Morning News

**Source**: Wall Street News

**Market Overview**

The Fed's statement mentioned that economic growth had slowed down, which once strengthened the expectation of interest - rate cuts and boosted US stocks and US Treasury bonds. However, Powell's press conference did not give a clear indication on the September interest - rate cut. He emphasized the inflation risk and said that the employment was stable, which dampened the expectation of interest - rate cuts within the year. The US dollar and US Treasury bond yields rose sharply, and US stocks turned down during the session. The Nasdaq closed higher at the end of the session due to investors' bottom - fishing purchases.

After the US stock market closed and the financial reports were released, Microsoft's stock price rose by 7%, Meta's by 12%, Qualcomm's fell by 6%, and Arm's fell by 8% at one point. Nasdaq futures rose by 1% at the beginning of the Asia - Pacific session.

The yields of US Treasury bonds rose across the board, and the yield of the 2 - year Treasury bond, which is sensitive to interest rates, rose by more than 7 basis points. The US dollar had five consecutive positive days, rising by more than 1.1% on Wednesday, approaching the key level of 100.

Gold plunged by more than 1.7%. The Trump administration excluded the most - imported refined copper from tariffs, and the New York copper price plummeted by 20%, the largest one - day decline in history. Most of the domestic night - session futures closed lower. Coking coal and glass fell by more than 4%, and coke fell by more than 1.6%.

During the Asian session, A - shares and H - shares plunged in the afternoon. The ChiNext Index fell by more than 1%, Foxconn Industrial Internet rose by more than 6%, the Hang Seng Tech Index fell by more than 2%, Internet stocks generally declined, and government bonds and commodities rose.

**Top News**

The Political Bureau of the Central Committee of the Communist Party of China held a meeting, deciding to convene the Fourth Plenary Session of the Twentieth Central Committee, analyzing and studying the current economic situation and economic work. Xi Jinping, General Secretary of the Central Committee of the Communist Party of China, presided over the meeting.

The childcare subsidy is the first large - scale, inclusive and direct cash subsidy for people's livelihood security distributed to the public since the founding of the People's Republic of China. The preliminary budget is 90 billion yuan, and it can be applied for in the second half of August.

The Fed has remained on hold for five consecutive meetings, but two voting members supported interest - rate cuts, pointing out that economic growth had slowed down. Powell did not give guidance on the September interest - rate cut, emphasizing the uncertainty of tariffs and inflation, and saying that the labor market had not weakened.

Meta's performance exceeded expectations and its guidance was strong. It raised the lower limit of annual capital expenditure, and its stock price rose by 12% after the market closed. Cloud services supported Microsoft. Its revenue in the last quarter increased by 18% year - on - year, Azure's annual revenue in the whole fiscal year increased by 34%, and AI spending reached a new high. Its stock price rose by nearly 8% at one point after the market closed.

CATL's profit in the second quarter increased by 34%, and overseas expansion has become a growth engine. It plans to distribute 10.07 yuan per 10 shares.

Trump imposed a 50% tariff on imported semi - finished copper, etc., but excluded cathode copper and refined copper. The New York copper price plummeted by 20%.

The United States suspended the minimum - tax - free treatment for low - value goods.

Trump said that the United States would impose a 25% tariff and “penalties” on India, pointing out that India is a major buyer of Russian energy. Trump announced the achievement of a comprehensive trade agreement with South Korea, imposing a 15% tariff. South Korea will provide the United States with a $350 - billion investment, which will be owned and controlled by the United States. Trump signed an executive order to impose a 50% tariff on Brazil.

The initial value of the annualized quarterly - on - quarterly growth rate of the US real GDP in the second quarter was 3%, better than expected, and the PCE price index was 2.5%. The number of ADP jobs added in the United States in July was 104,000, exceeding expectations, but employers were more cautious about recruitment decisions. The eurozone avoided recession in the second quarter, and GDP grew by 0.1% exceeding expectations, and the expectation of interest - rate cuts declined.

The most important indicator of US Treasury bonds at present: The quarterly refinancing scale of the US Treasury has remained stable, and the proportion of short - term bonds has continued to rise, indicating that the medium - and long - term issuance scale will remain unchanged until 2026.

There was a strong earthquake of magnitude 8.8 on the Kamchatka Peninsula in Russia. A tsunami warning was issued in the Pacific Rim, and China launched a level - II emergency response to marine disasters.

