Group 1: Tariff Implementation - The new tariff rates will increase to 15% for most countries and regions, with some major trade partners receiving lower rates between 10% and 20% due to investment commitments to the U.S. [2] - Countries that did not make sufficient concessions in recent negotiations face significantly higher tariffs, such as Canada at 35% and Brazil at 50% [4] Group 2: Historical Context - The new tariffs will raise the U.S. actual tariff rate to 17%, the highest since the Smoot-Hawley Tariff Act of 1933, which exacerbated the Great Depression [5][6] - The actual tariff rate was only 1.2% last year, indicating a dramatic shift in trade policy that could reshape multinational production and trade cost structures [7] Group 3: Impact on U.S. Companies - U.S. companies are becoming the largest "taxpayers" under the new tariff regime, with tariff revenue soaring to $27 billion in June, nearly four times that of the previous year [8] - Companies like Ford and Hasbro are already adjusting their financial forecasts due to increased costs from tariffs, with Ford estimating an additional $800 million in expenses [9] Group 4: Consumer Impact - Retail giants like Walmart and Target are currently managing costs through inventory but are expected to raise prices as tariffs take effect, with a significant portion of manufacturers already beginning to pass on costs [9][10] - The inflationary effects of the tariffs are anticipated to become more pronounced in the fourth quarter of this year and into the first quarter of next year, impacting consumer prices directly [10] Group 5: Economic Outlook - The new tariffs are expected to erode corporate profits and market confidence, leading to potential cuts in investment and hiring by U.S. companies [10] - The overall economic impact is still being assessed, but early signs indicate that the tariffs are reigniting inflation and could slow economic growth [10]

Group 1: Impact of Tariffs on Automotive Industry - Ford Motor Company reported its first quarterly loss of 2023 in Q2, with a loss of $800 million and a net profit decline of $36 million, attributing the losses to the unilateral tariff policy [1] - General Motors, the largest automaker in the U.S., experienced a one-third drop in profits in Q2, resulting in losses exceeding $1 billion, and forecasts a potential annual profit reduction of $4 billion to $5 billion due to tariffs [4] Group 2: Price Increases Across Industries - U.S. wholesalers and distributors plan to collectively raise prices in response to tariff impacts, with the industry valued at $8.2 trillion being identified as a major victim of the trade policy [7] - Procter & Gamble announced a 5% price increase on about a quarter of its products starting in August to offset tariff-related cost pressures, despite significant domestic investments [8] - Food giants like Mondelez and Hershey warned of potential retail price changes for consumer goods, with Hershey's tariff costs reaching approximately $15 million to $20 million in Q2, leading to price adjustments and product downsizing strategies [10]

Market Overview - The London Stock Exchange's FTSE 100 index closed at 9068.58 points on August 1, down 64.23 points, representing a decline of 0.70% [1] - All three major European stock indices experienced declines on the same day [1] Sector Performance - Consumer stocks led the gains in the London stock market, with the top five performers being: - Pearson Group, up 6.06% - Melrose Industries, up 5.00% - Unilever, up 2.79% - British American Tobacco, up 2.25% - Fresnillo, a precious metals producer, up 2.07% [1] - Service stocks were the biggest losers, with the top five decliners being: - Intertek Group, down 6.68% - WSP Global, down 6.15% - Rentokil Initial, down 4.72% - Babcock International Group, down 3.99% - Barclays Bank, down 3.95% [1] Other European Indices - The CAC 40 index in Paris closed at 7546.16 points, down 225.81 points, a decline of 2.91% [1] - The DAX index in Frankfurt closed at 23425.97 points, down 639.50 points, a decline of 2.66% [1]

