Report Industry Investment Rating - Platinum: Mainly fluctuating [1] - Palladium: Narrow - range fluctuations [1] Core Viewpoints - The report presents the price, trading volume, position, ETF position, inventory, price difference, and exchange rate data of platinum and palladium, as well as relevant macro and industry news [2][4][5] Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 497.50 with a 0.90% increase; gold - exchange platinum closed at 489.65 with a 2.64% increase; New York platinum main - continuous (previous day) was 1892.90 with a 1.42% increase; London spot platinum (previous day) was 1899.00 with a 1.87% increase. Palladium futures 2606 closed at 357.30 with a - 0.25% change; RMB spot palladium was 327.00 with a - 0.91% change; New York palladium main - continuous (previous day) was 1413.50 with a - 0.67% change; London spot palladium (previous day) was 1407.50 with a 2.03% increase [2] - **Trading Volume and Position Data**: Guangzhou platinum trading volume was 5900 kg, a decrease of 146 kg from the previous day, and the position was 22154, an increase of 587. NYMEX platinum trading volume was 23068 kg, a decrease of 9452 kg from the previous day, and the position was 72515, an increase of 3314. Guangzhou palladium trading volume was 2757 kg, a decrease of 175 kg from the previous day, and the position was 8729. NYMEX palladium trading volume was 11574 kg, a decrease of 283 kg from the previous day, and the position was 46201, a decrease of 224 [2] - **ETF Position Data**: Platinum ETF position (previous day) was 3046322 ounces, a decrease of 12534 ounces. Palladium ETF position (previous day) was 1048197 ounces, a decrease of 1489 ounces [2] - **Inventory Data**: NYMEX platinum inventory (previous day) was 554241 ounces, a decrease of 4527 ounces. NYMEX palladium inventory (previous day) was 248374 ounces, with no change [2] - **Price Difference Data**: PT9995 to PT2606 price difference was - 7.85, an increase of 8.16 from the previous day; Guangzhou platinum 2606 contract to 2610 contract price difference was 3.00, a decrease of 0.70 from the previous day; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.16, an increase of 0.05 from the previous day; the price difference between Guangzhou platinum main contract and London platinum (considering VAT) was 20.38, a decrease of 4.58 from the previous day. The price difference between RMB spot palladium and PD2606 was - 30.30, a decrease of 2.10 from the previous day; Guangzhou palladium 2606 contract to 2610 contract price difference was - 0.20, a decrease of 0.90 from the previous day; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 4.50, a decrease of 0.01 from the previous day; the price difference between Guangzhou palladium main contract and London palladium (considering VAT) decreased by 8.15 [2] - **Exchange Rate Data**: The US dollar index was 100.51, an increase of 0.32%. The US dollar against the RMB (CNY spot) was 6.92, an increase of 0.06%. The US dollar against the offshore RMB (CNH spot) was 6.90, a decrease of 0.25%. The US dollar against the RMB (6M forward) was 6.82, an increase of 0.05% [2] Macro and Industry News - Policy is currently in a favorable position to wait and observe how the current situation develops [4] - Private credit does not currently have the conditions to evolve into a more widespread systemic event [5] - During Powell's speech, interest - rate futures showed that the market withdrew its bets on the Fed's rate hikes this year. As of this morning's press release, it was priced that there would be a rate cut of about 3BP by the end of the year [5] - Iran's parliament approved the collection of tolls on the strait, to be paid in the Iranian local currency [6] - An oil refinery in Haifa, Israel, caught fire in a missile attack, and Trump said the response "will come soon" [7] - Trump: He is having serious negotiations with Iran. If the negotiations break down, he will destroy Iran's energy, power facilities, and Kharg Island [8] - Iran's Foreign Ministry: The issue of withdrawing from the Treaty on the Non - Proliferation of Nuclear Weapons is being considered in parliament [9] - The White House: Trump hopes to reach an agreement with Iran before April 6. The dialogue with Iran is still ongoing and progressing smoothly. Trump intends to call on Arab countries to "pay for the war" [9] - Iran said the US requirements are illogical and will not participate in the war - related meeting led by Pakistan [9] - European officials said Iran is urging the Houthi armed forces to prepare for war in the Red Sea, and there are differences within the Houthi armed forces regarding the intensity of the strike [10] - Zelensky: Ukraine is ready to cease fire during Easter [12] - The EU Council extended the sanctions mechanism against Iran until April 13, 2027 [12] - US media: US federal prosecutors will investigate bets on the time of Maduro's arrest on a prediction platform [12] - Middle - East supply concerns have pushed Asian naphtha profits to a record high [12] - Fed Governor Milan: The Fed can gradually cut interest rates by one percentage point within a year [12] - Powell's speech: Energy shocks are usually short - lived, and the central bank's standard response is to "wait patiently for them to subside on their own" [12] Trend Intensity - Platinum trend intensity: 0; Palladium trend intensity: 0. The trend - intensity value ranges from - 2 to 2. - 2 means the most bearish, and 2 means the most bullish [11]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the impact of energy price shocks on central banks and their monetary policies, particularly focusing on the European Central Bank (ECB) and the Federal Reserve (Fed) [1][2][3][4][5][6]. Core Insights and Arguments - **ECB's Response to Energy Shocks**: The ECB exhibits asymmetric responses to energy shocks, with inflation risks outweighing growth risks. It is expected to raise interest rates in June and September 2026 due to persistent inflation pressures [1][3]. - **Fed's Rate Cut Timeline**: The Fed's path for rate cuts is influenced by tariff-driven inflation, with expectations that inflation will peak and decline by Q2 2026, potentially delaying rate cuts until September 2026 [1][4]. - **Correlation Between Energy Shocks and Inflation**: In the U.S., there is a low correlation between energy shocks and core inflation, unlike in the Eurozone where the transmission is significant. This difference may create trading opportunities in U.S. front-end rates [1][4]. - **Dollar Strength and Trade Conditions**: The dollar remains strong due to improved trade conditions, benefiting from being a net energy exporter. Rising energy prices favor currencies of energy-exporting countries, while concerns about global growth may shift focus from trade conditions to growth risks [5]. - **Swiss National Bank's (SNB) Stance**: The SNB has increased its tolerance for Swiss franc appreciation, indicating a willingness to intervene only in cases of rapid and excessive appreciation. This could lead to unexpected declines in the euro against the franc [6]. Additional Important Content - **Market Reactions to Central Bank Policies**: The market is currently pricing in significant rate hikes from various central banks, with a notable delay in expected rate cuts. This reflects short-term reactions to recent volatility rather than long-term trends [2][3]. - **Oil Price Threshold for Demand Destruction**: An oil price above $125 per barrel is identified as a threshold for demand destruction, which would shift market focus from inflation risks to growth risks, impacting central bank policy discussions [6]. - **Monitoring Economic Indicators**: The ECB will closely monitor various data points, including inflation expectations, economic activity, and commodity market dynamics, to assess the persistence of energy price shocks and their broader economic implications [3][4]. This summary encapsulates the critical insights and discussions from the conference call, highlighting the interplay between energy prices, inflation, and central bank policies across different regions.

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In the short - term, interest rates will continue to oscillate weakly due to the intertwined effects of multiple factors. The inflation factor exerts adjustment pressure on the bond market, while the potential interest rate cut of over 10 trillion deposits under the inter - bank deposit pricing self - regulatory mechanism is expected to drive the interest rate center downward [104]. 3. Summary According to the Table of Contents 3.1. Market Review - **Weekly Data**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures' main contracts (TL2606, T2606, TF2606, TS2606) declined by 1.49%, 0.26%, 0.14%, and 0.02% respectively. The trading volumes of the TS main contract decreased, while those of the TF, T, and TL main contracts increased. The positions of the TF and TS main contracts rose, while those of the T and TL main contracts declined [13][30]. 3.2. News Review and Analysis - **Domestic News**: On March 10, the 2026 central and local budget draft was proposed, with the national debt limit at 485,508 billion yuan, local government general debt limit at 188,689 billion yuan, and special debt limit at 443,185 billion yuan. On March 12, the Ministry of Finance revised the 2026 government revenue and expenditure classification subjects, adding several new subjects related to ultra - long - term special national debt. The Fourth Session of the 14th National People's Congress closed on March 12, approving relevant reports and passing relevant laws [33]. - **International News**: On March 12, the US launched two new trade investigations into the "excess industrial capacity" of 16 major trading partners including China. On March 11, the latest US inflation data was released, with the CPI and core CPI in line with market expectations. The IEA agreed to release 400 million barrels of strategic oil reserves, and many countries including the US, Japan, and Germany planned to release their strategic oil reserves. On March 12, Iran's Supreme Leader Mujtaba Khamenei issued a statement, stating that Iran would not give up revenge and would take relevant strategic measures [34][35]. 