**Market Closing Report**

European and American stock markets: The S&P 500 index fell by 0.12%, closing at 6362.90. The Dow Jones Industrial Average fell by 0.38%, closing at 44461.28. The Nasdaq index rose by 0.15%, closing at 21129.67. The European STOXX 600 index fell by 0.02%, closing at 550.24.

A - share market: The Shanghai Composite Index rose by 0.17%, closing at 3615.72. The Shenzhen Component Index fell by 0.77%, closing at 11203.03. The ChiNext Index fell by 1.62%, closing at 2367.68.

Bond market: The yield of the 10 - year US Treasury bond rose by 5.16 basis points, reaching 4.3720%. The yield of the two - year US Treasury bond rose by 6.56 basis points, reaching 3.9365%.

Commodities: COMEX gold futures fell by 1.72%, closing at $3266.90 per ounce. WTI crude oil rose by 1.36%, closing at $70.99 per barrel. Brent crude oil rose by 1.47%, closing at $73.47 per barrel.

### Details of Key News

#### Global Highlights

The Political - Bureau of the Central Committee of the Communist Party of China held a meeting, deciding to convene the Fourth Plenary Session of the Twentieth Central Committee, analyzing and studying the current economic situation and economic work. Xi Jinping, General Secretary of the Central Committee of the Communist Party of China, presided over the meeting. The meeting pointed out that macro - policies should continue to be effective and be strengthened in a timely manner. It is necessary to implement and refine a more proactive fiscal policy and a moderately loose monetary policy, and fully release the policy effects. Accelerate the issuance and use of government bonds and improve the efficiency of fund use. It is necessary to effectively release the potential of domestic demand. Deeply implement the special action to boost consumption, and while expanding commodity consumption, cultivate new growth points of service consumption. Expand consumption demand while ensuring and improving people's livelihood. Continuously prevent and defuse risks in key areas. Implement the spirit of the Central Urban Work Conference and carry out urban renewal with high quality.

The Communist Party of China Central Committee held a symposium for non - Party personages on the current economic situation and economic work in the second half of the year. Xi Jinping presided over the meeting and delivered an important speech. Xi Jinping emphasized that at present, China's economic operation still faces many risks and challenges. It is necessary to correctly grasp the situation, enhance the sense of hardship, adhere to the bottom - line thinking, make good use of development opportunities, potential and advantages, and consolidate and expand the good momentum of economic recovery. In the second half of the year, macro - policies should continue to be effective and be strengthened in a timely manner, and focus should be placed on comprehensively expanding domestic demand, unswervingly deepening reform and opening up, promoting the in - depth integration of scientific and technological innovation and industrial innovation, continuously preventing and defusing risks in key areas, and taking multiple measures to ensure and improve people's livelihood.

Minsheng Securities believes that the connection of the "15th Five - Year Plan", the continuation of the "anti - involution" policy, and the reserve of incremental policies are the three important main lines of today's meeting. Among them, science and technology is undoubtedly the main line of the main lines, becoming the "key point" for short - term breakthrough and long - term layout. Although there is not much content on the economic front, there are more details. In addition to the new proposal of "anti - involution", the layout of the capital market after "stabilization" is also worthy of attention.

Liang Zhonghua from Guotai Haitong Securities believes that the requirements of the Political - Bureau meeting for fiscal and monetary policies have shifted from "making good use and making full use" to "implementing and refining" and "fully releasing policy effects"; "Anti - involution" plays down "low - price" and is placed in the overall layout of the construction of a national unified large - scale market; the importance attached to the capital market has been further enhanced, and it is required to consolidate the good momentum of stability and recovery; the prevention and resolution of risks in key areas have entered a new stage.

The child - rearing subsidy is the first large - scale, inclusive and direct cash subsidy for people's livelihood security distributed to the public since the founding of the People's Republic of China. The preliminary budget is 90 billion yuan, and it can be applied for in late August. Localities will successively open the application for child - rearing subsidies in late August, and all localities will fully open the application for child - rearing subsidies before August 31. For the funds required to issue the national basic standard subsidy, the central finance will subsidize localities according to a certain proportion, and the central government will bear about 90% in total.

The Federal Reserve has remained on hold for five consecutive meetings, but two voting members supported interest - rate cuts, pointing out that economic growth has slowed down. Jerome Powell did not give guidance on a possible interest - rate cut in September, emphasizing the uncertainty of tariffs and inflation, and said that the labor market has not weakened.

