金十数据7月24日讯，中信证券研报称，美日双方达成主要内容是"以增加投资换降低关税"的贸易协 议，这应能明显减小日本车企业绩受冲击的幅度，对日本的意义主要在于避免信函威胁成真、提高外贸 前景能见度。美日协议是日股上涨的催化剂，在经济前景逐渐明朗的基准情形下，我们预计日银今秋或 会再加息25bps，并一如既往地对日债持谨慎观点。 中信证券：美日协议为市场降低不确定性 ...

Core Viewpoint - The article highlights the positive market sentiment driven by trade agreements between the US and Japan, as well as progress in negotiations between the US and the EU, leading to record highs in major stock indices [1][2]. Market Dynamics - The Dow Jones increased by 507.85 points, or 1.14%, closing at 45010.29 points; the Nasdaq rose by 127.33 points, or 0.61%, to 21020.02 points; and the S&P 500 gained 49.29 points, or 0.78%, finishing at 6358.91 points [2]. Sector Performance - In the S&P 500, the energy sector rose by 1.54%, the consumer discretionary sector increased by 0.41%, and the real estate sector gained 0.19%. Conversely, the utilities sector declined by 0.79% [3]. Stock Performance - Major tech stocks mostly saw gains, with Nvidia up by 2.25%, Meta by 1.24%, and Amazon, Tesla, and Microsoft rising up to 0.36%. Apple fell by 0.12%, and Alphabet (Google A) dropped by 0.58% [4]. - GE Vernova's stock surged by 14.6% after raising revenue and free cash flow expectations, with a year-to-date increase of 91% due to rising power demand from AI and cryptocurrency data centers [4]. - Texas Instruments experienced a significant drop of 13% after its quarterly profit forecast indicated lower-than-expected demand for its analog chips, highlighting uncertainties related to tariffs [4]. - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up by 0.75%. Notable gains included Xiaoma Zhixing at 7.7%, WeRide at 5.2%, Tencent at 4%, and Pinduoduo at 3% [4].

美国总统特朗普兜售5500亿美元日本贸易协议，宣称："签署奖金"。 ...

白宫新闻秘书莱维特：还有更多贸易协议。 ...

欧盟外交官：在美国没有达成贸易协议、美国对欧盟征收30%关税的情况下，绝大多数欧盟成员国将支 持使用反胁迫手段。 ...

欧盟外交官：欧盟和美国正朝着可能的贸易协议迈进，美国对欧盟商品的基准关税为15%。 ...

Core Viewpoint - The article highlights positive developments in trade agreements between the U.S. and Japan, as well as potential agreements with the EU, which have led to a significant rise in U.S. stock markets [4][5]. Trade Agreements - The U.S. and Japan have reached a trade agreement that includes a 15% "reciprocal" tariff on goods exported to the U.S. from Japan [4][8]. - The U.S. is reportedly close to finalizing a trade agreement with the EU, which may involve a 15% tariff on European imports, preventing a potential increase to 30% [4]. - The EU is preparing a retaliatory tariff plan that could reach up to €93 billion, with a maximum rate of 30%, if an agreement is not reached by August 1 [4]. Market Reactions - Following the announcement of the trade agreements, the Dow Jones Industrial Average surged by 400 points, reflecting strong market optimism [5]. - Analysts suggest that the clarity in trade policies is beneficial for market stability and could lead to continued stock market gains [9]. Federal Reserve Expectations - There is increasing speculation regarding a change in leadership at the Federal Reserve, which may lead to a more accommodative monetary policy [11][12]. - Market participants are betting on a significant interest rate cut in 2026, with expectations rising from a 25 basis point cut in April to a 76 basis point cut now [11]. - The potential for a new Fed chair who favors rate cuts is influencing investment strategies on Wall Street [12].

Core Viewpoint - Despite the recent trade agreement, the US dollar is expected to remain under pressure due to ongoing uncertainties and tariff impacts [1] Summary by Relevant Sections - **Trade Agreement Impact** The recent trade agreement has reduced uncertainties that have been weighing on the dollar, yet there is little room for a rebound in the currency [1] - **Tariff Effects** The imposition of broad tariffs is projected to exert pressure on the relative economic outlook of the US, which will continue to weaken the strength of the dollar [1] - **Investment Commitments** While the agreement with Japan has improved sentiment on Wall Street, the actual realization of Japan's commitment to invest $550 billion in the US remains uncertain [1] - **Cost Distribution Concerns** There are questions regarding how the costs of tariffs will be distributed among exporters, importers, and consumers [1]

Group 1 - The core point of the article is that the U.S. and Japan have reached a significant trade agreement, which has implications for South Korea's ongoing trade negotiations with the U.S. [1][4] - Japan will invest $550 billion in the U.S. and pay a 15% tariff, setting a benchmark for South Korea's negotiations [1][4] - South Korea's government has decided to exclude rice and beef market openings from the negotiation agenda, focusing instead on expanding imports of energy crops [1][3] Group 2 - South Korea imports approximately 132,000 tons of rice from the U.S. annually, with a 5% tariff, and any increase in quotas requires World Trade Organization approval [3] - In 2024, South Korea imported $2.22 billion worth of U.S. beef, making it a major market for U.S. beef despite existing restrictions [3] - Analysts believe that the U.S.-Japan agreement will pressure South Korea to achieve similar or better terms in its negotiations [4][5]

Core Insights - The article highlights a slight rebound in the prices of U.S. soybeans and corn, driven by positive signals from trade agreements, but emphasizes that the actual fulfillment of export orders is a critical variable for continued price increases [1] Group 1: Market Analysis - U.S. soybean and corn prices have shown a minor rebound [1] - Positive signals from trade agreements are influencing market sentiment [1] - The ability to convert trade agreements into actual export orders is essential for sustaining price growth [1]