Core Viewpoint - The minutes from the Bank of Mexico indicate that a member expressed concerns about potential changes in U.S. tariffs being a significant source of uncertainty, but these changes will not be decisive until the timing and effects of such measures become clear [1] Summary by Relevant Categories Economic Impact - Potential changes in U.S. tariffs are highlighted as a major uncertainty for the Mexican economy [1] Policy Considerations - The timing and effectiveness of the tariff measures are crucial factors that need to be clarified before they can be considered decisive [1]

Group 1 - The main futures contract for coking coal experienced a sharp decline, reaching a low of 758.5 yuan, with a current price of 763.5 yuan, reflecting a drop of 3.42% [1] - Institutions are evaluating the market outlook, with varying opinions on the impact of tariff changes and supply-demand dynamics [1][2] - The overall sentiment in the market is bearish, with high auction failure rates for coking coal and weak downstream purchasing activity [2][3] Group 2 - Guotou Anxin Futures indicates that tariff changes will lead to price fluctuations, with coking coal production remaining high despite some reductions in specific mines [1] - Yinhai Futures suggests that the coking coal and coke prices are in a downward trend, with no signs of a price bottom yet, while monitoring macroeconomic factors such as U.S. tariffs [1][3] - Zhongcai Futures views both coking coal and coke as experiencing weak fluctuations, attributing this to supply-demand imbalances and high inventory levels [2]

Group 1 - The core focus of the recent shareholder meeting of Cheung Kong Holdings (长和) was the progress of the port transaction, with Mediterranean Shipping Company (MSC) being one of the potential investors [1] - The management, including Li Ka-shing, participated in the meeting via video, and there was a notable absence of in-depth commentary on business matters, reflecting uncertainty about future predictions due to unpredictable factors [1][4] - Li Ka-shing expressed concerns about the impact of changing tariff policies and geopolitical tensions on the global economy, making it difficult to forecast future trends [4] Group 2 - The company indicated that the decision to increase dividends in the future will depend on various factors, including performance and external economic conditions [4] - The port and related services segment is the smallest among Cheung Kong's business divisions in terms of revenue and EBITDA contribution [4] - The retail business is expected to see strong growth in Europe and Asia, with plans to increase store numbers and enhance the "O+O" (online and offline) service platform [4][5] Group 3 - Cheung Kong is actively cooperating with local authorities regarding the merger of its UK telecom subsidiary "Three UK" with Vodafone, with expectations to complete the process by the end of the year [5]

Group 1 - The direct impact of tariff changes is primarily transmitted through exchange rates [1]