The main changes in the Federal Reserve's July statement include: the Federal Reserve changed the statement from "economic activity has continued to expand steadily" to "economic activity growth has slowed down somewhat in the first half of the year"; and changed "the uncertainty of the economic outlook has decreased somewhat, but remains at a high level" to "the uncertainty of the economic outlook remains at a high level". At this meeting, two Federal Reserve governors, Bowman and Waller, cast two dissenting votes, which was in line with expectations. In addition, Federal Reserve Governor Kugler was absent from this meeting and did not vote.

The "New Fed News Service" said that the two members' opposition to the resolution highlighted the breakdown of the Fed policymakers' consensus on the impact of tariffs. Economists believe that this statement is more dovish than expected, and the possibility of an interest - rate cut in September has increased. It is expected that the PCE and non - farm payrolls data to be released this week may intensify the Fed's internal differences.

Meta's performance exceeded expectations, with a strong guidance. It raised the lower limit of its annual capital expenditure, and its stock price soared 12% after the market closed. Meta's revenue in the second quarter reached $47.5 billion, and its earnings per share was $7.14, both far exceeding market expectations. Advertising revenue was strong, and the loss of Reality Labs was lower than expected. The company expects revenue in the third quarter to reach between $47.5 billion and $50.5 billion, higher than the market - wide expectation, and raised the lower limit of its 2025 annual capital expenditure from $64 billion to $66 billion.

Microsoft's revenue in the last quarter increased by 18% year - on - year, driven by cloud support. The annual revenue of Azure increased by 34%, and AI spending reached a new high, and its stock price soared after the market closed. Microsoft's revenue in the second quarter achieved the highest quarterly growth rate in a year and a half. The growth rate of EPS profit accelerated to 24%. The revenue of Azure and other cloud services increased by 39% year - on - year, exceeding expectations, reaching the highest growth rate in two and a half years. Microsoft disclosed the revenue of Azure for the first time, with an annual revenue of over $75 billion, an increase of 34%. The capital expenditure in the second quarter resumed growth month - on - month, increasing by 13% year - on - year, exceeding expectations, reaching a record $24.2 billion. The stock price rose nearly 8% after the market closed.

Qualcomm's revenue in the last quarter slightly exceeded expectations, supported by Meta glasses, but its mobile phone business was unexpectedly weak, and its stock price fell 6% after the market closed. Qualcomm's revenue in the second quarter increased by 10% year - on - year, slower than that in the first quarter. The revenue of the mobile phone business increased by 7%, lower than the nearly 10% increase expected by analysts. The revenue of the IoT business where Meta smart glasses are located increased by 24%. The unexpected weakness of the mobile phone business has increased the concern that tariffs will hit related industries. Qualcomm's revenue guidance for the third quarter is roughly in line with expectations, but investors may have higher expectations.

Arm's financial report was worse than expected, and it may transform into a complete chip manufacturer, and its stock price plummeted 8.5% after the market closed. Arm announced that its revenue in the first fiscal quarter was $1.05 billion, slightly lower than the market expectation, and gave a neutral - to - weak guidance for the second fiscal quarter. The CEO said that the company is increasing investment in self - developed chips and may transform into a more complete chip manufacturer, which may compete with existing customers.

Contemporary Amperex Technology Co., Ltd. (CATL)'s profit in the second quarter increased by 34% sharply, and overseas expansion became the growth engine. It plans to distribute 10.07 yuan per 10 shares. The net profit in the second quarter was 16.6 billion yuan, exceeding market expectations. The cumulative net profit in the first half of the year reached 30.5 billion yuan, an increase of 33% year - on - year. The power battery business is still the core growth engine, with revenue increasing by 16.80% year - on - year in the first half of the year. The revenue of energy - storage batteries decreased slightly by 1.5%, and the revenue of battery materials and recycling business decreased by 44.97% year - on - year.

Trump imposed a 50% tariff on imported semi - finished copper and other products, but cathode copper and refined copper were excluded, and the New York copper price plummeted 20%! Trump excluded the main form of refined copper imports from the tariff plan. On Wednesday, the price of Comex copper futures in the United States plummeted, setting the largest single - day decline in history. Before Wednesday afternoon, Eastern Time, the copper price in the United States was about 28% higher than the benchmark copper futures of the London Metal Exchange (LME). The market had originally expected that all refined metal imports would be taxed.