Group 1 - Procter & Gamble reported a net sales of $84.284 billion for fiscal year 2025, a year-on-year increase of 0.29%, and a net profit of $16.065 billion, up 7.29% year-on-year [1] - The company indicated that the overall sales volume remained stable due to price increases driven by cost pressures from tariffs and other factors [1][2] - Procter & Gamble's CFO noted that despite significant investments in local production, some materials still need to be imported, leading to ongoing tariff pressures [1] Group 2 - Procter & Gamble plans to raise prices on about 25% of its products in the U.S. by approximately 5% starting in August to offset new tariff costs [2] - Other consumer goods companies, such as Hasbro, have also acknowledged the inevitability of price increases due to tariff-related costs, with potential profit reductions of $60 million to $180 million [3] - Nike has already increased prices on certain footwear and apparel due to tariffs, while Skechers warned that high tariffs could significantly impact its business operations and lead to price hikes and reduced sales [4] Group 3 - Adidas expects to see an increase in product costs by €200 million in the U.S. due to tariffs, reflecting the broader impact of tariff policies on the industry [4]

来源：格隆汇APP 格隆汇8月1日｜高乐氏公布截至6月30日的2025财年Q4业绩，营收同比增长4%至20亿美元，高于分析 师预期的19.4亿美元；调整后每股盈利2.87美元，亦高过预期的2.21美元；毛利率为46.5%，与去年同期 基本持平。高乐氏对今年7月开始的2026财年的展望低于预期，因为公司关键营运软件转换，导致零售 商订单大幅减少，估计将对未来一年的盈利造成高达每股95美仙的负面影响。公司预计2026财年净销售 额将同比下降6%至10%，每股盈利将介乎5.95至6.3美元，低于预期。 ...

Core Points - The PCE price index in the U.S. accelerated in June, reaching a year-to-date high, which has dampened expectations for a Federal Reserve rate cut in September [1][4] - The overall PCE price index rose by 2.6% year-on-year, exceeding the expected 2.5%, with a month-on-month increase of 0.3% [1][3] - The core PCE price index, excluding food and energy, increased by 2.8% year-on-year, also above the expected 2.7%, marking the highest level since February [3][4] Inflation and Consumer Spending - The rise in the PCE price index is attributed to higher gasoline prices and companies passing on tariff-related costs to consumers, with energy prices up by 0.9% in June [3][4] - Consumer spending, which accounts for over two-thirds of U.S. economic activity, grew by 0.3% in June, below the expected 0.4% [4] - Economists note that inventory accumulation by businesses has not yet been fully digested, and the impact of tariffs on prices has not been fully realized [4] Federal Reserve's Position - The Federal Reserve maintained its benchmark interest rate at 4.25%-4.50%, resisting pressure for a rate cut from President Trump [4] - The latest inflation report complicates the Fed's path towards potential rate cuts, as officials seek more evidence of inflation returning to the 2% target [4][5] - Fed Chairman Jerome Powell emphasized the importance of addressing price increases without causing long-term inflation or unnecessary harm to the labor market [5]

Core Viewpoint - The outbreak of Chikungunya fever has led to a significant increase in the sales of mosquito repellent products in Shenzhen, Guangdong, as citizens become more proactive in prevention efforts [1]. Group 1: Sales Trends - Various types of mosquito repellent products are prominently displayed in supermarkets, with consumers frequently purchasing them [3]. - The best-selling products include portable mosquito repellent liquids, with some popular items already sold out [5]. - The sales of mosquito repellent products in pharmacies have also seen a noticeable increase, attributed to heightened public awareness due to the Chikungunya fever outbreak [5]. Group 2: Online Sales Performance - Online platforms report a surge in sales, with search volumes for mosquito repellent liquids, sprays, and patches increasing by over 100% week-on-week, and searches for pain relief medications from mosquito bites rising by over 400% [6]. - Traditional mosquito prevention products like mosquito nets and electric mosquito swatters have also experienced growth in both search volume and sales [6]. Group 3: Supply Chain Response - Pharmacies are restocking mosquito repellent products at a rate of 2 to 3 times more than usual due to high demand, with some stores replenishing stock three times a week [7]. - An online health retail platform reported a 150% increase in order volume for mosquito repellent products in Guangdong over the past week, indicating a robust supply to meet consumer demand [9].