3.3. Chart Analysis - **Spread Changes**: The spreads between the 10 - year and 5 - year, 10 - year and 1 - year Treasury bond yields widened. The spreads between the 2 - year and 5 - year, 5 - year and 10 - year main contracts narrowed. The spreads between the near - and far - month contracts of the 10 - year, 30 - year, and 5 - year contracts widened, while that of the 2 - year contract narrowed [41][51][55]. - **Treasury Bond Futures Main Position Changes**: The net short positions of the top 20 positions in the T Treasury bond futures main contract decreased [69]. - **Interest Rate Changes**: Overnight, 1 - week, and 2 - week Shibor rates rose, while the 1 - month Shibor rate declined. The DR007 weighted average rate fell back to around 1.46%. Most of the Treasury bond spot yields increased, with the 2 - 7Y yields rising by about 0.5 - 3.5bp, and the 10Y and 30Y yields rising by about 3bp and 5bp to 1.82% and 2.29% respectively. The spreads between the 10 - year and 30 - year Sino - US Treasury bond yields widened [73][79]. - **Central Bank's Open - Market Operations**: The central bank conducted 176.5 billion yuan of reverse repurchase operations in the open market this week, with 277.6 billion yuan due, and 150 billion yuan of treasury cash fixed - term deposits due, resulting in a net withdrawal of 251.1 billion yuan [81]. - **Bond Issuance and Maturity**: This week, the bond issuance was 1,621.87 billion yuan, the total repayment was 1,967.75 billion yuan, and the net financing was - 339.58 billion yuan [86]. - **Market Sentiment**: The central parity rate of the RMB against the US dollar was 6.9007, with a cumulative increase of 18 basis points this week. The spread between the offshore and onshore RMB narrowed. The 10 - year US Treasury bond yield rose, the VIX index first dropped significantly and then rose. The 10 - year Treasury bond yield in China rose, and the A - share risk premium slightly declined [90][96][101]. 3.4. Market Outlook and Strategies - **Domestic Fundamental Aspect**: Driven by the rebound of global manufacturing and export rush, China's exports increased significantly in the first two months of 2026. In February, the CPI rebounded more than expected, mainly affected by the Spring Festival misalignment effect; the PPI increased month - on - month, and the year - on - year decline continued to narrow. - **Overseas Aspect**: The US - Iran conflict has entered the 13th day, with the Middle East tension escalating. The US inflation stabilized in February, but the labor market was under pressure, and the risk of "stagflation - like" in the US economy increased. - **Overall Outlook**: The inflation factor exerts adjustment pressure on the bond market, while the potential interest rate cut of over 10 trillion deposits is expected to drive the interest rate center downward. In the short term, interest rates will continue to oscillate weakly [104].

Core Insights - The impact of GDP growth on exchange rates differs between year-on-year (YoY) and quarter-on-quarter (QoQ) growth, reflecting different time dimensions and sensitivities in economic changes [1] Group 1: Year-on-Year Growth - YoY growth reflects changes compared to the same period last year, eliminating seasonal factors, and focuses on long-term economic trends [1] - Strong YoY GDP growth typically indicates an economy in a prosperous phase, attracting foreign investment and increasing demand for the national currency, which can lead to an appreciation of the exchange rate [1] - Conversely, weak economic growth may result in decreased currency demand, putting downward pressure on the exchange rate [1] Group 2: Quarter-on-Quarter Growth - QoQ growth reflects changes compared to the previous adjacent statistical period, focusing on short-term variations and being more sensitive to data changes [1] - QoQ data can be influenced by seasonal factors, necessitating seasonal adjustments before calculations [1] - Generally, QoQ can be compared with other QoQ data, but YoY should not be compared with QoQ; however, both can be analyzed together for a comprehensive view of economic trends [1] Group 3: Other Influencing Factors - Exchange rates are also influenced by other factors such as interest rates, political situations, geopolitical factors, market expectations, and speculative behavior [1] - These factors, in conjunction with GDP growth rates, determine the direction and magnitude of exchange rate fluctuations [1]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Not mentioned in the provided content Summary by Directory Global Asset Market Performance - **10 - year Treasury Bonds**: Latest yields for major economies include 4.158% in the US, 4.552% in the UK, 3.443% in France, 2.834% in Germany, 3.524% in Italy, 3.290% in Spain, 0.351% in Switzerland, 3.514% in