As Trump's tariff deadline approaches, the copper inventory in the United States has reached the highest level in 21 years. According to the data compiled by Bloomberg, as of Tuesday this week in 2025, the copper inventory in the seven Comex warehouses in the United States has soared by 172% this year, reaching 253,431 short - tons, the highest level since 2004.

The United States suspended the minimum - duty - free treatment for low - value goods. According to the statement, since August 29, imported goods with a value equal to or less than $800 that are sent by means other than the international postal network and originally meet the minimum - duty - free conditions will be subject to all applicable tariffs.

Trump said that the United States will impose a 25% tariff on India and "punish" it, pointing out that India is a major buyer of Russian energy. Trump said that India's tariffs are among the highest in the world, and its non - tariff barriers are more stringent and offensive than those of any other country. The US - India trade deficit is huge, and India has been purchasing most of its military equipment from Russia and is also one of the largest buyers of Russian energy. India said it will take necessary actions to ensure national interests. Trump's chief economic advisor said that he hopes India will open its market to the United States. The Indian rupee hit a five - month low during the intraday trading.

Trump announced the conclusion of a comprehensive trade agreement with South Korea, imposing a 15% tariff. South Korea will provide the United States with a $350 - billion investment, which will be owned and controlled by the United States.

As the tariff deadline approaches, South Korea proposed to invest billions of dollars to help "make the US shipbuilding industry great again". South Korea put forward a multi - billion - dollar project proposal of "Make American Shipbuilding Great Again" (MASGA), aiming to meet the Trump administration's "strong interest" in the shipbuilding field and try to reach an agreement at the last moment. Analysts believe that this proposal hits the core of the Trump administration's "America First" policy and may become a key bargaining chip to avoid tariffs.

Trump signed an executive order to impose a 50% tariff on Brazil. On July 30, local time, the White House of the United States said that US President Trump signed an executive order to impose an additional 40% tariff on Brazil, bringing the total tariff rate to 50%.

The initial value of the annualized quarter - on - quarter growth rate of the real GDP in the second quarter of the United States was 3%, better than expected, and the PCE price index was 2.5%. The GDP excluding inflation factors increased at an annualized rate of 3%, which not only completely reversed the 0.5% contraction in the first quarter, but also far exceeded the market - expected 2.6%. It was mainly driven by two forces: one was the significant decrease in imports, and the other was the resilience of consumer spending.

The ADP employment number in the United States increased by 104,000 in July, exceeding expectations, but employers were more cautious about recruitment decisions. The private - sector employment in the United States increased by 104,000 in July, exceeding the expectations of economists, but still far lower than the average level of last year. Against the background of the increased uncertainty of Trump's policies, employers are more cautious about recruitment decisions, and the overall demand in the labor market is still weak.

The euro area avoided recession in the second quarter, and the GDP increased by 0.1% exceeding expectations, and the expectation of an interest - rate cut declined. The economic growth in the euro area slowed down significantly in the second quarter, but was better than the previously expected zero growth. The quarter - on - quarter growth rate decreased from 0.6% in the first quarter to 0.1%. The year - on - year growth rate reached 1.4%, also higher than the expected 1.2%. The economic engines of Germany and Italy stalled, while France and Spain performed better than expected. Currently, the market believes that the probability of the European Central Bank cutting interest rates again before December is only 50%.

The most important indicator of US bonds at present: the quarterly refinancing scale of the US Treasury Department remains stable, and the proportion of short - term bonds continues to rise, indicating that the medium - and long - term issuance scale will remain unchanged until 2026. The United States set the quarterly refinancing bond issuance scale at $125 billion, in line with expectations, and will continue to slightly increase the sales of Treasury Inflation - Protected Securities (TIPS). The United States believes that the bond issuance will remain stable "for at least the next few quarters".

An 8.8 - magnitude strong earthquake occurred on the Kamchatka Peninsula in Russia, and a tsunami warning was issued in the Pacific Rim. China launched a level - II emergency response to marine disasters. The Kamchatka Peninsula in the Far East of Russia was hit by the strongest earthquake since 1952, triggering a tsunami of about 4 meters. The tsunami warning has spread to the entire Pacific Rim. Japan issued an evacuation order to more than 1.9 million people. The coastal areas of Hawaii, the West Coast of the United States, and Shanghai and Zhejiang in China have all launched emergency responses.

