Core Viewpoint - The Indian Trade Minister Goyal stated that the US-India trade agreement does not include provisions for the import of genetically modified agricultural products, addressing concerns from agricultural groups regarding market access and food standards [1] Group 1: Trade Agreement Details - A temporary framework agreement was announced by the US and India aimed at reducing tariffs, reshaping energy relations, and deepening economic cooperation [1] - Both countries are looking to adjust global supply chains to further advance the trade agreement [1] Group 2: Agricultural Trade Provisions - As part of the agreed agricultural trade concessions, the agreement allows certain Indian agricultural products, including bananas and mangoes, to enter the US market at zero tariffs [1]

Group 1 - The core point of the article is the signing of an executive order by President Trump to cancel a 25% tariff on India, which was initially imposed as a punishment for India's purchase of Russian oil. This decision is seen as beneficial for both countries [1][2]. - The preliminary trade agreement between the US and India includes a reduction of US tariffs on Indian goods from 50% to 18%, in exchange for India stopping its purchase of Russian oil and lowering trade barriers against US products [1][2]. - India has committed to purchasing $500 billion worth of US energy products, aircraft, and technology over the next five years, while the US will lower tariffs on various Indian goods, particularly in labor-intensive sectors [2][4]. Group 2 - Modi expressed that the agreement strengthens the "Make in India" initiative and is expected to create numerous job opportunities, emphasizing the importance of innovation and investment between the two nations [4]. - Recent reports indicate a decline in India's oil imports from Russia, dropping from a peak of 2 million barrels per day to approximately 1.2 million barrels in January, with further reductions expected in the following months [4]. - There are criticisms from the Indian National Congress party regarding the lack of clarity and specifics in the trade agreement, raising concerns about the potential impact on India's service export sector [5].

印度央行六名货币政策委员会成员一致投票决定将回购利率维持在5.25%，符合彭博调查中多数经济学 家的预期。政策立场保持中性，表明央行可能在一段时间内继续按兵不动。 央行决定公布后，卢比保持小幅涨势。印度政府债券扩大跌势，因央行未宣布任何新的流动性措施，10 年期债券收益率上涨多达6个基点至6.70%。 印度储备银行周五决定维持基准利率不变，在美印贸易协议缓解增长担忧后选择观望。这一决定反映出 央行对当前政策设定的满意，认为经济增长正在增强且通胀保持温和。 央行行长Sanjay Malhotra在讲话中表示，"贸易协议的成功达成对经济前景是个好兆头"。印度政府高级 官员本周表示，经济增长可能超过其对下一财年最高7.2%的预测。 据新华社，特朗普说，他和莫迪达成一项双边贸易协议。美国将把对印度商品加征的所谓"对等关税"税 率从25%降至18%，立即生效，印度同时降低对美关税和非关税壁垒。这一意外的贸易协议提振了这个 亚洲第三大经济体的增长前景。 贸易协议与财政刺激提振信心 特朗普此前宣布将对印度商品的关税从50%降至18%，这一大幅下调显著改善了市场预期。作为协议的 一部分，印度总理莫迪同意停止购买俄罗斯石油，并 ...

Group 1: EU-India Trade Relations - India will waive tariffs on industrial imports from four European nations for a $100 billion investment over 15 years, concluding nearly 16 years of negotiations [1] Group 2: U.S.-India Trade Expansion - India is prepared to place orders worth up to $80 billion for Boeing planes, indicating a strong willingness to expand trade with the U.S. [2] - The demand for aircraft alone is nearly $80 billion, and including engines and spare parts, imports from the U.S. could exceed $100 billion [2] - There is potential to procure a minimum of $500 billion worth of goods from the U.S. over the next five years, although no explicit investment commitment was made as part of the trade deal [3] Group 3: Tariff Adjustments - The U.S. will reduce tariffs on Indian goods to 18%, while India will lower duties on U.S. goods to zero, and replace Russian oil with supply from the U.S. and Venezuela [4] - The Indian Prime Minister expressed satisfaction over the reduction in duties, as Indian goods entering the U.S. previously faced tariffs of 50% [4]

