Core Insights - Despite tariff uncertainties, Brazilian companies demonstrate resilience in their performance [1] Group 1 - Brazilian enterprises are showing strong adaptability in the face of external economic pressures [1] - The overall economic environment in Brazil remains challenging, yet companies are managing to sustain their operations effectively [1] - The resilience of Brazilian firms may indicate potential investment opportunities in the region [1]

Core Viewpoint - The uncertainty surrounding tariffs may lead to a decrease in business investment and inflation in New Zealand [1] Summary by Relevant Categories Economic Impact - The chief economist of the New Zealand Reserve Bank suggests that tariff uncertainties could negatively impact business investment levels [1] - There is a potential risk that inflation rates may also be affected due to these uncertainties [1]

Financial Data and Key Metrics Changes - The second quarter revenue totaled ARS $234 billion, reflecting a 13.8% year-on-year increase, partly due to the depreciation of the Mexican peso against other currencies [9][12] - EBITDA was ARS 92.4 billion, up 11.2% in Mexican peso terms and 5.1% at constant exchange rates [12] - Net profit for the quarter was ARS 22.3 billion, equivalent to ARS 37 per share and ARS 38 per ADR [13] - Net debt fell by ARS 7.3 billion over six months to June, with CapEx amounting to ARS 54.9 billion [13][14] Business Line Data and Key Metrics Changes - The company added 2.9 million postpaid clients, with Brazil contributing 1.4 million [7] - Prepaid platform recorded net disconnections of 1.1 million subscribers, but overall wireless subscribers increased by 1.7 million [8] - Fixed line segment gained 462,000 broadband accesses, with significant contributions from Mexico [8] - Postpaid service revenue expanded by 9.5%, while prepaid ARPU in Mexico climbed by 2.2% [10][11] Market Data and Key Metrics Changes - The U.S. Dollar depreciated against most currencies in the region, impacting revenue growth positively [7] - The company experienced strong revenue performance across various countries, particularly in Mexico and Colombia [10][11] Company Strategy and Development Direction - The company is focusing on improving network quality and expanding coverage in Brazil, which has led to strong postpaid revenue growth [20][22] - The new telecommunications law in Mexico introduces regulatory changes that may impact competition and operational strategies [23][24] - The company aims to maintain its CapEx targets around ARS 6.7 billion to ARS 6.8 billion for the year [34] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic activity in Mexico is starting to grow, which is expected to positively impact revenue in the coming quarters [37] - The competitive environment remains aggressive, but the company believes it has a strong network and customer care to sustain its market position [36][38] - Consolidation in markets like Colombia is anticipated to lead to more rational competition [46] Other Important Information - The company reported a significant increase in broadband net adds due to enhanced commercial efforts and a high percentage of customers connected with fiber [57] - A litigation provision in Colombia was booked, affecting margins, but management indicated that the case is closed and payments will be made until the end of the year [59][60] Q&A Session Summary Question: Comments on the Brazilian mobile environment and revenue drivers - Management highlighted strong performance in postpaid due to network quality improvements and successful commercial strategies [19][20] Question: Insights on regulatory changes in the Mexican telco framework - Management discussed the new telecommunications law and its implications for competition and operational strategies [23][24] Question: Outlook for Mexico's economic activity and competitive environment - Management noted that economic activity is trending positively, with no significant changes in competition compared to the previous year [36][37] Question: Expectations for labor obligations and outflows - Management indicated that labor obligations will not see major changes compared to the previous year [44] Question: Dynamics of market consolidation in Colombia - Management expressed optimism about consolidation leading to more rational competition [46] Question: Comments on Bait's performance and market competition - Management acknowledged improvements in their prepaid segment while noting challenges in comparing with competitors like Bait [52][54] Question: Acceleration in broadband volumes in Mexico - Management attributed broadband growth to increased sales force and customer retention efforts [57] Question: Details on litigation provision in Colombia - Management confirmed that the provision is for a closed case and payments will be made until the end of the year [59][60]

Core Viewpoint - The uncertainty surrounding tariffs may lead the European Central Bank (ECB) to lower interest rates more than the market currently anticipates [1] Group 1: Economic Impact - Algebris Investments analyst Gabriele Foa suggests that trade tensions and tariff developments could result in a lower endpoint for the rate-cutting cycle than what the market expects [1] - Current market expectations indicate that the ECB is likely to cut rates by 25 basis points in December [1] Group 2: Timeframe for Effects - Foa notes that the spillover effects of tariffs on Europe may take longer to manifest [1]

