Core Viewpoint - The recent decline in spot gold prices is influenced by various economic factors, including inflation concerns and geopolitical risks, while the increase in gold ETF holdings indicates a bullish sentiment in the market [1][2][3]. Group 1: Gold Market Performance - On June 16, spot gold closed at $3,384.54 per ounce, down $47.45 or 1.38%, with a daily high of $3,450.98 and a low of $3,382.39 [1]. - Gold ETF holdings increased to 941.93 tons as of June 16, up by 1.44 tons from the previous trading day, reflecting a growing bullish sentiment in the market [2]. Group 2: Economic Indicators and Federal Reserve Policy - Recent statements from Federal Reserve officials express concerns over inflation, particularly regarding potential tariff policies that could raise prices [2]. - Upcoming retail sales and import price data are expected to provide further insights into inflation trends, with economists predicting a 0.2% decrease in May import prices and a 0.7% month-over-month decline in retail sales [2]. Group 3: Impact of Interest Rates on Gold - High interest rates typically exert downward pressure on gold prices, as gold is a non-yielding asset, making it less attractive in a high-rate environment [3]. - However, rising geopolitical risks and inflation expectations may mitigate some of the negative impacts on gold prices, leading to a volatile market in the short term [3].

即使是高端购房者也未能免受高利率的压力——过去一年，高昂的抵押贷款成本抑制 了澳洲富人区的 房价增长。 根据Ray White定义，澳洲"富人区"门槛为：悉尼房价中位数超409万澳元，其他地 区超252万澳元。 过去一年，悉尼增长最快的富人区是Coogee-Clovelly，房价中位数上涨2.35%，达 445万澳元； CastleCove-Northbridge上涨2.16%，至419万澳元；Bondi Beach- North Bondi上涨2.02%，至419万澳元， 增幅均较为温和。 报告显示，墨尔本9个富人区的房价年涨幅在-0.58%至0.59%之间：Toorak房价中位 数微跌0.12%， Brighton下跌0.24%，Malvern-Glen Iris下跌0.58%。 （图片来源：《悉尼晨锋报》） | Region | City | Median house price | Annual change | | --- | --- | --- | --- | | Nedlands-Dalkeith- Crawley | Perth | $2,800,000 | 8.8% | | City Bea ...

Group 1 - The core viewpoint is that high interest rates are a significant factor driving the strengthening of the ruble [1]

Core Insights - The current spot price for 1 electrolytic copper in Shanghai is reported at 78,510.00 CNY per ton, with a premium of 640.00 CNY over the futures main price of 77,870.00 CNY per ton [1] - The futures market shows a slight decline, with the main contract closing at 77,870.00 CNY per ton, down 0.15%, with a trading volume of 73,407 lots on May 28 [2] Price Overview - The price list for 1 electrolytic copper shows various quotes: - Shanghai Huatuo: 78,510 CNY/ton - Guangdong Nanshu: 78,500 CNY/ton - Shanghai YS: 78,495 CNY/ton [2] Market Capacity and Inventory - In 2025, 29 major domestic copper strip and sheet processing enterprises have a combined effective capacity of 2.034 million tons, accounting for 48.7% of the national effective total capacity [3] - As of May 28, the Shanghai Futures Exchange recorded a copper futures warehouse receipt of 34,861 tons, a decrease of 100 tons from the previous trading day, with a cumulative reduction of 6,357 tons over the past week, representing a decrease of 15.42% [3] Market Analysis - The market is facing price suppression due to global economic weakness expectations driven by tariff policies, alongside a backdrop of a mild recession and high interest rates in the U.S. [4] - Support for prices is expected from tight copper raw material supply and potential new restocking demand following tariff easing [4] - Recent trends show a continuous reduction in LME and SHFE inventories, indicating that spot premiums and backwardation structures may persist for an extended period, supporting a strong price fluctuation [4]

智通财经APP获悉，家得宝(HD.US)最近一个季度的销售额低于预期，这表明消费者信心减弱和经济动 荡正在挤压支出。这家全球最大的家居装饰零售商表示，截至 5 月 4 日的三个月内，可比销售额下降了 0.3%，较上一季度有所放缓。 财报显示，家得宝一季度营收为 398.6 亿美元，同比增长 9.5%，高于市场预期；调整后每股收益为3.56 美元，不及预期的3.59美元。 家得宝重申其 2025 财年指引，该公司预计总销售额增长约2.8% ；可比 52 周销售额增长约 1.0%。 首席财务官理查德·麦克菲尔在接受采访时表示，虽然2月份因全国范围内的天气状况影响了当季销售， 但3月和4月的需求有所改善。当前季度的前几周销售继续保持积极态势。 他表示，"我们的消费者仍然告诉我们，利率环境仍然是一个考虑因素，他们表示目前正在推迟大型项 目，"并补充道消费者习惯保持稳定。家得宝约80%的客户是自有住房者。 家得宝对应对关税影响持更为乐观的态度，因为它继续与供应商密切合作以实现采购多元化。从现在起 的12个月内，美国以外的任何国家在其采购中的占比都不会超过10%。麦克菲尔表示，这将有助于公司 总体上保持当前的定价水平，同 ...

Core Viewpoint - Dairy Queen's CEO expresses confidence in the brand's ability to withstand economic pressures, including tariffs, despite a noted decrease in consumer dining frequency [1] Group 1: Sales Performance - In Q1 of this year, Dairy Queen reported growth in both sales and transaction numbers, which is considered impressive compared to competitors, although growth has slightly slowed by April [1] - The total sales for Dairy Queen are projected to increase from $6.1 billion in 2023 to $6.4 billion in 2024 [3] Group 2: Economic Challenges - Competitors like McDonald's, Chipotle, Domino's, and Starbucks have noted a decline in consumer spending on dining out, attributed to concerns over tariffs impacting income and living costs [2] - The CEO acknowledges that while Dairy Queen will not raise costs for franchisees, those opening new stores or renovating existing ones may face challenges in absorbing new tariff costs without passing them on to consumers [2] Group 3: Market Expansion - Dairy Queen is planning to expand into the Middle East, having established supply chains and opened stores in Bahrain, Kuwait, Oman, and Qatar, with a particular focus on Saudi Arabia as a promising emerging market [3] - The brand operates over 4,100 locations in the U.S. and more than 7,700 globally, with over 1,600 stores in China, where two-thirds of the 419 new stores opened last year were located [2]

Core Insights - Sydney's affluent suburbs are experiencing significant declines in property prices, with the highest drop reaching 17.2% due to government planning adjustments, sustained high interest rates, and global economic instability [1][4]. Property Price Changes - Vaucluse's median property price decreased by 17.2%, now at AUD 7.32 million [2] - Glebe's median price fell by 14.7% to AUD 2.38 million [2] - Haberfield's median price dropped by 13.1% to AUD 2.7 million [2] - Fairlight's median price decreased by 12% to AUD 3.125 million [2] - Other suburbs with notable declines include Neutral Bay (-11.0%), Blakehurst (-7.3%), and Collaroy Plateau (-7.2%) [2]. Government Policy Impact - The New South Wales government is encouraging medium-density housing development in designated centers and near train stations, allowing for the construction of 2 to 6-story buildings [4]. - The government’s zoning policy is causing pressure on residents in affluent areas like Vaucluse, as new developments may be more attractive than older homes needing renovations [2][4]. Economic Factors - High interest rates have a more pronounced effect on affluent areas compared to economically suitable areas, leading to increased competition for more affordable properties [4]. - The sensitivity of property prices in affluent areas to interest rate changes is highlighted, as wealthier individuals may seek better returns elsewhere when cash rates are high [4].