Core Viewpoint - The report from Bank of America indicates that the US dollar may weaken further as the Federal Reserve appears ready to restart interest rate cuts despite persistent inflation [1] Group 1: Economic Indicators - The disappointing non-farm payroll data for July and concerns regarding the independence of the Federal Reserve have led to market expectations for quicker and larger rate cuts, even as inflation shows signs of stickiness [1] - The potential for interest rate cuts amid rising inflation creates a favorable environment for the depreciation of the dollar [1] Group 2: Currency Forecast - Bank of America forecasts that the EUR/USD exchange rate will rise from the current level of 1.1620 to 1.20 by the end of the year, and further to 1.25 by the end of 2026 [1]

Core Viewpoint - The Federal Reserve's July meeting minutes indicate that policymakers are more concerned about high inflation risks than the slowdown in the labor market, leading to a slight increase in the dollar [1] Group 1: Federal Reserve Insights - The minutes reveal that "most participants believe the risks of inflation rising are greater than the risks of a slowdown in the labor market" [1] - The meeting occurred prior to the release of July's non-farm payroll data, which underperformed expectations [1] - Analysts from Danske Bank suggest that the Fed's minutes may be "somewhat outdated," resulting in a limited market reaction [1] Group 2: Market Focus - Current market attention is shifting towards Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium on Friday [1]

Core Viewpoint - The report highlights the distortion of human rights in the U.S. under the collusion of power and capital, turning human rights into tools for political spectacle and bargaining chips in a power casino, deviating from the core values and essential requirements of human rights [1][9]. Section Summaries Introduction - The report serves as a critical examination of the real state of human rights in the U.S. during a politically charged election year, marked by party conflicts and social divisions [4]. American Democracy: A Game of Money and Power - The total expenditure for the 2024 U.S. election cycle exceeds $15.9 billion, setting a new record for campaign spending [4]. - Political parties manipulate electoral rules to suppress voter turnout, with 24 states passing restrictive voting laws that disproportionately affect minorities and low-income voters [4]. Welfare of the People: Struggles of the Underprivileged - High inflation exacerbates wealth inequality, with over 40 million people living in poverty and 13.5% of households facing food shortages [5]. - The number of homeless individuals has increased by 18.1% compared to 2023, reaching over 700,000, the highest since 2007 [5]. Racism: Shackles of Minority Ethnic Groups - Systemic racism persists in the U.S., with African Americans three times more likely to be shot by police than whites [7]. - Environmental racism is a growing concern, with waste facilities disproportionately located in minority communities [7]. Vulnerable Groups: The Helplessness of Women and Children - The U.S. has not ratified key international conventions on women's and children's rights, leading to widespread gender discrimination and violence [8]. - The number of illegal child laborers has reached the highest level in decades, with many immigrant children at risk of exploitation [8]. The Fatal Journey: The Tragedy of Undocumented Immigrants - Humanitarian crises at the U.S. border continue to worsen, with immigrants facing torture and inhumane treatment [2]. - The number of immigrant deaths at the southern border has increased significantly, from 72 in 2022 to 168 in 2024 [8]. American Hegemony: A Nightmare for Human Rights in Other Countries - The U.S. engages in unilateralism and hegemonic practices, violating international laws and threatening global peace and development [3].

Market Overview - On August 5, U.S. stock indices collectively declined, with the Dow Jones down 0.14% at 44,111.74 points, the S&P 500 down 0.49% at 6,299.19 points, and the Nasdaq down 0.65% at 20,916.55 points [2][4]. Economic Factors - Analysts attribute the decline in U.S. stocks to tariff announcements and economic data concerns. President Trump announced plans to impose "small tariffs" on imported drugs, with rates potentially rising to 250% over time. He also hinted at upcoming tariffs on semiconductors and chips [4][16]. - Economic indicators show a worrying trend, with the ISM non-manufacturing index for July at 50.1, below expectations of 51.5, indicating stagnation in the services sector. Employment indicators also fell from 47.2 to 46.4, raising concerns about stagflation [4][18]. Technology Sector Performance - Major tech stocks experienced declines, with Nvidia down 0.97%, Microsoft down 1.47%, Apple down 0.21%, Google down 0.22%, Meta down 1.67%, and Tesla down 0.19%. However, Amazon saw a slight increase of 0.99% [5][6]. - Amazon announced that its cloud computing division, AWS, will offer OpenAI's models, which may enhance its competitive position against Microsoft Azure [5]. Cryptocurrency Market - Coinbase plans to issue $2 billion in convertible bonds to raise funds for stock buybacks and debt repayment, leading to a stock price drop of over 6% [10]. Commodity Prices - International gold prices rose by 0.25%, closing at approximately $3,535 per ounce [11]. Company Earnings Reports - Taiwan Semiconductor Manufacturing Company (TSMC) reported Q2 revenue of $7.69 billion, a 32% year-over-year increase, but net profit fell by 31% to $781 million, leading to a stock price drop of over 2% [13][15]. - Advanced Micro Devices (AMD) reported Q4 net sales of $5.76 billion, below the expected $6.01 billion, with a stock price decline of 1.67% [16].

