Domestic News:
1. Li Qiang chaired the 22nd State Council thematic study session: Expanding the coverage of enterprise annuities and enhancing the long-term sustainability of social security funds are crucial.
2. The Ministry of Commerce responded to EU countries' bans on Chinese company equipment.
3. Domestic refined oil prices have been significantly reduced; filling up a tank can save approximately 25 yuan.
4. The Ministry of Commerce: China and the US are maintaining close communication on issues such as tariff reductions, trade, and investment.
5. The Ministry of Foreign Affairs: The US should stop fabricating so-called espionage narratives and finding excuses to implement technological blockades.
International News:
1. Trump: If Mexico does not stop immigration, tariffs will be doubled immediately.
2. British media: The EU and the UK will postpone imposing a 10% tariff on electric vehicles.
3. It is reported that the White House discussed the future of Commerce Secretary Lutnick; Trump still expressed confidence.
4. The yen briefly rose 70 points after falling below the 160 mark in the early morning, increasing the risk of intervention by the Bank of Japan.
5. Spot gold fell sharply by 3%, reaching a new low since October last year. Spot silver fell below $50/ounce.
6. Putin met with the US President's special envoy. Putin stated that Russia cannot accept the presence of foreign troops in Ukraine. The US stated that multilateral negotiations on the Russia-Ukraine issue will be held next week.
7. Federal Reserve – Hamak: Inclined to support smaller, more stable interest rate adjustments by the Fed; interest rates need to be more restrictive; the Fed's 2027 interest rate meeting schedule was released, and the October regular interest rate decision will be replaced by a discussion of monetary policy; Goolsby: US inflation is at a dangerous moment and further deterioration should be prevented; Daly: Inclined to further tighten policy. Tighter financial conditions have given us more time to make decisions, but the market will not do the work for the Fed.
8. Nvidia saga – Jensen Huang resigned from all positions; Jensen Huang agreed to testify before the House Foreign Affairs Committee; Trump: Only Apple's Tim Cook can replace Jensen Huang; Nvidia's market capitalization fell below $4 trillion, closing down more than 4%; US media reported that Nvidia faces an antitrust investigation by the US Department of Justice; third extramarital affair exposed? Jensen Huang exposed for having a close relationship with a second Nvidia employee
9. Middle East Situation—
① Trump: There is no need to reach an agreement with Iran now; the era of reaching an agreement is long gone. The US controls Iran's funds and the Straits. Instructs Vance to focus on domestic affairs.
② Houthi rebels claim to have attacked Saudi Aramco oil company and also attacked pumping stations on the East-West oil pipeline.
③ Sources indicate that Sirik, located in Hormozgan province, Iran, was attacked by the enemy, and the attack was described as "military in nature."
④ Iran's expert conference calls for consideration of withdrawing from the Treaty on the Non-Proliferation of Nuclear Weapons.