Core Viewpoint - SAP's Q2 earnings report revealed that currency fluctuations negatively impacted cloud revenue, leading to a decline in stock price after the announcement [1][15]. Financial Highlights - Total revenue for Q2 reached €9.027 billion, a 9% year-over-year increase (12% at constant currency), but fell short of analyst expectations of €9.07 billion [2]. - Cloud and software revenue amounted to €7.97 billion, an 11% increase year-over-year, slightly below the expected €7.99 billion [2]. - Non-IFRS operating profit rose to €2.568 billion [3]. - Basic EPS increased by 91% to €1.45, while diluted EPS grew by 92% to €1.44 [3]. - Free cash flow surged to €2.357 billion, marking an 83% year-over-year increase [4]. Cloud Business Performance - Cloud revenue reached €5.13 billion, a 24% increase (28% at constant currency), but was below the expected €5.17 billion [5]. - Cloud ERP suite revenue, including S/4HANA Cloud, hit €4.422 billion, growing 30% year-over-year (34% at constant currency) [5]. - Cloud backlog stood at €18.052 billion, a 22% increase (28% at constant currency), but also fell short of the anticipated €18.5 billion [5][14]. - Non-IFRS gross profit for cloud business increased to €3.856 billion, with a gross margin of 75.2%, up from 73.3% in Q2 2024 [5]. Other Business Segments - Software license revenue declined by 15% to €190 million, a 13% decrease at constant currency [6]. - Service revenue decreased by 5% to €1.06 billion, down 2% at constant currency [7]. Regional Performance - Revenue in the Asia-Pacific and Japan region grew by 33% (37% at constant currency) [8]. - Cloud revenue in Europe, the Middle East, and Africa increased by 29% (30% at constant currency) [9]. - Cloud revenue in the Americas rose by 16% (22% at constant currency) [10]. Future Guidance - SAP is optimistic about 2025 cloud revenue, projecting it to be between €21.6 billion and €21.9 billion, representing a year-over-year growth of 26% to 28% [11]. - Total revenue for 2025 is expected to be between €33.1 billion and €33.6 billion, with growth of 11% to 13% [12]. - Non-IFRS operating profit for 2025 is anticipated to be between €10.3 billion and €10.6 billion, reflecting a growth of 26% to 30% [12]. - Free cash flow for 2025 is projected to be around €8 billion, significantly up from €4.22 billion in 2024 [12]. Market Context - SAP's largest market is the U.S., accounting for over 30% of total sales, and the weakening dollar has created currency pressure [13]. - Despite the challenges, SAP's cloud business has shown strong growth, driven by long-term customer commitments to cloud migration [12].

Group 1 - Gold prices remained volatile last week, with London spot gold closing at $3,350 per ounce (down 0.2% week-on-week) and domestic AU9999 gold at 774 yuan per gram (up 0.4% week-on-week) [1] - The US June inflation showed a mild increase, with the core CPI rising to 0.23% month-on-month, slightly below the expected 0.3%. This increase was driven by short-term factors such as rising oil prices due to the Iraq conflict and tariff-driven increases in clothing prices [1] - Current uncertainties regarding tariffs remain high, with Trump indicating potential new tariffs on imported pharmaceuticals and semiconductors before August 1. The market's reaction to these tariff announcements has been muted, viewing them as negotiation leverage [1] Group 2 - Looking ahead, the prospects for tariffs may fluctuate under the US trade protectionism ideology, while central bank gold purchases continue amid US debt and dollar credit crises, indicating that gold is on a new cycle [2] - Key signals to watch for the upcoming week regarding gold ETFs include trade negotiations and tariff situations, as well as the European Central Bank's interest rate decision [3]

加拿大央行调查：关税及相关不确定性持续对企业前景产生重大影响。 ...

周一（7月21日）亚市盘中，白银期货维持震荡偏多，最新沪银主力价格报9272元/千克，涨幅0.94%， 对美债增长的担忧和关税的进一步消息可能会让白银继续受到关注，目前看来，银价得到了很好的底部 支撑。 【要闻速递】 在关税方面，印尼仍在制定与美国新贸易协议的细节，而美国财政部长贝森特则告诉日本首相有可能达 成"良好协议"。 报道援引不具名消息人士称，特朗普对欧盟要求降低汽车关税的最新提议无动于衷，并将按计划维持 25%的汽车关税。 【技术分析】 当前贵金属策略上建议维持多头思路，沪银主力合约参考运行区间9095-10000元/千克。工信部称汽 车、钢铁、有色、石化等重点行业稳增长工作方案即将出台，银价跟随有色金属价格小幅走高。沪银溢 价维持至350元/千克左右关注。降息预期依旧高涨，银价支撑仍存。沪银主力合约参考运行区间9095- 10000元/千克，上方阻力关注9300-9400，下方支撑看8900-9000。 本周，美国对印尼征收的威胁性关税税率从32%降至19%后，印尼仍在就最近与美国达成的贸易协议的 细节进行谈判，并正在寻求对其出口的棕榈油和镍给予豁免。印尼经济官员称，印尼已要求美国对其出 口的可可 ...

Group 1 - The core viewpoint of the article highlights the recovery of overseas demand for U.S. Treasury bonds in May, with a notable increase of $32.4 billion, bringing the total holdings by major foreign investors to $9.0458 trillion [1] - Japan, the UK, and mainland China remain the top three holders of U.S. debt, with Japan and the UK slightly increasing their holdings, while China reduced its holdings for the fourth consecutive month, selling $900 million in May [1][2] - Canada significantly increased its U.S. Treasury holdings by $61.7 billion in May, reaching a historical high of $430.1 billion, moving up to the fifth position among major foreign investors [1] Group 2 - The article discusses the impact of U.S. fiscal policies on the demand for U.S. Treasury bonds, noting that despite concerns over the U.S. deficit, the fundamental demand for these bonds remains strong due to their market depth and liquidity [2] - The U.S. Congress passed a large tax and spending bill in May, which is projected to increase the deficit by $2.8 trillion over the next ten years, raising concerns about the long-term fiscal health of the U.S. [3] - Moody's downgraded the U.S. long-term issuer rating from Aaa to Aa1, citing the ongoing large fiscal deficits and their implications for government debt and interest expenses [3] Group 3 - In May, U.S. Treasury investors faced multiple challenges, including uncertainty over tariffs, rising government debt, and a downgrade in sovereign ratings, leading to a decline of over 1.2% in Treasury indices [3] - The Federal Reserve maintained its interest rate target range at 4.25% to 4.50%, indicating increased uncertainty in the economic outlook, despite stable unemployment rates [4] - Fed Chairman Powell noted that the impact of tariffs has not yet fully manifested in economic data, and the evolving policies of the Trump administration contribute to economic uncertainty [4][5]

智通财经7月17日电，台积电表示，由于关税及其他不确定性，对第四季度的预测更为保守。 ...