Group 1: Employment and Economic Indicators - The latest non-farm payroll data from the U.S. Labor Department shows a significant decline, with July's unemployment rate rising by 0.1 percentage points to 4.2%, and only 73,000 new jobs added, below the expected 110,000 [1] - Moody's chief economist Mark Zandi warns that the U.S. economy is on the brink of recession, with stagnating consumer spending and shrinking construction and manufacturing sectors, indicating potential job market weakness [2] - The ISM manufacturing PMI for July unexpectedly dropped to 48, marking a nine-month low, primarily due to decreasing orders and worsening employment conditions [3] Group 2: Trade and Tariff Policies - A report from Yale University indicates that the average effective tariff rate in the U.S. has reached 18.3%, the highest level since 1934, as U.S. tariff policies continue to evolve [1] - The OPEC statement reveals that eight major oil-producing countries will increase production by an average of 547,000 barrels per day in September [5] Group 3: Banking Sector Resilience - The European Banking Authority (EBA) reports that EU banks are sufficiently resilient to withstand economic shocks from geopolitical tensions and trade disputes, with no banks violating core capital requirements [5]

Core Viewpoint - Moody's chief economist Mark Zandi warns that the US economy is on the brink of recession due to a series of weak economic data and stagnation in consumer spending [1] Economic Indicators - Recent indicators show economic stagnation, with consumer spending at a standstill and declines in construction and manufacturing sectors [1] - Employment is expected to weaken, with signs of a significant freeze in hiring and a reduction in average working hours [1] Inflation and Policy Impact - High inflation complicates potential policy support from the Federal Reserve, impacting overall economic stability [1] - Zandi attributes much of the current economic slowdown to policy choices in Washington, including tariffs that erode corporate profits and household purchasing power [1] Labor Market Dynamics - The unemployment rate remains low primarily due to stagnant labor growth, a decrease in immigrant labor, and a declining labor participation rate [1] - The reduction in immigration limits the overall growth potential of the economy [1]

Core Viewpoint - The Central Bank of Turkey has significantly lowered the benchmark interest rate by 300 basis points to 43%, exceeding market expectations, marking a return to a rate-cutting cycle after a previous tightening phase due to political and financial instability [1][2] Group 1: Monetary Policy - The Central Bank of Turkey's decision to cut rates is supported by easing inflation pressures and a stabilizing exchange rate, creating favorable conditions for a loose monetary policy [1] - The bank's confidence in the ongoing decline of inflation is bolstered by the Turkish lira's stability, which provides momentum for the easing policy [2] - The inflation rate in Turkey dropped to 35% in June, down from a peak of approximately 75% in May of the previous year, indicating the initial effectiveness of prior tightening measures [1] Group 2: Economic Indicators - Key financial indicators such as foreign exchange reserves and stock market levels have returned to mid-March levels, reflecting a gradual recovery in market confidence [1] - Moody's upgraded Turkey's sovereign credit rating from "B1" to "Ba3," citing improved policy continuity, credibility, and alleviation of external economic imbalances as the main reasons for the upgrade [2] Group 3: Challenges and Risks - Despite the anticipated decline in inflation, it remains significantly higher than the global average, indicating ongoing economic challenges [2] - The current account deficit suggests insufficient export competitiveness, and capital inflows are vulnerable to international fluctuations, posing potential financial risks [2][3] - Political tensions continue to hinder the recovery of economic confidence, which is seen as a major obstacle to the Central Bank's monetary policy plans [2]

