随着全球贸易动荡对消费者价格造成影响，上月通胀再次加速。 7 月消费者价格指数同比上涨 2.7%，环比上涨 0.2%。 机票、二手车和住房成本均有所上升，而食品价格则保持相对稳定（咖啡除外 —— 这种晨间必需品的 价格持续大幅上涨）。 以下是最新 CPI 报告对家庭的影响。 关税是否让我们付出了更多代价？ 经济学家和消费者都在密切关注特朗普总统大规模全球关税是否体现在商品价格上的迹象。剔除波动较 大的食品和能源成本的 "核心" 通胀创下六个月来的最大涨幅，这可能表明受关税影响的进口商品是推 动通胀的因素。 美国劳工统计局（BLS）强调，家居用品价格较 6 月上涨 0.4%。 7 月食品杂货价格下降 0.1%，但仍较去年同期高出 2.2%。 牛津经济研究院美国副首席经济学家迈克尔・皮尔斯在一份声明中表示："有明确迹象表明，一系列商 品价格正在走高，推动核心商品通胀升至两年多来的高点。但一些主要的征税商品，包括汽车和大型家 电，尚未显现出太大影响。" 食品价格趋于稳定，少数品类除外 鸡蛋价格的飙升已成为通胀焦虑的象征，继 5 月环比下降 7.4% 后，6 月又环比下降 3.9%。但与去年同 期相比，鸡蛋价格仍大幅 ...

Market Overview - The U.S. July CPI increase was lower than expected, leading investors to increase bets on a Fed rate cut in September [5] - Major U.S. stock indices rose over 1%, with the Dow Jones up 483.52 points (1.10%), Nasdaq up 296.50 points (1.39%), and S&P 500 up 72.37 points (1.14%) [1] - The Nasdaq Composite Index reached an intraday high of 21689.68 points, while the S&P 500 hit 6446.55 points, both setting new intraday records [1] Sector Performance - Strong performance in sectors such as airline services and semiconductors, with Circle (CRCL.US) rising 1.3% and Intel (INTC.US) up 5.62% [1] - The Nasdaq China Golden Dragon Index increased by 1.49%, with Tencent Music (TME.US) up 11.85% and Niu Technologies (NIU.US) up 11.69% [1] European Market - The German DAX30 index fell by 43.06 points (0.18%), while the UK FTSE 100 index rose by 17.34 points (0.19%) [2] - The French CAC40 index increased by 54.90 points (0.71%), and the Italian FTSE MIB index rose by 332.41 points (0.80%) [2] Asia-Pacific Market - The Nikkei 225 index rose by over 2%, while the KOSPI index in South Korea fell by 0.53% [3] Currency and Commodities - The U.S. dollar index fell by 0.43%, closing at 98.097 [3] - Crude oil prices declined, with WTI crude down by $0.79 to $63.17 per barrel (1.24% drop) and Brent crude down by $0.51 to $66.12 per barrel (0.77% drop) [3] Gold and Cryptocurrency - Spot gold rose by 0.16% to $3348.09 per ounce, while Bitcoin increased by 0.95%, surpassing $120,000 [4] - Ethereum surged over 9% to $4614.2, nearing its historical high [4] Company News - Circle (CRCL.US) announced a public offering of 10 million shares, leading to a post-announcement drop of over 6% in its stock price [11] - Perplexity, an AI startup, made a $34.5 billion bid to acquire Google's Chrome browser, significantly higher than its own valuation of $18 billion [10]

Core Viewpoint - The company, 東瀛游 (6882.HK), anticipates a significant decline in net profit attributable to shareholders for the first half of the year, projecting approximately HKD 6 million, a year-on-year decrease of about 82% [1] Financial Performance - For the fiscal year 2024, the company expects a net profit attributable to shareholders of HKD 34.12 million, translating to earnings per share of 6.79 cents [1] - The substantial drop in expected profits is attributed to various factors, including geopolitical tensions and escalating international trade disputes impacting the global economy [1] Market Conditions - The evolving tariff situation has increased uncertainty, severely disrupting global trade and investment [1] - Rumors of a major earthquake in Japan in July led to a sharp decline in tourism demand, significantly affecting the company's revenue and gross profit from tourism-related businesses [1] Business Segments - Despite the challenges in tourism, the company's hotel business performed satisfactorily, although overall net profit for the first half of the year still saw a significant reduction [1] - The company reassured that the rumored earthquake on July 5 did not occur and was confirmed to be unfounded [1] Future Outlook - The company expects a gradual recovery in the number of tourists traveling from Hong Kong to Japan in the coming months [1] - There is optimism regarding the improvement of tourism-related business in the second half of the year, alongside continued strong performance in the hotel segment [1]