### Domestic Macroeconomy

Li Yunze, Secretary of the Party Committee and Director of the Financial Regulation Administration, went to Tibet for research. Li Yunze, Secretary of the Party Committee and Director of the Financial Regulation Administration, on - site investigated the construction of the Sichuan - Tibet Railway project, the Cainat National Modern Agriculture Demonstration Zone, and other situations, and deeply understood the production and operation status of enterprises such as Ganlu Tibetan Medicine and Goertek Technology. He emphasized that banking and insurance institutions should combine the actual situation in Tibet, enrich financial supply, improve service quality and efficiency, fully support the construction of major projects, actively help the development of characteristic and advantageous industries, do a solid job in the five major articles of finance, and strive to promote the high - quality development of the plateau economy.

Executives of American enterprises queued up to visit China for cooperation. On July 30, Wang Wentao, Minister of the Ministry of Commerce, met with nearly ten American enterprises, including Boeing and Apple, in Beijing. The two sides exchanged views on Sino - US economic and trade relations and the development of American - invested enterprises in China. Before the meeting, representatives of American enterprises queued up to shake hands and greet the Chinese side. After the meeting, Tom Scully, President of the National Committee on US - China Trade, specifically expressed his gratitude to the Chinese side.

### Domestic Companies

Prosus began to reduce its $4 - billion stake in Meituan, selling $250 million in two weeks. Prosus may continue to sell, and the funds obtained from the sale will be used to develop its other e - commerce brands. Meituan plans to invest $1 billion to expand its food - delivery brand Keeta in the Brazilian market, while iFood under Prosus dominates this market. Meituan's entry into the Middle - East market also threatens the Talabat platform invested by Prosus.

Driven by the demand for AI chips, MediaTek's revenue in the second quarter was NT $150.4 billion, a new high, but the exchange rate dragged down the year - on - year growth rate of net profit, which slowed down to 8.1%. MediaTek's revenue in the second quarter increased by 18.1% year - on - year and decreased by 1.9% quarter - on - quarter. The company said that the year - on - year growth was mainly due to the increased demand for edge AI chips and faster - networking chips, and the quarter - on - quarter decrease was mainly due to the "unfavorable exchange - rate factors".

The revenue of China Yangtze Power Co., Ltd. in the first half of the year was 36.587 billion yuan, an increase of 5.02% year - on - year, and the net profit was 12.984 billion yuan, an increase of 14.22% year - on - year. Driven by the increased power generation of the six cascade power plants, China Yangtze Power Co., Ltd., the leading enterprise in the hydropower industry, achieved both revenue and net - profit growth in the first half of the year.

Luckin Coffee's net revenue in the second quarter increased by 47% year - on - year, exceeding expectations, and the net profit increased by 44% year - on - year. The core indicator, the same - store sales growth rate, soared to 13.4%, in sharp contrast to the - 20.9% in the same period last year. The revenue of the franchise business was 2.87 billion yuan, an increase of 55.0% year - on - year, and the growth rate even exceeded that of the direct - sales business. Rapid expansion also brought cost pressure, and the distribution cost soared by 175.1% to 1.67 billion yuan, mainly due to the sharp increase in the number of distribution orders.

New Oriental's Q4 net revenue increased by 9.4% year-on-year, but "goodwill impairment" caused net profit to plummet by more than 70%. New Oriental's Q4 net revenue was $1.243 billion, while shareholders' net profit plummeted 73.7% to $7.1 million, mainly dragged down by $60.3 million in goodwill impairment. Excluding the Oriental Selection business, the revenue of the core education business was $1.09 billion, with a year-on-year growth rate of 18.7%. The company's stock price fell 8.3% in early trading and closed down 5%.

Overseas Macro

Europe promises to buy $750 billion of U.S. energy, a "bad check" that is doomed to be unfulfilled? Analysts generally believe that this figure far exceeds the EU's import demand and the U.S.'s export capacity, and the possibility of realization is extremely slim. The key issue is that the EU cannot control the import behavior of its companies, and even if political forces intervene, the market will still dominate the flow of energy.

With trade risks lifted, is the "second wave" of the Japanese stock market coming? Bank of America raised its year-end forecast for the Japanese stock market, with the TOPIX target rising to 3,050 points and the Nikkei 225 index target rising to 43,000 points. This is mainly based on the U.S.-Japan trade agreement, expectations of fiscal expansion, strong capital inflows and share repurchases. Although the short-term rally may slow down, the bottoming out and improvement of corporate profits are expected to drive the "second wave" of the market.

