Core Viewpoint - The article discusses the current state of the financial market, focusing on the balance of funds, interest rates, and the impact of recent economic data on market sentiment. Group 1: Market Conditions - The central bank conducted a 7-day reverse repurchase operation of 755 billion, with 985 billion maturing today, resulting in a net withdrawal of 230 billion [2] - The funding environment remains balanced and loose, with stable funding rates; DR001 is around 1.32% and DR007 is around 1.48% [2] - June inflation data was weak, leading to fluctuations in the stock market, which peaked and then retreated [3][4] Group 2: Interest Rates and Bond Market - The weighted average rates for various repos are as follows: RO01 at 1.38%, R007 at 1.50%, and R014 at 1.54%, with total transaction volume at approximately 82,256.73 billion [3] - The 10-year government bond yield opened at 1.6435% and fluctuated slightly, reflecting market reactions to economic data and external factors [4] - There were reports of a province reducing the investment scale in agricultural commercial banks' bonds, which contributed to a slight increase in interest rates [4][5] Group 3: Market Sentiment and Reactions - Market sentiment was stable in the bond market despite external pressures, with minor fluctuations in response to economic indicators [4] - The article mentions a "shame" felt by agricultural commercial banks regarding their lending capabilities and investment strategies, indicating a broader sentiment of distress within the sector [6][7]

年关税将带来1000亿美元 推文截图 特朗普贸然发函，激怒日本、东盟 据两名来自收到信函的国家的人士透露，当特朗普公布信函时，亚洲正处于深夜，且美方事先并未向各 国政府提前通知。Politico与六名现任外国官员、四名前官员以及其他知情人士的对话显示，他们对特 朗普发函的方式普遍感到愤怒。 其中一名政府官员表示："我们完全不知道他在发什么，寄给谁，或者怎么寄的。" 【文/观察者网 齐倩】"首先是震惊，其次是沮丧，然后是愤怒，"谈及对美国总统特朗普宣布对14国加 征关税的反应时，一名前日本官员用了三个词语予以形容。 据美国政治新闻网（Politico）7月8日报道，特朗普7日陆续公布了致14国的关税信函，其中10国来自亚 洲，并再次出言威胁。对于美国的亚洲贸易伙伴来说，特朗普贸然发函的举动，令他们感到沮丧和难以 置信。 此前，这些国家认为他们已经与美国进行了数月的真诚谈判，但现在来看，都是一厢情愿。 报道提及，白宫在与亚洲国家的贸易谈判中，特别施压他们"切断与中国的经济关系"。但这名前日本官 员表示，特朗普的关税"将把这些国家推向中国"。前美国驻缅甸大使也指出，特朗普此举恰恰证实了一 种在亚洲流传已久的说法，即 ...

隔夜，现货黄金下跌逾1%，盘中一度跌破3300美元关口，刷新逾一周低点至3287.06美元，收盘报3301.53美元。今日欧市盘中，黄金窄幅震荡，目前在 3303美元附近徘徊。 新高浪潮或正在酝酿！ 隔夜，美股三大指数收盘涨跌不一。截至收盘，道琼斯指数下跌0.37%，报收于44240.76点；标普500指数下跌0.07%，报收于6225.52点；纳斯达克综合指 数上涨0.03%，报20418.46点。 消息面上，特朗普发出威胁，涉及关税。 当地时间7月8日，美国总统特朗普在社交媒体平台"真实社交"上发文表示，根据7日发给各国的信函，以及接下来一段时间内将要发送的信函，关税将于 2025年8月1日开始实施，"该日期没有变化，以后也不会改变"。 特朗普4月2日宣布开征所谓"对等关税"，引发美国金融市场暴跌。在多方压力下，特朗普又在4月9日宣布暂缓对部分贸易对象征收高额"对等关税"90天， 但维持10%的"基准关税"。 7月7日，特朗普签署行政命令，延长所谓"对等关税"暂缓期，将实施时间从7月9日推迟到8月1日。 在特朗普发出上述关税威胁后，当地时间8日盘中，纽约期铜一度飙升超17%，最高触及5.8955美元/磅。 ...

