美国零售销售在各领域全面反弹，或有助于缓解部分对消费者支出回落的担忧。13个零售类别中有10个 实现增长，主要受汽车销售带动，汽车销售在连续两个月下滑后回升。今年以来，由于关税威胁加剧多 年来的生活成本压力，美国人对经济和自身财务状况大多持悲观态度，尽管近期信心有所回升。 ...

Core Insights - The CFO of a major American bank stated that consumer spending continues to rise, primarily supported by employment and wage growth [1] Group 1 - Consumer spending is on an upward trend, indicating a positive economic outlook [1] - The increase in consumer spending is largely attributed to strong job growth and rising wages [1]

花旗集团(C.N)首席财务官Mason：随着关税的实施，消费者支出预计将进一步降温。 ...

摩根大通(JPM.N)首席财务官：消费者支出状况良好，虽然不是繁荣景象，但未发现压力迹象。 ...

Group 1 - The FOMC voting member and San Francisco Fed President Daly suggests that there may be two interest rate cuts in 2025 [1] - There is a belief that the economy is on a sustainable path for inflation to return to 2% [1] - Potential tariffs are not expected to cause a significant increase in consumer goods prices [1] Group 2 - Consumer spending growth is slowing down but has not yet stopped [1] - Importers and retailers are absorbing some of the tariff costs [1]

Market Overview - International gold prices experienced a significant decline on June 27, with an opening price of $3324.88 per ounce, a high of $3336.42, a low of $3256.00, and a closing price of $3274.59 [1] Economic Indicators - The U.S. core PCE price index for May recorded a year-on-year increase of 2.7%, surpassing market expectations of 2.6% and up from a previous value of 2.5% [2] - The month-on-month core PCE price index for May was reported at 0.2%, also above the expected 0.1% and the previous value of 0.1% [2] - Consumer spending unexpectedly declined by 0.1% in May, contrary to market expectations of a 0.1% increase, indicating a slowdown in consumer activity [2] - The quarterly growth in consumer spending was only 0.5%, marking the lowest increase since Q2 2020 [2] - Consumer expectations for price increases over the next year have decreased to 5%, down from 6.6% in May, which was the largest monthly increase since 2001 [2] Trade Relations - President Trump stated that there is no need to extend the July 9 trade deadline, emphasizing that countries must reach agreements with the U.S. before this date to avoid higher tariffs [3] - The U.S. Treasury Secretary mentioned that negotiations with several countries are ongoing, and agreements with 10 to 12 of the 18 key trade partners could potentially be finalized by Labor Day (September 1) [3] Geopolitical Developments - President Trump indicated that a ceasefire in Gaza may be "close" to being achieved within a week, and he is open to lifting sanctions on Iran if they agree to peace [5] - The U.S. Senate rejected a proposal to limit Trump's military action against Iran [5] - Ukraine reported the largest airstrike by Russia since the conflict began, with 537 aerial weapons launched, of which 249 were intercepted by Ukrainian forces [6] Technical Analysis - Gold prices showed a strong bearish trend, with significant downward movement observed, particularly during the trading session on June 27 [8] - The daily chart indicates a strong bearish candlestick formation, suggesting a potential downward trend continuation [8] - Short-term indicators show oversold conditions, indicating a possible need for price correction [9] Trading Strategy - Suggested trading ranges include aggressive long positions at $3249 with a target above $3263 and aggressive short positions at $3283 with a target below $3265 [10] - A cautious approach is recommended, maintaining a focus on potential fluctuations in gold prices due to upcoming economic data releases [10]

Core Insights - In May, U.S. consumer spending unexpectedly declined by 0.1%, contrasting with economists' expectations of a 0.1% increase, primarily due to the fading effects of preemptive purchases made to avoid tariffs [1][4] - The overall economic situation is distorted by extensive tariff policies, leading to significant data discrepancies, with the first quarter seeing a record trade deficit and a 0.5% annualized decline in GDP [4][8] - The personal consumption expenditures (PCE) price index rose by 0.1% in May, maintaining a moderate inflation rate, while the core PCE inflation rate increased from 2.6% to 2.7% [5][7] Consumer Spending and Income - Consumer spending growth was nearly stagnant, with a mere 0.5% increase, marking the slowest growth rate since Q2 2020, despite some preemptive purchasing [4][5] - Personal income decreased by $10.96 billion in May, a 0.4% decline, largely due to reduced government transfer payments, although wages showed resilience with a 0.4% increase [5][7] - The personal savings rate fell to 4.5%, indicating a potential strain on consumer financial health [5][7] Inflation and Economic Outlook - The core PCE index's increase suggests persistent inflationary pressures, which may influence the Federal Reserve's decisions regarding interest rates [5][8] - The combination of weak consumer spending and ongoing inflation is unlikely to prompt the Federal Reserve to consider interest rate cuts in the near term [4][5] - The economic uncertainty stemming from tariff policies continues to impact growth prospects, necessitating close monitoring of consumer spending and inflation trends [8]

美国5月消费者支出意外下降 通胀温和上升 金十数据6月27日讯，美国消费者支出5月意外下降，因为在关税之前提前购买带来的提振作用减弱，通 胀增幅依然温和。周五数据显示，占经济活动三分之二以上的消费者支出上个月下降了0.1%，市场预 期增长0.1%。提前购物的热潮消失后，消费者支出上季度几近停滞。服务支出同步减少，导致消费支 出季率仅增0.5%，创2020年二季度以来最低。该数据预示二季度消费增长路径疲软。消费疲软叠加通 胀温和的局面，仍不足以促使美联储7月重启降息。经济学家指出，当前通胀温和源于企业仍在销售关 税生效前囤积的库存，预计通胀将从6月CPI数据开始抬头。 ...

Core Insights - Consumer spending in the U.S. saw its largest decline since the beginning of the year in May, indicating increasing uncertainty regarding the economic policies of the Trump administration and its impact on growth prospects [1] - Inflation remains moderate for now, but many economists predict an increase in the coming months as businesses pass on higher import tariffs to households [1] Economic Impact - The decline in consumer spending suggests potential challenges for economic growth, as consumer expenditure is a key driver of the economy [1] - The anticipated rise in inflation could further complicate the economic landscape, affecting purchasing power and consumer behavior [1]

Group 1 - The core PCE price index, a key inflation indicator favored by the Federal Reserve, is set to be released, with expectations for a month-over-month increase of 0.1% for both core and overall PCE indices, maintaining the same level as April [1] - Year-over-year, the core PCE price index is expected to rise to 2.6% in May, up from 2.5% in April, while the overall PCE index is projected to increase to 2.3%, compared to 2.1% in April [1] - The upcoming data will also provide insights into consumer spending and income growth, with personal spending expected to grow by 0.2% month-over-month and personal income by 0.3%, a slowdown from April's 0.8% [1] Group 2 - Citi analysts predict that used car prices will remain volatile in the coming months, with the Manheim used car price index rising by 1.7% in early June after a 1.4% decline in May [2] - The Manheim index, reflecting wholesale prices, may indicate an overall upward trend in car prices, as rising new car prices could drive consumers to the used car market [2] - Evercore ISI analysts noted that the core PCE deflator increased by 0.15% in May, with tariffs expected to impact prices in the future but not currently affecting them [2]