Summary of RATIONAL (0FRJ) Update / Briefing August 12, 2025 Company Overview - **Company**: RATIONAL AG - **Industry**: Commercial kitchen equipment manufacturing Key Financial Highlights - **Sales Revenue**: Grew by 4% in the first half of the year to €606 million, with Q2 growth at 5.5% [3] - **FX Impact**: Negative FX effects in Q2 adjusted growth rates to 5.5% for H1 and 8% for Q2 [3] - **EBIT Margin**: Expected to be negatively impacted in H2, with a forecasted margin range adjusted to 25-26% from an initial 25-27% [5][6] Cost and Pricing Dynamics - **Import Tariffs**: Estimated additional costs of €10 million for fiscal year 2025 due to US import tariffs, with €1 million incurred in H1 [5] - **Pricing Strategy**: No immediate pricing decisions made; potential price increases in response to competitor actions and tariff impacts are under consideration [6][10] - **Competitor Pricing**: Competitors, including Eunox, have reportedly increased prices by 5-15% [10] Market and Demand Insights - **US Market Dynamics**: The out-of-home business remains crucial, with rising costs (energy, labor, food) affecting customer operations [26] - **Customer Sentiment**: Customers are facing significant cost pressures, but the demand for energy-efficient equipment remains strong [27] - **Market Penetration**: The US market penetration for RATIONAL is around 10-15%, indicating room for growth against traditional cooking equipment [27] Future Outlook - **Guidance for Next Year**: No guidance provided for the next year until current year figures are announced; future guidance will depend on tariff decisions and pricing strategies [7] - **China Market**: Anticipated slow ramp-up for new products in China post-Chinese New Year, with no significant growth contribution expected initially [40][42] - **Manufacturing Considerations**: Ongoing assessments regarding establishing production facilities in the US due to tariff impacts and cost considerations [51][54] Competitive Landscape - **Market Share**: RATIONAL holds a significant market share in the boiler unit segment, with competitors like Althussam potentially exiting this market [44] - **Product Differentiation**: Emphasis on the quality and efficiency of RATIONAL's products compared to lower-end alternatives [48] Additional Considerations - **Tariff Uncertainty**: Ongoing tariff changes create uncertainty in pricing and cost structures, impacting investment decisions among key accounts [63][66] - **Steel Tariffs**: Steel components account for less than 10% of sales, but tariffs on these components are a concern, albeit with a limited overall impact [70][71] This summary encapsulates the key points discussed during the RATIONAL briefing, highlighting financial performance, market dynamics, competitive positioning, and future outlook.

打开APP，查看更多高清行情>> 美联储9月维持利率不变的概率为14.1%，降息25个基点的概率为85.9%。美联储10月维持利率不变的概 率为5.2%，累计降息25个基点的概率为39.9%，累计降息50个基点的概率为55.1%。 特朗普与普京将于8月15日在美国阿拉斯加州会晤。特朗普称与普京的会晤是一次试探性会晤。下一次 将与泽连斯基或与普京和泽连斯基举行会面;俄乌领土将发生变化。 【机构观点】 【基本面消息】 数据显示，8月12日上海黄金现货价格报价774.00元/克，相较于期货主力价格（776.04元/克）贴水2.04 元/克。 特朗普声明:黄金不会被加征关税。②12日讯，中美再次暂停实施24%的关税90天。 特朗普团队将鲍曼、杰裴逊和洛根纳入美联储主席候选人之列，今秋有望公布主席人选。 【黄金期货最新行情】 | 8月12日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 776.04 | -1.12% | 194063 | 204736 | 银河期货：近期美国对瑞士黄金征收关税的事件被证明是 ...

