Group 1: Economic Outlook and Monetary Policy - Goldman Sachs has revised its prediction for the next Federal Reserve interest rate cut from December to September, reflecting a new assessment of the current economic conditions and future inflation trends [1] - The impact of tariffs on U.S. inflation appears to be smaller than previously expected, with other factors contributing more significantly to the decline in inflation [1] - Asian economies are facing major risks due to current U.S. tariff policies and trade tensions, with Vietnam being particularly vulnerable due to its reliance on U.S. market demand [2] Group 2: Currency Trends - Lombard Odier strategists expect the U.S. dollar to continue weakening over the next 12 months, with a fair value estimate for EUR/USD around 1.15, suggesting caution in a wider range of 1.15-1.20 due to geopolitical uncertainties [1] - The Japanese yen has appreciated by 9% over the past six months, driven by global trade tensions and calls for U.S. interest rate cuts, with July historically being a strong month for the yen [3] Group 3: Real Estate and Inflation - Germany is facing a housing shortage, with recent real estate downturns hindering construction activities and causing rent increases, prompting the government to expand rent control measures [4] - In 2023, German property prices fell over 10%, but a 3.8% increase projected for Q1 2025 indicates a significant reversal, particularly in major cities like Berlin, Munich, and Frankfurt [4]