2025 年 07 月 09 日 从对等关税到"歧视性关税" 证券分析师 (8621)23297818× zhaovu2@swsresearch.com 美东时间 7 月 7 日，特朗普向日本、韩国等 14 国发送了上调关税的信件。新关税将于 8 月 1 日生效,税率较为接近 4 月初的对等关税。市场选择"理性忽视",等待后续的数据验证。 一、美国关税执行现状?特朗普推迟关税暂停截至日,或分批发出关税上调信函 截至 5 月,美国平均关税税率 7.4%,加征进度偏慢。截至最新数据,美国对中国税率 38.6%, 对日本 9.3%、对英国 6.2%,对越南 4.8%、对德国 6%。主要产品关税中,汽车进口税率 13.4%, 钢制产品进口税率 29.5%、铝产品 23%，塑料产品 11.3%，电气设备 8.3%。 7 月 7 日，美国宣布提升 14 国关税，生效日期推迟至 8 月 1 日。 4 月 2 日对等关税的市场冲 击超预期，9 日特朗普宣布关税暂缓 90天，仅实施 10%的基准税。7月7日，特朗普宣布提 升 14 国关税,但生效日期推迟至 8月 1 日,或有意向谈判各方施压。 特朗普或选择分批发送关税信函,集 ...

Group 1 - The core viewpoint of the articles revolves around the impact of U.S. trade policies, particularly the proposed tariffs by President Trump on Japan and other trade partners, which have led to fluctuations in currency exchange rates, particularly the USD/JPY [1][2] - Following Trump's announcement of a 25% tariff on Japan and other countries, the USD/JPY exchange rate rose to its highest point in over two weeks, indicating market reactions to trade tensions [1] - The ongoing trade negotiations between the U.S. and Japan are at an impasse, primarily due to Japan's reluctance to compromise on rice market protection, which is affecting the value of the yen [2] Group 2 - The Euro is holding steady against the dollar as the market speculates on the possibility of the EU receiving exemptions from U.S. tariffs, which could influence currency valuations [2] - Market expectations indicate that the Federal Reserve may lower interest rates twice before the end of the year, while the European Central Bank is only expected to lower rates once, affecting the relative strength of the euro against the dollar [3]

在周二超过1%的下跌后，金价在周三的亚洲交易中继续承受损失，未能从中国6月份的混合通胀数据中找到太多灵感。 周三数据显示，中国6月份的年消费者物价指数（CPI）上涨1%，而5月份下降0.1%。与此同时，国家的 生产者物价指数（PPI）在6月份同比下降3.6%，而 预期为-3.2%，前值为-3.3%。 投资者继续消化美国总统唐纳德·特朗普的关税谈判，关于可能的美国贸易协议的乐观情绪为 美元（USD）提供了一些支撑，限制了黄金价格的反弹尝试。 特朗普将"对等关税"的最后期限延长至8月1日，给予一些美国贸易伙伴更多的时间进行贸易谈判并达成协议。这一叙述继续推动美元上涨，损害了以美元计 价的金价。 今日Ultima Markets为您带来了 2025年7月9日的黄金深入分析。 · 金价在周三早盘舔舐伤口，突破区间向下。 · 贸易协议的乐观情绪和美联储预期的鹰派转变继续对无收益的金价施加压力。 · 金价在周二收于50日均线下方，日线RSI呈看跌状态。 金价在周三早盘徘徊于3300美元，舔舐伤口。交易者在等待新的贸易更新和美国联邦储备委员会（美联储）6月政策会议的会议纪要，以获取新的指引，因 而不愿意对这块贵金属进行新的 ...