Greece, 2.171% in Japan, 6.076% in Brazil, 1.817% in China, and 4.847% in Australia [1] - **2 - year Treasury Bonds**: Latest yields are 3.593% in the US, 3.860% in the UK, 2.248% in Germany, 1.245% in Japan, 2.426% in Italy, 1.271% in China (1Y yield), and 4.433% in Australia [1] - **Dollar - Emerging Economy Currency Exchange Rates**: Latest rates are 5.159 for the dollar against the Brazilian real, 16.291 against the South African rand, 1466.050 against the South Korean won, 31.615 against the Thai baht, and 3.924 against the Malaysian ringgit. The on - shore RMB is 6.869, the off - shore RMB is 6.879, the RMB central parity rate is 6.898, and the RMB 12 - month NDF is 6.748 [1] - **Major Economies' Stock Indices**: Latest values are 6781.480 for the S&P 500, 47706.510 for the Dow Jones Industrial Average, 22697.100 for the Nasdaq, 67397.940 for the Mexican index, 10412.240 for the UK index, 8057.360 for the French CAC, 23968.630 for the German DAX, 17445.000 for the Spanish index, 54248.390 for the Nikkei, 25959.900 for the Hang Seng Index, 4123.138 for the Shanghai Composite Index, 32771.870 for the Taiwan index, 5532.590 for the South Korean index, 7440.913 for the Indian index, 1405.760 for the Thai index, 1701.680 for the Malaysian index, 8924.227 for the Australian index, and 1504.330 for the emerging economies' index [1] - **Credit Bond Indices**: Latest values are 3561.750 for the US investment - grade credit bond index, 266.918 for the euro - zone investment - grade credit bond index, 290.890 for the emerging economies' investment - grade credit bond index, 2928.260 for the US high - yield credit bond index, 410.440 for the euro - zone high - yield credit bond index, and 1842.996 for the emerging economies' high - yield credit bond index [1] Stock Index Futures Trading Data - **Index Performance**: Closing prices are 4123.14 for A - shares, 4674.76 for the CSI 300, 2981.84 for the SSE 50, 3306.14 for the ChiNext, and 8410.30 for the CSI 500. The percentage changes are 0.65%, 1.28%, 0.64%, 3.04%, and 1.58% respectively [2] - **Valuation**: PE (TTM) values are 14.15 for the CSI 300, 11.48 for the SSE 50, 37.76 for the CSI 500, 26.51 for the S&P 500, and 17.90 for the German DAX. The环比 changes are 0.00, - 0.06, 0.58, - 0.06, and 0.33 respectively [2] - **Risk Premium**: The 1/PE - 10 - year interest rate is - 0.39 for the S&P 500 and 2.75 for the German DAX. The环比 changes are - 0.06 and - 0.09 respectively [2] - **Fund Flows**: The latest values are 349.57 for A - shares, 3.60 for the main board, 216.78 for the ChiNext, and 93.77 for the CSI 300. The 5 - day average values are - 119.52 for A - shares, - 182.70 for the main board, 44.93 for the ChiNext, and - 11.84 for the CSI 300 [2] Other Trading Data - **Transaction Amount**: The latest transaction amount for the Shanghai and Shenzhen stock markets is 23978.88, with a环比 change of - 2496.57. For the CSI 300, it is 1217.62 with a环比 change of - 495.95; for the SSE 50, it is 4641.20 with a环比 change of - 423.03; for the small - and medium - sized board, it is 6449.02 with a环比 change of - 52.77 [3] - **Main Contract Basis**: The basis for IF is - 10.76 with a basis amplitude of - 0.23%, for IH it is - 0.44 with a basis amplitude of - 0.01%, and for IC it is - 16.70 with a basis amplitude of - 0.20% [3] - **Treasury Bond Futures**: Closing prices are 108.34 for T2303, 105.93 for TF2303, 108.31 for T2306, and 105.98 for TF2306. The percentage changes are - 0.02%, - 0.04%, - 0.01%, and - 0.00% respectively [3] - **Funding Rates**: R001 is 1.3917% with a daily change of - 11.00 BP, R007 is 1.5029% with a daily change of 0.00 BP, and SHIBOR - 3M is 1.5492% with a daily change of 0.00 BP [3]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the bond market, focusing on the impact of inflation, oil prices, and monetary policy on bond yields and investment strategies. Core Insights and Arguments 1. **Short-term Bond Market Dynamics** The bond market is currently influenced by oil price inflation expectations and redemption pressures, with the 10-year government bond yield at 1.85% being attractive. The upper limit for yields is expected to be around 1.90% [1][2][3]. 2. **Oil Price Impact on Inflation** Oil prices have a direct impact on the Producer Price Index (PPI), with an elasticity of approximately 0.35. If the average oil price exceeds $80 in March, the PPI may turn positive earlier than expected, potentially triggering market volatility [1][4][5]. 3. **Government Bond Supply Pressure** The supply pressure for government bonds in 2026 is anticipated to be lower than in 2025, with the central bank managing the exchange rate through macro-prudential tools rather than interest rate cuts [1][4]. 4. **Credit Bond Trading Strategy** Long-term credit bonds have limited trading space, and it is advised to take profits when yields are 10 basis points above the low point expected in 2025. The insurance sector's entry in March may further compress spreads [1][2]. 