With $550 billion in U.S. investment, why does Japan think it's "a good deal"? Japan has committed to a $550 billion investment plan in the U.S. in exchange for tariff reductions. However, Barclays revealed that this stunning figure is more of a "theoretical framework" rather than real money. The $550 billion is only a "planned upper limit" and may not be fully used; the direct investment from the Japan Bank for International Cooperation is expected to account for only 1-2% of the total. Moreover, there are significant differences between the U.S. and Japan on the key issue of profit distribution.

Overseas Companies

Hermès is unafraid of the cold winter, with Q2 sales accelerating 9% year-on-year, but net profit fell to 2.25 billion euros, and its stock price dropped 4%. The group achieved sales of 8.034 billion euros in the first half of the year, a year-on-year increase of 8.1%, and recurring operating profit increased from 3.15 billion euros in the same period last year to 3.33 billion euros. The company maintained its medium-term growth target but explicitly mentioned that "the current environment is full of uncertain economic and geopolitical factors".

Toyota's global sales hit a record in the first half of the year, with strong demand for hybrids offsetting the impact of tariffs. Despite the turbulent U.S. tariff policies, Toyota Motor achieved a record global sales volume in the first half of 2025, with total sales exceeding 5.5 million units, a year-on-year increase of 7.4%, thanks to the strong demand for its hybrid models. The new U.S.-Japan trade agreement will reduce tariffs to 15%, providing favorable conditions for Japanese automakers.

The myth of "weight-loss miracle drugs" is shattered, how did Novo Nordisk fall from the throne? From production capacity mistakes to backward marketing, and then to the failure of new drug trials, Novo Nordisk suffered three consecutive setbacks in the "weight-loss miracle drug" battlefield, lost the first-mover dividend, and was overtaken by Eli Lilly.

The tariff impact is here, and "FMCG king" Procter & Gamble announced a price increase in the U.S. Procter & Gamble plans to raise the price of about a quarter of its products in the U.S. by about 5% to offset the $1 billion cost impact from tariffs. This price increase will affect many well-known brands sold by the company in the U.S., including household necessities such as Gillette razors and Dawn dish soap.

Ambiq, an AI chip company invested by Arm, soared 61% on its first day of listing, with trading halts twice due to circuit breakers. This AI company focusing on ultra-low-power semiconductor solutions was officially listed on the New York Stock Exchange. Ambiq issued 4 million shares this time, raising a total of $96 million.

Industry/Concept

1. Innovative drugs: Kaiyuan Securities pointed out that the global stock of patients with Multiple Sclerosis (MS) is large, and the market size of existing products is about $20 billion. Reducing recurrence and delaying neurodegeneration are the core goals of treatment. Many domestic companies have laid out pipelines in the MS field, and the technical forms mainly include BTK inhibitors and CAR-T. The industry may have multiple catalysts in the second half of 2025.

2. Industrial equipment: CSC Financial pointed out that the process industry has obvious pro-cyclical attributes, and the capital expenditure of the petrochemical industry dropped significantly by more than 20% in 2024. The investment plan in the coal chemical industry in the northwest region is being vigorously promoted, which is expected to bring marginal changes to the new market. In the stock market, the equipment renewal policy continues to exert force, and subsidies are gradually implemented, providing medium and long-term resilience for process industry equipment investment.

3. Beef cattle: After cows are bred, it takes about 28 months for fattened cattle to be slaughtered. Beef cattle breeding has strong periodicity. This round of price increase started in December 2023 and has risen by 36.2% as of June. It is expected that the beef supply will still show a downward trend in the next 2 years, and this round of upward cycle is expected to last until after 2027.

4. Games: Zheshang Securities' research report pointed out that public funds significantly increased their positions in the media sector in Q2, especially in sub-sectors such as games and advertising media.

Today's News Preview

China's official manufacturing, non-manufacturing, and composite PMI for July.

The Federal Circuit Court hears the "reciprocal tariff" case.

The Bank of Japan announces its interest rate decision, and Governor Kazuo Ueda holds a monetary policy press conference.

U.S. personal income, consumer spending, and core PCE price index for June.

U.S. initial jobless claims for the previous week.

Germany and France's CPI for July.

Apple and Amazon release earnings reports.

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