2025.07.31 本文字数：2232，阅读时长大约4分钟 作者 |第一财经 樊志菁 美联储重申等待关税影响明朗化 决议声明称，尽管净出口的波动影响了数据，但最近的指标表明，经济活动继续以稳健的速度扩张。失 业率仍然很低，劳动力市场状况稳健，通货膨胀率有所上升。 FOMC重申，寻求在长期内实现最大就业率和2%的通货膨胀率。经济前景的不确定性有所增加，委员 会关注其双重任务的双向风险。 美联储主席鲍威尔在会后新闻发布会上表示，今年上半年经济增长有所放缓，但美联储完全有能力应对 潜在的发展。"与去年的2.5%相比，2025年上半年的增长放缓至1.2%。增长放缓主要反映了消费支出的 放缓。"美联储主席表示，"我们认为，目前的货币政策立场使我们能够及时应对潜在的经济发展。" 谈及关税的影响，美联储主席表示，"更高的关税已经开始体现在一些商品的价格上，但对经济活动和 通货膨胀的总体影响还有待观察。" 鲍威尔认为，一个合理的基本情况可能是，对通胀的影响将是短期的。但他也警告说，征税可能会导致 更持久的通胀变化，"我们的义务是保持长期通胀预期稳定，防止价格水平的一次性上涨成为持续的通 胀问题。" 北京时间7月31日凌晨2 ...

作者 | 第一财经 樊志菁 北京时间7月31日凌晨2点，美联储公布利率决议。 联邦公开市场委员会（FOMC）以9-2的方式决定维持利率区间在4.25%-4.50%不变。美联储主席 鲍威尔表示，可以在等待关税政策是否推高通胀的同时保持利率稳定。他透露，尚未就9月可能的政 策调整"作出任何决定"。受此影响，美股尾盘跳水，美元指数逼近100大关，国际金价走弱。 美联储重申等待关税影响明朗化 决议声明称，尽管净出口的波动影响了数据，但最近的指标表明，经济活动继续以稳健的速度扩张。 失业率仍然很低，劳动力市场状况稳健，通货膨胀率有所上升。 FOMC重申，寻求在长期内实现最大就业率和2%的通货膨胀率。经济前景的不确定性有所增加，委 员会关注其双重任务的双向风险。 美联储主席鲍威尔在会后新闻发布会上表示，今年上半年经济增长有所放缓，但美联储完全有能力应 对潜在的发展。"与去年的2.5%相比，2025年上半年的增长放缓至1.2%。增长放缓主要反映了消 费支出的放缓。"美联储主席表示，"我们认为，目前的货币政策立场使我们能够及时应对潜在的经 济发展。" 2025.07. 31 本文字数：2232，阅读时长大约4分钟 在本次会议 ...

Group 1 - The Federal Reserve decided to maintain the interest rate range at 4.25%-4.50% with a vote of 9-2, indicating a cautious approach to economic conditions and inflation [1][2] - Economic activity continues to expand at a steady pace, with low unemployment and a robust labor market, although inflation rates have risen [2][4] - The Fed aims for maximum employment and a long-term inflation rate of 2%, while acknowledging increased uncertainty in the economic outlook [2][4] Group 2 - Fed Chair Powell noted that the economic growth has slowed in the first half of the year, with a forecasted growth rate of 1.2% for the first half of 2025, down from 2.5% [2][5] - Higher tariffs are beginning to impact prices of certain goods, but the overall effect on economic activity and inflation remains to be seen [2][5] - Powell emphasized the importance of monitoring the labor market for signs of weakness, which could influence future monetary policy decisions [2][6] Group 3 - The dissenting votes from Fed officials Waller and Bowman mark a rare occurrence, as it is the first time since December 1993 that two board members formally opposed the FOMC decision [3][4] - The recent GDP growth rate of 3% in Q2 has not alleviated concerns about the economic outlook for the second half of the year [5][6] - Companies are beginning to pass on tariff costs to consumers, with Procter & Gamble and Nike indicating price increases due to tariffs [5][6]