国际贸易委员会负责推动相关立法在议会审议通过，并主导与欧盟各国政府就美国进口商品关税最终方 案的谈判工作。 欧洲议会2月4日公告称，欧洲议会国际贸易委员会决定重启两项特恩贝里立法提案的工作，相关表决可 能在2月24日（周二）的下次委员会会议上进行。欧洲议会表示，仍致力于迅速推进这两项立法提案的 工作，前提是美国尊重欧盟及其成员国的领土完整与主权，并遵守特恩贝里协议条款。 2025年7月，欧盟与美国就关税及贸易问题达成政治协议（特恩贝里协议）。2025年8月发布的联合声明 中详细阐述了该协议内容，并宣布达成《欧盟-美国框架协议》。随后欧盟委员会发布两项立法提案， 旨在落实《欧盟-美国框架协议》中涉及关税的具体条款。 ...

来源：金十数据 特朗普在社交媒体扔下"深水炸弹"，声称莫迪已同意彻底停购俄罗斯石油，换取关税暴降至18%。然 而，莫迪的公开回应却对石油只字不提！ 印度领导人对特朗普宣布达成期待已久的贸易协议表示热烈欢迎。然而，对于特朗普声称是由于新德里 承诺停止购买俄罗斯石油才促成这一突破，印方的态度则显得十分谨慎。 莫迪在周一对特朗普的"精彩公告"表示赞赏时，并未提及石油问题。周二，印度商务部长也暗示，谈判 代表仍需就该交易达成"最终谅解"。根据特朗普的说法，该协议将削减美国对印度的惩罚性关税。 停止购买俄罗斯石油将产生深远影响，这不仅会考验新德里与莫斯科的"战略伙伴关系"，还会加剧普京 政府资助俄乌冲突的财政压力，并给习惯于获得廉价原油的印度炼油商带来巨大挑战。 然而，由于印度不愿证实这一承诺，分析人士对其是否会立即大幅减产持怀疑态度。观察家研究基金会 （Observer Research Foundation）的专家潘特（Harsh Pant）表示："广义上讲，印度一直在实现多元 化，这一进程将继续。但如果认为印度会因为这项贸易协议而立即中断俄罗斯的石油供应，这不太可能 发生。" 特朗普周一在社交媒体上称，作为将关税 ...

Group 1 - The U.S. has reduced tariffs on Indian goods from 50% to 18%, but the details of the trade agreement remain unclear, leading to uncertainty for businesses and investors [1][4][5] - Indian officials have stated that sensitive sectors such as agriculture and dairy are protected under the new trade agreement, but specific details have not been disclosed [8][9] - The ambiguity surrounding the agreement includes claims about India purchasing $500 billion worth of U.S. products and stopping the purchase of Russian oil, which have not been confirmed by Indian authorities [1][9] Group 2 - The trade agreement is seen as a potential pathway for increased cooperation between the U.S. and India, but the lack of detailed terms has left many companies, especially Indian exporters, in a precarious position [5][9] - The U.S. dairy products may face challenges entering the Indian market due to cultural sensitivities regarding animal feed, which could impact millions of Indian dairy farmers [6][9] - India has been gradually reducing its oil imports from Russia, with projections indicating a decrease from 1.2 million barrels per day in January to 800,000 barrels per day by March [10]

Group 1 - The US dollar index is trading around 97.363, while spot gold opened at $4944.54 per ounce and is currently trading at approximately $5048.82 per ounce [1] - The previous trading day saw the US dollar index rise by 0.06% to 97.445, and spot gold increased by 6.15% to $4945.74 per ounce [1] - Other precious metals also experienced price increases, with spot silver rising by 7.48% to $85.07 per ounce, platinum up by 4.18% to $2214.00 per ounce, and palladium increasing by 0.78% to $1741.50 per ounce [1] Group 2 - As of February 3, COMEX gold inventory increased by 4.05 tons to 1112.12 tons, while COMEX silver inventory rose by 57.24 tons to 12561.37 tons [2] - SPDR gold ETF holdings decreased by 3.72 tons to 1083.38 tons, and SLV silver ETF holdings fell by 108.89 tons to 16437.70 tons [2] - The payment direction for deferred compensation fees indicates that for gold (Au t+d), longs are paying shorts, while for silver (Ag t+d), shorts are paying longs [2]

1. Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints - The long - term upward driving force of precious metals remains unchanged. Investors are advised to go long after the downward momentum of precious metals weakens. However, due to the large influx of investment funds and high price volatility recently, investors are advised to reduce positions to avoid short - term risks. Also, be vigilant against the medium - term risk of the Fed tightening monetary policy to end the precious metals bull market [4][6] 3. Summary by Directory 3.1 Precious Metals Market Quotes and Outlook 3.1.1 Intraday Market - After three consecutive days of sharp adjustments in the precious metals market due to the nomination of a hawkish Fed chair candidate by Trump and the easing of the US - Iran conflict risk, the precious metals sector rebounded. On February 3, Asian session, London gold returned above $4,900 per ounce. This was because the internal adjustment risk was fully released, attracting some bottom - fishing funds, and the Trump administration announced the launch of the Vault Project, boosting the strategic value expectation of key minerals [4] 3.1.2 Medium - term Market - Trump's confirmation of the next Fed chair candidate eliminated the market's hedging demand for this uncertainty. The hawkish stance of the candidate also alleviated concerns about the loss of US fiscal discipline, so the precious metals correction was reasonable. The previous sharp rise in precious metals also needed a large retracement. However, the hawkish stance has no fundamental impact on the long - term bull market of gold and may mainly compress the duration of the medium - term bull market. It is bullish for silver, platinum, and palladium compared to gold. The report maintains the view that gold will rise in the medium and long term, and silver, platinum, and palladium will be stronger than gold in the medium term [6] 3.1.3 Domestic Precious Metals Market Quotes | Contract | Previous Closing Price | Highest Price | Lowest Price | Closing Price | Change Rate (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold Index | 1,008.88 | 1,099.95 | 1,034.88 | 1,095.29 | 8.56 | 315,593 | 3,738 | | SHFE Silver Index | 24,549 | 21,659 | 20,313 | 20,979 | - 14.54 | 583,536 | - 65,359 | | GZFE Platinum Index | 550.99 | 575.14 | 539.71 | 570.52 | 3.54 | 31,822 | - 1,995 | | GZFE Palladium Index | 412.91 | 449.05 | 413.73 | 448.62 | 8.65 | 11,715 | - 526 | [5] 3.2 Precious Metals Market - related Charts - The report provides multiple charts including Shanghai gold and silver futures indexes, London gold and silver spot prices, the basis of Shanghai futures indexes to Shanghai Gold Exchange T+D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets. All data sources are from Wind and the Research and Development Department of CCB Futures [8][10][16] 3.3 Main Macroeconomic Events/Data - Trump reached a trade agreement with India, reducing the US tariff on Indian goods from 50% to 18%. India will lower trade barriers, stop buying Russian oil, and buy from the US and Venezuela. The US will revoke the 25% punitive tariff, and India promises to buy over $500 billion of US products [17] - Trump is about to launch a strategic key mineral reserve plan called the Vault Project with an initial capital of $12 billion, integrating $2 billion of private funds and a $10 - billion loan from the US Export - Import Bank [17] - The US manufacturing activity expanded for the first time in a year in January. The ISM's January PMI rebounded to 52.6, breaking through the 50 mark for the first time in 12 months and reaching the highest level since August 2022. The new orders sub - index jumped from 47.4 in December to 57.1 in January, the highest since February 2022 [17] - Iran and the US will restart nuclear negotiations in Turkey on Friday. US envoy Witkoff and Iranian Foreign Minister Araghchi will meet in Istanbul, and representatives from Saudi Arabia, Egypt and other countries will also participate [18]

Group 1 - The core issue revolves around the U.S. unilaterally raising tariffs on South Korean goods, which has led to disappointment from South Korea's ruling Democratic Party [1][2] - The U.S. plans to increase tariffs on South Korean exports such as automobiles, timber, and pharmaceuticals from 15% to 25%, citing the lack of approval of the U.S.-Korea trade agreement by the South Korean National Assembly [1][2] - South Korea's government is assessing the implications of the U.S. actions and is committed to ongoing negotiations through video conferences [1][2] Group 2 - The trade agreement framework established in July 2025 requires South Korea to meet three core obligations, including a $350 billion investment in the U.S. and a $100 billion procurement of energy products [2] - There is significant domestic criticism in South Korea regarding the trade agreement, particularly concerning the unilateral tariff increase by the U.S. without prior consultation [2][3] - Experts suggest that the U.S. is using tariffs as a tool to pressure allies into increasing investments, which could undermine the existing international order [3]