。 ...

证券研究报告 | 2025年07月20日 宏观经济宏观周报 高频指标逆季节性回升，消费维持较优表现 主要结论：高频指标逆季节性回升，消费维持较优表现。 经济增长方面，本周(7 月 18 日所在周）国信高频宏观扩散指数 A 由负转正， 指数 B 有所回升。从分项来看，本周消费领域景气有所回升，房地产领域景 气基本保持不变，投资领域景气有所回落，本周消费领域表现相对较优。从 季节性比较来看，本周指数 B 标准化后上升 0.14，表现优于历史平均水平， 指向国内经济增长动能有所改善。 | 证券分析师：李智能 | 证券分析师：田地 | | | --- | --- | --- | | 0755-22940456 | 0755-81982035 | | | lizn@guosen.com.cn | tiandi2@guosen.com.cn | | | S0980516060001 | S0980524090003 | | | 基础数据 | | | | 固定资产投资累计同比 | | 2.80 | | 社零总额当月同比 | | 4.80 | | 出口当月同比 | | 5.80 | | M2 | | 8.30 | | 市场走 ...

Group 1 - Japan's Consumer Price Index (CPI) for June increased by 3.3% year-on-year, matching expectations and down from a previous value of 3.5% [1]

Core Viewpoint - The Japanese Consumer Price Index (CPI) for June will be announced at 07:30 Beijing time, indicating potential economic trends and inflationary pressures in Japan [1] Group 1 - The announcement of the June CPI is crucial for understanding Japan's inflation dynamics [1] - Market participants are likely to closely monitor the CPI data for insights into monetary policy adjustments [1] - The timing of the announcement suggests it may influence trading activities in Asian markets [1]

Core Viewpoint - The June CPI indicates that tariff policies have had a certain impact on inflation [1] Group 1 - The Federal Reserve's Daly highlighted the influence of tariff policies on the Consumer Price Index (CPI) [1]

The latest CPI report was the clearest sign yet that tariffs are beginning to filter through to American households, and US companies are bracing for additional levies next month https://t.co/ZRjrm1Ltvp ...

On Tuesday, July 15th, we saw the June CPI data. Headline inflation climbed at 2.7% year-over-year, up from May's 2.4% reading. But X food and energy was lower than expected at plus.2% month overmonth.This mix suggested that the headline number was at least partially driven by elevated oil prices in June. In the wake of the Israel Iran conflict, the market's reaction reflected the general lack of clarity that the data introduced. Initially, the dollar traded lower, presumably believing that the drop in core ...

美联储理事库格勒：CPI显示核心商品通胀普遍扩大。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights that the retail sales of consumer goods in June 2025 reached CNY 42,287 billion, with a year-on-year growth of 4.8%, which is below the consensus expectation of 5.56% [5][10] - The report indicates that the online retail sector is growing rapidly, while offline retail remains stable, with online sales increasing by 8.5% year-on-year in the first half of 2025 [5][15] - The report emphasizes the impact of national subsidy policies on retail categories, with essential and discretionary goods showing continued growth [5][27] Summary by Sections Overall Retail Sales - In Q2 2025, retail sales grew by 5.4% year-on-year, with June showing a growth of 4.8%. The total retail sales for the first half of 2025 reached CNY 245,458 billion, marking a 5.0% increase [5][10] - Urban retail sales outpaced rural sales for four consecutive months, with urban sales in June at CNY 36,559 billion, growing by 4.8% year-on-year [12][10] By Category - Retail sales of goods outperformed the restaurant sector, with June's total for restaurant services at CNY 4,708 billion, a year-on-year increase of 0.9%, while goods retail reached CNY 37,580 billion, growing by 5.3% [22][5] - The report notes that national subsidy policies are effectively driving growth in essential and discretionary categories, with June's year-on-year growth rates for essential and discretionary goods at 5.92% and 2.15%, respectively [27][29] Price Performance - The Consumer Price Index (CPI) rose by 0.1% year-on-year in June 2025, while the Producer Price Index (PPI) fell by 3.6%, leading to an expanded PPI-CPI gap of -3.7% [33][36] - Food prices decreased by 0.3% year-on-year, with non-food prices showing a slight increase [35][36] Employment Situation - The urban unemployment rate remained stable at 5.0% in June 2025, unchanged from the previous month [43][44] Investment Recommendations - The report suggests that the white liquor sector may see demand recovery due to expanding domestic demand policies, despite short-term weakness from a "ban on alcohol" [51] - It also recommends focusing on core leading companies in the cosmetics sector, which are expected to perform well due to strong domestic growth and increasing market share [51]