EUR/USD
1.13628
-0.037%
Gold
4037.95
-0.947%
Oil
81.439
0.331%
USD/JPY
163.744
0.006%
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1.32856
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Real-time News
Philips (PHG.N) CEO: We have several million dollars in tariff refunds to receive in the third quarter.On July 28th, Kristina Clifton, a foreign exchange strategist at Commonwealth Bank of Australia, stated that the Australian dollar fell by approximately 0.3% during Asian trading hours following comments from Reserve Bank of Australia (RBA) Governor Bullock. Clifton noted that while Bullock left room for further rate hikes if necessary, he also mentioned that the economy is slowing as expected, and the full impact of previous rate hikes will take time to materialize. Overall, the market interprets Bullocks comments as suggesting a reduced likelihood of a near-term rate hike by the RBA. Clifton stated that current market pricing indicates a roughly 19% probability of a rate hike in August, compared to approximately 32% prior to this speech.The Bank of Japan reported that core CPI, excluding special factors, rose 2.7% year-on-year in June, the same as in May. Core-core CPI, also excluding special factors, rose 2.0% year-on-year in June, compared to 2.1% in May.On July 28, the Ministry of Commerce released Chinas position on the so-called "overcapacity" issue. The document states that openness brings progress, while isolation inevitably leads to backwardness. All parties should dismantle barriers, expand openness, continuously tap market potential, and provide greater space for industrial cooperation. Reducing trade barriers is crucial. The larger the trade volume, the more difficult it is to avoid disagreements and frictions. Focusing solely on "building walls" will only exacerbate conflicts and will not help solve the problem. All parties should adhere to open cooperation, facilitate the cross-border flow of domestic and foreign factors, promote full market competition, stimulate enterprise vitality, and continuously enrich new supply and create new demand. Isolation will only result in a lack of market vitality and greater obstruction to innovative development. Reducing barriers to investment cooperation is also essential. Investment cooperation is an important way to expand the pie, strengthen ties, and enhance mutual benefit, meeting local needs while also driving the development of host countries. All parties should relax restrictions on investment access, simplify procedures, eliminate barriers, provide a fair, transparent, and predictable environment for foreign investors, and better protect their legitimate rights and interests.On July 28, the Ministry of Commerce released its "Chinas Position on the So-Called Overcapacity Issue," stating that the claim that "insufficient domestic demand in China leads to overcapacity" is untrue. China is not only a manufacturing powerhouse but also a major consumer market. Domestic demand has consistently been the main engine of Chinas economy, contributing an average of 93% to Chinas economic growth from 2013 to 2024. According to World Bank purchasing power parity calculations, Chinas total retail sales of consumer goods will be 1.7 times that of the United States by 2025, making it the worlds largest consumer market. Currently, China ranks first globally in physical consumption, with per capita annual consumption of some industrial products approaching that of developed countries. In recent years, the growth rate of Chinas total retail sales of consumer goods has slowed, consistent with Chinas economic shift from high-speed growth to high-quality development, and reflecting the upgrading trend of Chinas consumption structure. Attributing the slowdown in Chinas retail sales growth to insufficient domestic demand is neither objective nor comprehensive. The argument that "insufficient domestic demand in China leads to overcapacity" is a fallacy of applying a micro-level market phenomenon to the macro-level structural level.