按业务种类划分，泰森食品旗下占比最大的牛肉业务Q1销售额为46.17亿美元，上年同期为50.34亿美元; 同期猪肉业务的销售额为14.21亿美元，上年同期为15.65亿美元;鸡肉业务的销售额为44.30亿美元，上 年同期为40.86亿美元。在第二财季内，泰森食品的牛肉和猪肉产品的平均销售价格分别下降了5.4%和 10.3%，泰森食品的首席执行官唐尼·金表示，目前美国的蛋白质市场仍然充满挑战。 此外，泰森食品还下调了全年销售额预测区间，这表明消费品价格上涨和广泛的高通胀正在阻碍消费者 在该公司产品上的支出。泰森食品目前预计2023财年的销售额将在530亿至540亿美元之间，而此前的预 测则为550亿至570亿美元，分析师平均预期则为550.5亿美元。该公司还下调了其牛肉、猪肉和鸡肉等 所有主要细分市场2023年全年的调整后的营业利润预期，理由是今年的宏观经济环境不确定性。 (相关资料图) 5月8日(周一)美股盘前，泰森食品(TSN.US)公布了截至2023年4月1日的2023财年第二季度财务报告。财 报数据显示，泰森食品Q2总销售额为131.33亿美元，低于分析师平均预期的136.2亿美元，上年同期销 售额则为 ...

Group 1 - The Atlanta Fed President Bostic signals a prolonged period of high inflation in the U.S., suggesting that businesses may take a year or longer to adapt to changes in trade policies, which provides a basis for the Fed to delay interest rate cuts [1] - The June non-farm payroll data showed an increase of 147,000 jobs, significantly exceeding economists' expectations of 106,000, while the unemployment rate slightly decreased to 4.1% [3] - A structural analysis reveals that the public sector added 73,000 jobs in June, with state and local education contributing 64,000, while the private sector only added 74,000 jobs, indicating a disparity in the labor market [3] Group 2 - Bostic warns that current inflationary pressures differ from traditional models, driven by trade policy adjustments and geopolitical risks, leading to a steady and persistent upward trend in prices [3] - The market's expectations for a policy shift have been impacted, with the probability of maintaining interest rates in July exceeding 95%, and expectations for rate cuts in the year reduced from three to two [5] - The economic landscape is characterized by contradictions, with nominal wage growth at 5.1% supporting consumption, while real wages have experienced negative growth for four consecutive months, eroding purchasing power [5] Group 3 - The Fed's cautious stance reflects the difficulty in balancing policy amid resilient yet fragile economic data, as businesses exhaust their ability to avoid price increases and the long-term effects of trade policy adjustments remain unclear [8] - Market attention is shifting towards the fall, awaiting more signals on inflation trends and the labor market to determine if September could mark a turning point for interest rate cuts [8]

Currency Market Overview - The Euro is fluctuating around 1.1760 against the US Dollar, while the British Pound has risen for the fourth consecutive trading day, trading above 1.3700 [1] - The US Dollar against the Japanese Yen is under pressure, remaining below 145.00, and the Australian Dollar is consolidating below 0.6600 [1] - The Canadian Dollar has dropped to around 1.3570, approaching an eight-month low of approximately 1.3540 [1] Key Developments in the US Dollar - President Trump announced that a tariff letter will be issued on Friday, with a floating range of 10%-70%, effective from August 1 [2] - US non-farm payroll data exceeded expectations, leading traders to abandon bets on a rate cut by the Federal Reserve in July [2] - Federal Reserve's Bostic noted that the labor market remains healthy, and the US economy may experience prolonged high inflation [2] Developments in Major Non-USD Currencies - ECB official Demarco stated that the Euro will not replace the Dollar as a reserve currency [3] - Japan's FY2025 wage growth forecast has been revised down to 5.25%, remaining above 5% for two consecutive years [3] - The Bank of England's survey indicates that UK businesses have lowered their wage growth expectations for the year [3] - ECB's Lagarde emphasized the need to improve the economy to enhance the Euro's global standing [3] Technical Analysis - The Euro/USD is trading above bullish moving averages, with the 20-day simple moving average (SMA) around 1.1570 [6] - The Australian Dollar/USD has broken through a multi-week range, indicating an upward trend, with key support at 0.6540-0.6530 [7] - The Dollar/Canadian Dollar has faced resistance near the 200-period SMA on the 4-hour chart, indicating a bearish outlook [7] Upcoming Economic Data - Key economic data to watch includes Switzerland's June adjusted unemployment rate and the Eurozone's May PPI [8]