Domestic Macro - Demand Side - As of July 17, 2025, retail sales of passenger cars reached 571,000 units, a year-on-year increase of 5.7%, but a month-on-month decrease of 6.7%[2] - The average number of domestic flights in July was 14,500, a month-on-month increase of 13.08% and a year-on-year increase of 2.28%[2] - The Baltic Dry Index (BDI) averaged 1630.4 in July, a month-on-month decrease of 2.7% and a year-on-year decrease of 14.8%[2] Domestic Macro - Production Side - As of July 20, 2025, the average operating rate of blast furnaces decreased by 0.3 percentage points to 83.35%[3] - The operating rate of asphalt plants increased by 6.58 percentage points to 32.4%[3] - The operating rate of rebar production increased by 0.36 percentage points to 43.06%[3] Price Performance - As of July 18, 2025, the average wholesale price of pork increased by 0.2% week-on-week, while the average wholesale price of 28 monitored vegetables decreased by 0.09%[2] - WTI and Brent crude oil prices fell by 1.44% and 1.05% respectively as of July 18, 2025[3] - The price of glass increased by 8.66% due to the "anti-involution" policy and a decrease in production[3] Fiscal and Investment - This week, new special bonds issued amounted to 123 billion, with local general bonds at 19 billion, achieving a 60.8% issuance progress[3] - The issuance of special bonds (excluding debt relief) reached 1,315 billion, with a 53.0% progress[3] Overseas Macro - The U.S. CPI for June was 2.7% year-on-year, with core CPI at 2.9%, indicating controlled inflation despite tariff impacts[4] - The U.S. retail sales nominal month-on-month growth was 0.6%, exceeding expectations primarily due to price increases rather than volume[4]

Market Overview - The US stock market experienced a brief fluctuation due to the "fire Powell" drama but ultimately closed with slight gains, with the S&P 500 up 0.32% at 6263.7 points, the Nasdaq up 0.25% at 20730.49 points, and the Dow Jones up 0.53% at 44254.78 points [1]. Political Influence on Markets - The incident began when Trump hosted conservative Republican lawmakers to discuss a cryptocurrency bill, leading to rumors about Powell's potential dismissal. This caused a market drop until Trump clarified he had no intention of firing Powell, stating it was merely a conceptual discussion [2][3]. - Wall Street quickly rallied in support of Powell, with major bank CEOs emphasizing the negative consequences of political interference in the Federal Reserve [2]. Market Reactions and Predictions - The market's minor reaction to the rumors indicates a lack of belief that Trump would actually dismiss Powell. If such an event were to occur, predictions suggest a potential 3%-4% drop in the trade-weighted dollar and a significant sell-off in the US Treasury market [3]. Stock Performance - Major US tech stocks had mixed performances, with Apple up 0.5%, Microsoft down 0.04%, Amazon down 1.4%, Nvidia up 0.39%, Google-A up 0.53%, and Tesla up 3.5% due to the "six-seat Model Y" [5]. - Chinese concept stocks saw a decline, with the Nasdaq Golden Dragon China Index down 1.41%. Notable declines included Alibaba down 1.06%, JD.com down 1.25%, and Baidu down 7.48% [6]. - Stablecoin concept stock Circle surged 19.39% following a procedural vote in the House for a cryptocurrency bill, although legislative progress remains stalled due to bundling issues [6]. - MP Materials, a prominent US rare earth stock, announced a new stock issuance after a significant rise, leading to a drop of over 5% in after-hours trading [7].

Core Viewpoint - The article discusses the potential firing of Federal Reserve Chairman Jerome Powell by President Trump, which has caused significant market volatility and raised concerns about the independence of the Federal Reserve [2][4][6]. Group 1: Market Reactions - Following the news of Trump's potential move to dismiss Powell, U.S. stock indices experienced a sharp decline, while gold prices surged [8]. - However, after Trump stated he did not plan to take any action against Powell, the stock market rebounded, nearly recovering its earlier losses [10]. Group 2: Political Context - A White House official indicated that Trump had discussed the possibility of firing Powell with Republican lawmakers, who reportedly supported the idea [4][5]. - Trump has been critical of Powell, citing excessive costs related to the Federal Reserve's renovation projects as a justification for his potential dismissal [6][8]. Group 3: Implications for the Federal Reserve - If Trump were to proceed with firing Powell, it would challenge the boundaries of presidential power over independent federal agencies [6]. - Analysts suggest that such a move could lead to negative reactions in the bond market, with potential sell-offs and rising yields [8].

Core Viewpoint - The Speaker of the U.S. House of Representatives, Johnson, expressed the intention to attempt a procedural vote on cryptocurrency legislation in the House on Wednesday [1] Group 1 - The focus is on the legislative efforts regarding cryptocurrency regulation in the U.S. [1]

Core Viewpoint - The White House advisor stated that the cryptocurrency legislation is "very close" to being passed, indicating a significant development in the regulatory landscape for the cryptocurrency industry [1] Group 1: Legislative Developments - The cryptocurrency bill is nearing completion, which could lead to more structured regulations for the industry [1] - This potential legislation may address various aspects of cryptocurrency trading, taxation, and compliance, impacting how companies operate within the sector [1] Group 2: Industry Implications - The passage of the bill could enhance investor confidence in the cryptocurrency market, potentially leading to increased investment and participation from institutional players [1] - Companies operating in the cryptocurrency space may need to prepare for new compliance requirements and regulatory frameworks that could arise from the legislation [1]

Group 1 - The cryptocurrency bill in the United States Senate has cleared a significant procedural hurdle after being stalled [1]