Global Market Performance - The performance of major global markets was mixed this week, with the Hang Seng Index showing a significant increase of 2.84% [10][23]. - The NASDAQ Index rose by 1.51%, while the S&P 500 Index increased by 0.59%. In contrast, the Dow Jones Industrial Average experienced a slight decline of 0.07% [2][11]. US Market Insights - The TAMAMA Technology Index has a price-to-earnings (P/E) ratio of 35.7, indicating it is in a relatively high valuation range above 35 [1][11]. - The Philadelphia Semiconductor Index has a P/E ratio of 50.2, remaining above 50, while the NASDAQ Index's P/E ratio has risen to 42.9, also above 40 [1][11]. - The S&P 500 Shiller P/E ratio has increased to 38.37, approaching the 40 range, significantly higher than historical averages [1][11]. Hong Kong Market Performance - The Hang Seng Technology Index surged by 5.53% this week, reflecting strong performance in the technology sector [4][23]. - The healthcare sector in Hong Kong saw the largest increase, with a rise of 12.17%, while the real estate and construction sector experienced a slight decline of 0.4% [25][36]. Emerging Markets - Emerging markets showed varied performance, with the Argentine MERVAL and Brazilian IBOVESPA indices facing downward pressure, while the Hang Seng Index performed well [1][10]. - The report suggests that emerging market indices may experience corrections due to economic fundamentals and geopolitical uncertainties [1][10]. Key Economic Data - In June 2025, the US Consumer Price Index (CPI) year-on-year growth rate was 2.7%, up from the previous value of 2.4% [37][38]. - The core CPI also increased to 2.9%, higher than the prior 2.8% [37][38].