Group 1: Tariff Adjustments Overview - Trump's recent reciprocal tariff adjustments categorize countries into three groups based on economic size and negotiation progress[1] - Major economies like China, the UK, India, and the EU saw no new tariff changes, indicating a potential return to rationality in Trump's tariff policy[1] - Japan and South Korea are under pressure for tariff adjustments due to slow negotiation progress and high geopolitical reliance on the US[1] Group 2: Specific Tariff Changes - 14 countries received updated tariff rates, with Japan and South Korea facing potential increases while countries like Cambodia saw reductions of up to 13%[2][3] - The new tariff rates for 11 of the 14 countries are whole numbers, suggesting a degree of subjectivity in the adjustments[3] - The deadline for tariff exemptions for countries other than China has been extended to August 1, 2025, while China's exemption remains valid until August 12, 2025[2][4] Group 3: Negotiation Dynamics - The adjustments appear to be more about leveraging negotiations rather than substantial tariff increases, as indicated by Trump's willingness to reconsider if countries express a desire to negotiate differently[10] - The focus on East Asian and Southeast Asian countries suggests ongoing strategic considerations in US-China relations, with Japan and South Korea as key negotiation points[11]

情增加，不过现货升水维持400元/吨，国内库存小幅增加。而海外延续去库，LME注销仓单增加。技术面 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 ，持仓增量空头增强，关注MA60支撑，重回前期震荡区间。操作上，建议暂时观望，参考26.0-26.8。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 | | | 沪锡产业日报 2025-07-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 262890 | -2590 LME3个月锡(日,美元/吨) | 33320 | 60 | | | 8月-9月合约收盘价:沪锡(日,元/吨) | -30 | 70 主力合约持仓量:沪锡(日,手) | 26633 | 388 | | ...

2025 年 07 月 09 日 从对等关税到"歧视性关税" 世 界 经 济 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 陈达飞 A0230524080010 chendf@swsresearch.com 赵宇 A0230524080007 zhaoyu2@swsresearch.com 联系人 赵宇 (8621)23297818× zhaoyu2@swsresearch.com 美东时间 7 月 7 日，特朗普向日本、韩国等 14 国发送了上调关税的信件。新关税将于 8 月 1 日生效，税率较为接近 4 月初的对等关税。市场选择"理性忽视"，等待后续的数据验证。 一、美国关税执行现状？特朗普推迟关税暂停截至日，或分批发出关税上调信函 截至 5 月，美国平均关税税率 7.4%，加征进度偏慢。截至最新数据，美国对中国税率 38.6%， 对日本 9.3%、对英国 6.2%，对越南 4.8%、对德国 6%。主要产品关税中，汽车进口税率 13.4%， 钢制产品进口税率 29.5%、铝产品 23%，塑料产品 11.3%，电气设备 8.3%。 7 月 7 日，美国宣布提 ...

Core Viewpoint - India, traditionally cautious in its diplomatic strategies, has unexpectedly chosen to confront the United States amidst the backdrop of Trump's impending "reciprocal tariffs" policy, signaling a significant shift in its approach to U.S. relations [1][3][5]. Group 1: India-U.S. Trade Relations - India has been under pressure from the Trump administration to lower tariffs on U.S. goods, especially as the U.S. has become one of India's largest trading partners [5][7]. - Despite a history of friendly relations, the U.S. demands, particularly regarding agricultural products, have led to a stalemate, with India unwilling to compromise on its agricultural market [8][10]. - On July 4, India announced retaliatory tariffs on U.S. goods worth approximately $725 million, marking a public counteraction against U.S. trade strategies [11]. Group 2: Diplomatic Maneuvers - India's stance at the BRICS summit has shifted, moving from a supportive role of U.S. interests to a more confrontational position, indicating a strategic pivot in its international relations [12][15]. - India is also seeking to undermine U.S. influence on the global stage by collaborating with other international organizations and advocating for reforms in the International Monetary Fund (IMF) [13][15]. Group 3: Domestic Considerations - The Indian government's response to U.S. demands is influenced by domestic political factors, particularly the religious and cultural implications of agricultural policies, which are critical to Prime Minister Modi's political standing [17][19]. - Modi's firm stance on agricultural market control reflects the need to maintain support from significant voter demographics, particularly those influenced by Hindu religious beliefs [17][19]. Group 4: Broader Implications - The ongoing trade tensions between India and the U.S. could have wider repercussions, potentially affecting U.S. trade strategies and its broader geopolitical objectives, including its approach to China [19][20]. - India's awareness of China's trade negotiations with the U.S. has prompted it to adopt a more assertive position, as it seeks to enhance its own standing on the global economic stage [20].