Biden Announces Emergency Reform Plan, Aiming at the Supreme Court; Iran warns Israel...

Overview of the global market

On Monday, the dollar index rose as high as 104.75 and finally closed up 0.23% at 104.57. The benchmark 10-year Treasury yield closed at 4.1790% and the two-year Treasury yield closed at 4.41%.

After a report that United States took the lead in retaliating to suppress Israel, crude oil gave up all its gains and turned lower after opening higher. WTI crude oil fell sharply during the U.S. session, and briefly fell below $75, and finally closed down 0.7% at $75.51 per barrel; Brent crude oil finally closed down 0.71% at 79.07 yuan per barrel.

Global news

1. United States President Joe Biden announced a plan to reform the Supreme Court

On July 29, local time, the official website of the White House of United States issued a statement that President Biden announced plans for emergency reform of the Supreme Court. The plan is expected to support term limits for Supreme Court justices and support the implementation of a binding code of ethics, according to people familiar with the matter. In addition, the proposal could also include a constitutional amendment to limit the immunity of the president and other specific officials.

2. Ministry of Finance: Study the tax system that is compatible with the new business format

The Ministry of Finance held a special meeting to study and implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China. The meeting demanded that we unswervingly deepen the reform of the fiscal and taxation system in depth. Improve the budget system, strengthen the overall planning of financial resources in terms of revenue, deepen the reform of zero-based budgeting in expenditure, give more prominence to performance-oriented management, and strengthen major national strategic tasks and basic people's livelihood and financial guarantees; Study the tax system that is compatible with the new business format, standardize the preferential tax policies, and improve the support mechanism for key areas and key links.

3. Iran warns Israel

Iran the newly elected president said in a phone call with France President Emmanuel Macron that any possible attack on Lebanon Israel would have serious consequences. The White House of United States said Israel had the right to respond after the Allah attack. But no one wants an all-out war, and United States is confident that it can avoid such an outcome. According to foreign media reports, five people familiar with the matter revealed that United States is leading a diplomatic operation to prevent Israel from attacking the Lebanon capital Beirut or major civilian infrastructure. In addition, two Israel officials revealed on Monday that Israel wants to fight Allah but does not want to drag the Middle East into a full-scale war.

4. Central Bank: The balance of foreign holdings of Chinese bonds is 4.35 trillion yuan

The central bank announced that as of the end of June, the custody balance of foreign institutions in China's bond market was 4.35 trillion yuan, accounting for 2.6% of the custody balance of China's bond market. Among them, the custody balance of foreign institutions in the interbank bond market was 4.31 trillion yuan, and in terms of the types of bonds, foreign institutions held 2.21 trillion yuan of government bonds, accounting for 51.3 percent, and policy financial bonds of 960 billion yuan, accounting for 22.3 percent.

$5.35 trillion! The U.S. federal government debt is approaching a new mark

According to the latest data from the United States Ministry of Finance's website, the size of the United States federal government debt has reached $34.997 trillion, just one step away from the $35 trillion mark. According to the United States Treasury Department, as of July 25, the size of the federal government debt has approached the $35 trillion mark indefinitely. According to United States calculations of the Peter · Peterson Foundation, spreading these huge debts to the United States people is equivalent to nearly $104,000 per person.

6. Viet Nam's imports and exports in July exceeded expectations year-on-year

Data released by Statistics Viet Nam showed that exports rose 19.1 percent to $35.92 billion in July, second only to January's 42 percent growth. Expected growth of 13.5%; In June, it grew by 10.5%. Imports rose 24.7% to $33.82 billion in July. Expected growth of 19.5%; In June, it was up 13.1%.

7. Sudan's inflation rate exceeded 136% in the first half of this year

Sudan's Central Bureau of Statistics said on July 29 local time that the inflation rate in Sudan will reach 136.67% in the first half of 2024, which is the first time that the Sudanese government has released inflation rate data since the outbreak of the armed conflict in Sudan in April 2023.

8. United Kingdom Prime Minister's Office: United Kingdom is "bankrupt"!

The United Kingdom Prime Minister's Office said on the 28th local time that the United Kingdom country has been "bankrupt and fragmented". After the formation of the new Labour government, the new Chancellor of the Exchequer of the United Kingdom, Rachel · Reeves, called for a comprehensive assessment of public funding needs. According to Reuters, Labour said the assessment would show a "£20 billion gap in public finances".

Industry information

1. In June, the domestic market shipped 24.912 million mobile phones, an increase of 12.5% year-on-year

According to data from the China Academy of Information and Communications Technology, in June 2024, 24.912 million mobile phones were shipped in the domestic market, a year-on-year increase of 12.5%, of which 22.131 million 5G mobile phones, an increase of 27.8% year-on-year, accounting for 88.8% of mobile phone shipments in the same period. From January to June 2024, the domestic market shipped 147 million mobile phones, a year-on-year increase of 13.2%.

2. Passenger Association Branch: Pickup truck market sales in June were 44,000 units, down 4% year-on-year

According to the data of the Passenger Car Association, the pickup truck market sold 44,000 units in June 2024, down 4% year-on-year and 2% month-on-month, which is at the mid-to-high level in the past five years. Due to the relatively high base of pickup trucks in June last year, the growth rate of this year is good, and the performance is still good. From January to June this year, the sales volume of pickup trucks was 262,000 units, a year-on-year increase of 3%, and the overall performance was good. In June this year, pickup truck production was 39,000 units, down 13% y/y.

3. The number of inbound tourists in Macao in the first half of the year increased by 166% year-on-year

In the first half of 2024, the number of inbound group tourists in Macau increased by 166% year-on-year to 968,000, of which tourists from Chinese mainland increased by 143% year-on-year to 851,000. Macau's inbound group visitors rose 52.1% year-on-year to 120,000 in June, of which group tourists from Chinese mainland increased by 40.3% year-on-year to 102,000.

4. Ge Shu, Patent Office of the State Intellectual Property Office: In 2023, the added value of the core industries of the mainland's digital economy will account for 10% of GDP

Ge Shu, Deputy Director General of the Patent Office of the State Intellectual Property Office and Director of the Strategic Planning Department, said at a press conference today that in 2023, the added value of the core industries of the mainland's digital economy will account for 10% of GDP, becoming an important engine of economic growth. As a hot area of technological innovation, digital economy innovation is also very active. In 2023, the number of invention patents authorized in the core industries of the digital economy in mainland China will reach 406,000, accounting for 40% and a half of the total number of invention patents authorized in the same period, with an average annual growth rate of 21.0% in the past five years.

Edit | Huarui Information New Media Team

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