The dollar index, measuring the dollar against six major currencies, fell 0.52% to 100.861 at the New York close. EUR/USD 1.1433 (prior 1.1380); GBP/USD 1.3348 (prior 1.3278). USD/JPY 161.05 (prior 162.53); USD/CHF 0.8035 (prior 0.8092); USD/CAD 1.41

CSC Financial says AI-driven cost pressure has shifted to the materials end, where exposure is fragmented and many leading suppliers are Japanese. Since H2 2025 bilateral tensions have shown signs of accelerating, tightening supply via de-Japanization while AI-led demand-side inflation reinforces the effect. The firm expects the de-Japanization theme to have further room to run and recommends continued de-Japanization trades, prioritizing domestic powder materials and fluorinated-polymer names for faster growth and accelerating import-substitution opportunities.

Domestic News: 1. The China Securities Regulatory Commission (CSRC) approved Unitree Robotics' IPO registration application on the Science and Technology Innovation Board. 2. 2.8646 million new A-share accounts were opened in June. 3. The 15th meeting of the China-UK Joint Commission on Economic and Trade Cooperation was held in London. 4. Kuaishou: Multiple investors agreed to invest $2 billion in Keling AI. 5. Media: Meta's "essay" contained errors; domestic computing power is in short supply. 6. The Ministry of Commerce responded to the tariff issue on US agricultural products: Agreed to include relevant US agricultural products in the reciprocal tariff reduction framework. 7. The mandatory national standard "Safety Requirements for Intelligent Connected Vehicles - Combined Driving Assistance Systems" was officially released. 8. The State Council approved the "15th Five-Year Plan for Building a Sports Power," promoting the revitalization and development of the "three major ball sports" (basketball, volleyball, and volleyball). International News: 1. Trump: Warsh has a somewhat hostile Federal Reserve Board and will continue to push for the dismissal of Governor Cook by "winning the case." US GDP growth should be between 12% and 13%. 1. Completely ignorant about cryptocurrency gains, holding a small amount of Nvidia stock, Micron is hot, and leading in AI is essential. Believes Musk will donate SpaceX stock to the "Trump account." 2. India will expand its crude oil reserves to hedge against soaring oil prices. 3. OpenAI reportedly offered a 5% stake in the Trump administration. Trump avoided discussing this but emphasized the government's stake in Intel. 4. Anthropic is reportedly in talks with Samsung about custom AI chips. 5. Tesla's total deliveries in the second quarter reached 480,000 vehicles, exceeding market expectations of 402,000. 6. Meta: The development of AI agents has not accelerated "as we expected" in the past four months. 7. The US unemployment rate fell to 4.2% in June, the lowest level since June 2025, below market expectations of 4.3%. 8. US non-farm payrolls increased by 57,000 in June, below market expectations of 110,000. The combined non-farm payrolls increase for April and May was revised downward by 74,000. 9. It is reported that Japan is shifting towards a surprise intervention strategy against those shorting the yen. The USD/JPY pair briefly fell more than 100 points in late Asian trading. 10. Overnight Market Update—The Dow Jones hit a new high, chip stocks continued to plummet, SanDisk fell 14%, spot gold and silver strengthened, with gold rising above $4100. The market reduced its bets on a Fed rate hike this year to 30 basis points through interest rate futures. 11. Middle East Situation— ① Sources say the next round of talks between the US and Iran will be held on July 18. ② Trump: Believes Iran has agreed to almost everything we need. ③ Saudi oil exports are near pre-war levels; analysts say they are overestimated. ④ It is reported that major European countries now believe that imposing tolls on the Strait of Hormuz is inevitable.