商务部：自本公告发布之日起，商务部对原产于加拿大的进口豌豆淀粉进行反倾销立案调查，本次调查确定的倾销调查期为2024年1月1日至2024年12月31日，产业损害调查期为2021年1月1日至2024年12月31日。外汇交易员 (@myfxtrader):#新闻 国务院关税税则委员会：自2025年3月20日起，对加拿大菜子油、油渣饼、豌豆加征100%关税。对水产品、猪肉加征25%关税。 https://t.co/WyEe9ecr30 ...

| FEEHING | 贵金属日评20250812:特朗普为美俄会晤预期成果降温,关注周二晚美国消费端通胀CPI | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较上周变化 | 较昨日变化 | 2025-08-11 | 2025-08-08 | 2025-08-05 | 收盘价 | 779. 48 | 787.80 | 782. 50 | -8. 32 | -3.02 | | | | | 成交量 | 251828.00 | 26, 246. 00 | 278074.00 | 193353.00 | 84, 721. 00 | 期货活跃合约 | 持仓量 | -8, 677.00 | 220321.00 | 218652. 00 | 211644.00 | -7,008.00 | | | | 库存(十克) | 36045.00 | 36045.00 | 36009.00 | 0. 00 | 36. 00 | ...

Group 1 - Trump's statement on social media suggests that gold will not be subject to tariffs, potentially leading to increased market pessimism as uncertainty is removed [1] - The U.S. Customs and Border Protection's recent announcement regarding tariffs on gold imports has shocked traders, with tariffs applicable to both 1 kg and 100 oz gold bars [1] - Hopes for a ceasefire in the Russia-Ukraine conflict may also be negatively impacting gold prices, especially with Trump's scheduled meeting with President Putin [1] Group 2 - Analysts suggest that if inflation data this week is slightly higher than expected, it could ease market concerns about a rate cut by the Federal Reserve in September, which would be unfavorable for gold [2] - Conversely, if inflation cools, it may strengthen market bets on a rate cut next month, but any signs that Trump's tariff measures are pushing prices higher could delay such a cut [2] Group 3 - Technical analysis indicates a bearish trend for gold, with the price recently breaking below its 20-period and 100-period simple moving averages (SMA), currently around $3378 per ounce [3] - The Relative Strength Index (RSI) is nearing oversold levels, suggesting potential further declines if the price breaks below the 200-period SMA [3] Group 4 - Current resistance levels for gold are identified at $3357, $3371, and $3380, while support levels are at $3341, $3320, and $3300 [4] - The momentum for gold is strong, with a quantitative reference value greater than 67.1% over a period exceeding three years [4]

2025年08月12日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：关税乌龙影响价差 | 2 | | --- | --- | | 白银：小幅反弹 | 2 | | 铜：国内现货坚挺，支撑价格 | 4 | | 锌：区间震荡 | 6 | | 铅：冶炼减产，支撑价格 | 8 | | 锡：区间震荡 | 9 | | 铝：区间震荡 | 11 | | 氧化铝：横盘小涨 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 镍：矿端支撑逻辑削弱，冶炼端逻辑限制弹性 | 13 | | 不锈钢：多空博弈加剧，钢价震荡运行 | 13 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2025 年 8 月 12 日 黄金：关税乌龙影响价差 白银：小幅反弹 | 王蓉 | 投资咨询从业资格号：Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 贵金属基 ...

Group 1: Major Asset Classes & Overseas Events - Developed market indices experienced a rebound, with the Nasdaq index rising by 3.9%, and the S&P 500 increasing by 2.4% [2][3] - Emerging market indices showed mixed results, with the Ho Chi Minh index up by 6.0% and the SENSEX in India down by 0.9% [3][11] - The WTI crude oil price fell by 7.8% to $63.9 per barrel, while COMEX gold rose by 1.3% to $3,403.5 per ounce [26][30] Group 2: Trade Negotiations - The U.S. announced a 100% tariff on all imported semiconductor chips, effective August 7, with exemptions for companies that commit to manufacturing in the U.S. [32] - On August 6, the U.S. imposed an additional 25% tariff on Indian goods, bringing the total to 50%, effective August 28 [32][33] Group 3: Economic Indicators - The U.S. ISM Services PMI for July was reported at 50.1, below the market expectation of 51.5, indicating a potential slowdown in the services sector [40] - The upcoming U.S. CPI data for July is anticipated to show a core CPI month-over-month increase of 0.3%, aligning with market expectations [43][44] - Germany's industrial production for June decreased by 1.9%, significantly below the expected decline of 0.5%, suggesting ongoing economic weakness [46]