The euro/GBP exchange rate fell to a near two-week low of 0.8631.

The latest gold options data shows the Put/Call open interest ratio below 1, indicating a medium-term market outlook for future gains and a dominant bullish trend. However, it's important to note that the Put/Call volume ratio has recently rebounded from a low level, suggesting emerging bearish sentiment and the potential for increased short-term selling pressure or hedging demand. Observing the volatility slope, the current volatility slope is positive and gradually steepening as prices rise. The previous sharp upward volatility spike was driven by Trump's gold tariffs, but has now returned to normal levels. Given that the current gold futures price is around $3,375 (corresponding to the current price of $3,353), a break above $3,440 (corresponding to the current price of $3,423) could lead to increased market volatility. Before falling below $3,360 (corresponding to the current price of $3,343), market volatility is likely to narrow, with the overall market trending towards convergence. (This interpretation is only a preliminary analysis of the new instrument data and does not constitute investment advice. For more real-time options data, please subscribe to the "Options Dashboard" mini-program.)

At the close of Hong Kong stocks, the Hang Seng Index closed up 0.25%, while the Hang Seng Tech Index closed down 0.38%; most chip stocks rose, with SMIC (00981.HK) and Hua Hong Semiconductor (01347.HK) both closing up more than 5%.

International 1. UBS: Raised its S&P 500 target, but expects a decline for the remainder of 2025. 2. Bank of America: With inflation continuing to exceed its target and tariff increases, the Fed lacks sufficient grounds to cut interest rates in September. 3. HSBC: Interpretation of the Fed's political leanings may determine the direction of the US dollar. 4. ING: If the July core CPI monthly rate is 0.3%, the Fed will have room to cut interest rates in September. 5. MUFG: A 50% tariff imposed by the US on India would reduce India's GDP by 1%. 6. ING: UK employment data may be weak, but the pound is expected to be unaffected. 7. Commerzbank: If investors reduce their investment in US Treasuries due to uncertainty, the US dollar may fall. 8. TD Securities: The Reserve Bank of Australia is expected to cut interest rates by 25 basis points, and economic forecasts may provide a basis for subsequent rate cuts. Domestic 1. CICC: The US economy faces "quasi-stagflation." 2. Cathay Pacific Haitong: Maintain a tactical overweight view on both A-shares and US stocks in August. 3. Guotai Junan Securities: High-quality data will be key to accelerating chemical companies' AI deployment. 4. CITIC Construction Investment: Remain optimistic about the overall outlook for the robotics sector. 5. Tianfeng Securities: Insurance funds may continue to bring significant incremental capital to bank stocks. 6. CITIC Securities: Apple has added $100 billion in US investment, and we are optimistic about the valuation recovery of Apple supply chain companies. 7. CITIC Securities: With the suspension of production at CATL's Yichun lithium mine, lithium prices are expected to rise significantly. 8. Industrial Securities: Technological innovation is driving industry development, and demand for 3C equipment is expected to enter an upward period. 9. Guosheng Securities: Amid policy crackdowns on overproduction, the bottom for coking coal is likely to be confirmed. 10. China Merchants Macro: If production restrictions are escalated from industry self-regulation to the national ministerial level, the slope of the price recovery will be even steeper.

UK 10-year government bond yields rose 4 basis points to 4.61%, the highest level since August 1.

Russian Federal Air Transport Agency: Takeoff and landing restrictions at Samara and Ulyanovsk airports have been lifted.