5. **Convertible Bond Premiums** The premium for convertible bonds is currently high at 36%-38%, and caution is advised for bonds priced above 170 yuan due to potential risks associated with performance and credit ratings in April [1][2][3]. 6. **Monetary Policy Stance** The monetary policy remains cautious regarding non-demand-driven inflation, with expectations of narrow fluctuations in liquidity. The average monthly value of DR007 is expected to be slightly above the policy rate by 3-4 basis points [1][7]. 7. **Market Sentiment and Trading Behavior** Historical data suggests that a rebound in PPI does not necessarily lead to a significant downward trend in the bond market. The response depends on the driving factors of inflation, whether demand-driven or supply-side [1][6]. 8. **Insurance Sector's Role in Credit Market** The insurance sector is expected to play a significant role in the credit market, particularly in March, as it typically sees a surge in bond purchases following the annual meeting. The focus will be on short to medium-term bonds due to their matching duration with new insurance products [1][14][15]. 9. **Risk Factors for Convertible Bonds** The convertible bond market is currently facing risks due to high valuations and potential redemption expectations. Bonds priced above 170 yuan are particularly vulnerable to market corrections [1][20][21]. 10. **Investment Strategy Recommendations** Investors are advised to focus on bonds with stable cash flows and avoid high-priced bonds with unclear redemption expectations. The strategy should include a cautious approach to technology growth sectors until market stability is observed [1][19][20]. Other Important but Potentially Overlooked Content - The call emphasizes the importance of monitoring geopolitical events and their potential impact on oil prices and inflation expectations, which could lead to increased volatility in the bond market [2][3]. - The discussion also highlights the need for a balanced approach to investment, considering both short-term trading opportunities and long-term value in the context of changing market conditions [1][19].

Group 1: Hai Liang Co., Ltd. (海亮股份) - The company is a leading player in copper processing, with overseas expansion and profitability expected to exceed expectations [3] - The copper foil segment is entering a growth phase, with profitability recovery anticipated to surpass expectations [3] - The AI copper-based materials sector presents significant growth potential, with business development progress likely to exceed expectations [3] - Traditional business is driven by better overseas demand compared to domestic, with U.S. production bases expected to capture excess market share and profits due to trade policies [3] - The lithium battery copper foil industry remains highly prosperous, with the company’s 3.5μm product expected to gain excess market share and higher profitability [3] - Breakthroughs in electronic circuit copper foil technology and low domestic production rates indicate vast long-term development potential [3] - The company’s earnings forecast for 2025-2027 includes revenues of 87.93 billion, 112.99 billion, and 123.45 billion CNY, with net profits of 9.62 billion, 17.80 billion, and 26.52 billion CNY respectively [3] Group 2: Wan Guo Gold Group (万国黄金集团) - The company is rapidly growing in the gold industry, with significant production increases expected [5] - The anticipated growth rate is expected to absorb high PE levels, indicating strong future potential [5] - The forecast for net profits from 2025 to 2027 is 1.22 billion, 2.88 billion, and 4.74 billion CNY, reflecting year-on-year growth of 112.09%, 136.06%, and 64.49% respectively [5] Group 3: Macroeconomic Insights - The fiscal budget for 2026 is characterized by a positive spending tone, with fiscal revenues and expenditures in a tight balance [6] - The report indicates that the central and local budget execution for 2025 and the draft for 2026 suggest a slight slowdown in fiscal funding intensity relative to GDP compared to 2025 [6] - The expected midpoint for the RMB to USD exchange rate in 2026 is around 6.9, with potential fluctuations throughout the year [7] - The report highlights that the central bank's recent policy adjustments indicate a focus on managing the pace of RMB appreciation [7]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 5222.30, 89.98, 2366.00, 1793.00, 67.02, and 13396.00 respectively. The price changes are 0.00, 0.00, 111.00, 24.00, 0.00, and -62.00 respectively [2]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 97.64, 1.18, 1.35, 156.09, and 1.74 respectively, with all changes being 0.00 [2]. Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 11207.59, 309.44, and 450.45 respectively. The change in SHFE Silver inventory is 2.84, while others remain unchanged [3]. - The latest holdings of Gold ETF and Silver ETF are 1097.90 and 16079.74 respectively, with no changes [3]. - The latest deferred - fee payment directions of SGE Silver are 1 and 2 respectively, with no changes [3].

