Trump suddenly broke big news! Busan, South Korea's second-largest city, "enters the disappearing phase"

Overview of the global market

On Monday, dragged down by the euro's higher open, the dollar index opened lower with a gap, and quickly rose to a daily high during the U.S. session, before retreating somewhat, and finally closed down 0.03% at 105.75. The euro rose as much as 0.6% during the day to a two-week high. The yen fell to 161.74 intraday, its lowest since 1986.

U.S. and Burkinos Aires both rose about 2% to a two-month high on Monday as traders expected the northern hemisphere's summer driving season to boost oil demand and fears that the conflict in the Middle East could spread and reduce global oil supplies. WTI crude oil closed up 2.35% at $83.35 a barrel; Brent crude closed up 2.06% at $86.61 a barrel.

Global news

1. The U.S. Supreme Court ruled that Trump has presidential immunity for "acts of public office."

On July 1, local time, the U.S. Supreme Court issued a final ruling on former U.S. President Trump's request for the president to be exempted from criminal prosecution. The U.S. Supreme Court has ruled that Trump can be granted immunity from criminal prosecution for some actions taken toward the end of his presidency, but not for actions taken in his private capacity.

2. Democrats consider early nomination of Biden

According to a report by Bloomberg on July 2, US Democrats are considering an early nomination of Biden to eliminate talk of replacing the presidential candidate within the party, possibly at the July 21 meeting. Earlier it was reported that Biden had a bad performance in the first debate with former President Trump, and many Democratic party sponsors expressed disappointment and demanded that Biden withdraw from the race.

3. He Lifeng: It is necessary to pay close attention to the implementation of the various policies that have been introduced and further relax market access

He Lifeng, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, presided over a symposium on foreign investment in Beijing on the 1st. He Lifeng pointed out that it is necessary to adhere to the goal-oriented and problem-oriented, pay close attention to the implementation of the various policies that have been introduced, further relax market access, break unreasonable restrictions, and transform the advantages of the super-large-scale market into real investment advantages.

4. The Caixin China manufacturing PMI rose to 51.8 in June, the highest since June 2021

China's Caixin China Manufacturing Purchasing Managers' Index (PMI) recorded 51.8 in June, up 0.1 percentage points from May, above the boom and bust line for eight consecutive months, the highest since June 2021, indicating that the expansion of manufacturing production and business activities has accelerated.

5. South Korea has significantly extended the trading hours of the South Korean won against the US dollar

Since July, the trading hours of the Korean won against the US dollar in the Korean foreign exchange market have been significantly extended, increasing from 6.5 hours to 17 hours per day. It is understood that this is the biggest change in the Korean foreign exchange market since 1998. The South Korean government said that after the extended trading hours, it will closely monitor market trends and take appropriate measures to maintain market stability at night if necessary.

6. Population shrinks, South Korea's second-largest city, Busan, "enters the disappearing phase"

Yonhap News Agency, citing a report released by the Korea Employment Information Service in late June, said Busan's population had shrunk from 3.88 million in 1995 to 3.3 million in 2023. As of March this year, 23% of the city's population was aged 65 and over, making it the only major city in South Korea to enter a "super-aging society." With a low fertility rate and an aging population, Busan, South Korea's second-largest city, is showing signs of "disappearing" due to its shrinking population.

7. Macao permanent residents will be paid 10,000 yuan in cash in an orderly manner from July 2

Macao's 2024 cash sharing programme will distribute MOP10,000 each to 717,000 eligible Macao permanent residents and MOP6,000 to about 30,000 eligible non-permanent residents in an orderly manner from tomorrow to July 31 through bank transfer or crossed cheques.

8. The new Company Law came into effect

On July 1, 2024, Premier Li Qiang of the State Council signed an order of the State Council, promulgating the Provisions of the State Council on the Implementation of the Registration and Management System for Registered Capital of the Company Law of the People's Republic of China (hereinafter referred to as the "Regulations"), which will come into force on the date of promulgation. The new Company Law has shown bright spots in improving the corporate capital system, optimizing the corporate governance structure, strengthening the protection of the rights and interests of small and medium-sized shareholders, and strengthening the responsibilities of controlling shareholders, actual controllers, directors, supervisors and senior executives.

Industry information

1. South Korea's semiconductor exports hit a record high in June

South Korea's semiconductor exports surged 50.9% to a record $13.4 billion in June, up for eight straight months of year-on-year growth. In the first half of the year, South Korea's semiconductor exports surged 52.2% year-on-year to $65.7 billion, the second highest in history. Automobile exports were valued at $37 billion, the highest value for the same period of the previous year.

2. In the first half of this year, the national express delivery business volume exceeded 80 billion pieces

According to the monitoring data of the State Post Bureau, as of June 30, the volume of express delivery business in the mainland exceeded 80 billion pieces in the first half of this year, 59 days earlier than in 2023. Since the beginning of this year, the mainland express delivery market has continued to develop rapidly, with an average monthly business volume of more than 13 billion pieces.

3. Tianjin's first real estate fell from 1.6 million to 390,000

Recently, an article titled "The house price in our community has fallen to 390,000 yuan, everyone is welcome to come to Tianjin Wuqing and be neighbors with me" has been circulated on the Internet, and the number of reads has exceeded 100,000. The article mentions that the 83-square-meter two-bedroom unit in Tianjin's first innovative Beijing Peninsula project was sold for more than 1.6 million yuan per unit at its peak, and now the transaction price for the same unit has been less than 390,000 yuan. On June 22, when the relevant personnel visited the Shouxin Innovation Beijing Peninsula project in Wuqing District, Tianjin, they confirmed the above situation from a number of owners, intermediaries, property service personnel, and Capital staff.

4. China Automobile Dealers Association: The automobile consumption index fell month-on-month in June

The China Automobile Dealers Association released the latest edition of the "Automobile Consumption Index". According to the data, the automobile consumption index in June 2024 was 74.5, a decrease from the previous month. Judging from the June auto consumption index, it is expected that the sales of automobiles in July will fall month-on-month. Experts from the China Automobile Dealers Association believe that the hot and rainy weather in July affects consumers to buy cars in stores to a certain extent. In addition, dealers carried out promotional impulse activities in June in order to achieve the sales target, which also suppressed the growth of vehicle sales in July.

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