Exchange Rate Dynamics - The RMB exchange rate strengthened significantly post-Spring Festival, with an average daily increase of 239 basis points, breaking key psychological levels of 6.85 and 6.80[1] - A concentrated demand for currency settlement emerged due to uneven workday distribution in January and February 2026, leading to a surge in settlement needs in late February[1] - Approximately $1 trillion of export earnings have been held in overseas accounts over the past 2-3 years, triggering a "herd effect" as these funds returned to settle in RMB[1] Market Trends - As of February 27, the counter-cyclical factor shadow reached a peak of 793 basis points, indicating regulatory measures to curb excessive speculation in the market[1] - The People's Bank of China announced a reduction of the foreign exchange risk reserve ratio for forward sales from 20% to 0, reflecting a shift in monetary policy[1] - The current spread between the RMB central parity and spot exchange rate exceeds 700 basis points, indicating signs of overbought conditions[1] Economic Indicators - The Producer Price Index (PPI) data improvement in early 2026 signals a positive domestic economic recovery, providing intrinsic support for the RMB exchange rate[1] - For the week of February 21 to February 28, the Shanghai Composite Index rose by 1.08%, while the S&P 500 fell by 0.45%[2] - The offshore RMB appreciated by 0.53%, and the US dollar index decreased by 0.11% during the same period[2] Inventory and Fund Behavior - Recent oil inventory levels reached 44,684 million tons, increasing by 46,224 million tons from the previous week[3] - The latest data shows a decrease in long positions for the US dollar by 2,121 contracts, while gold ETF holdings increased by 720,000 ounces[3]

Group 1: U.S. Economic Policies and Market Reactions - The U.S. Customs and Border Protection announced a 10% temporary tariff on six categories of products, effective from February 24, 2026, until July 24, 2026, independent of previous tariffs set by the Trump administration [1] - Federal Reserve Governor Lisa Cook warned that artificial intelligence could accelerate generational changes in the labor market, potentially leading to increased structural unemployment, and emphasized that monetary policy may have limited effectiveness in addressing such shocks [1] - Atlanta Fed President Bostic stressed the importance of monitoring inflation even with improving productivity, warning against sacrificing long-term stability for short-term solutions [2] Group 2: International Economic Relations - Japanese Economy Minister Akira Amari indicated that U.S. tariffs could impose additional burdens on Japanese companies, and he has requested assurances from the U.S. to maintain Japan's treatment at levels agreed upon in previous agreements [2] - Japanese Prime Minister Suga expressed strong opposition to further interest rate hikes during a meeting with the Bank of Japan Governor, indicating a shift in stance compared to previous discussions [2] - Japan's Finance Minister stated that Japan and the U.S. are maintaining close communication regarding exchange rate movements, raising expectations of potential joint intervention in the yen [2] Group 3: Market Performance and Indicators - The Dow Jones Industrial Average rose by 0.76% to 49,174.5 points, while the S&P 500 increased by 0.77% to 6,890.07 points, and the Nasdaq Composite climbed by 1.04% to 22,863.68 points [4] - The COMEX gold futures fell by 1.25% to $5,160.50 per ounce, while silver futures increased by 0.57% to $87.07 per ounce [4] - U.S. wholesale sales grew by 1% year-on-year, and the Conference Board's consumer confidence index surged to 91.2, exceeding expectations and reaching a multi-month high [3]