Zhimeitong | International Highlights

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01. North America

Amazon has accelerated its push into QVC-style live-streaming, hoping to replicate the success of its social media rivals and revive flagging online sales. Recently, Amazon has been investing in live streaming, which has gradually become a core focus since it launched in 2019. Amazon hopes to use this business to gain a share of the market that is seen as the future of shopping. According to reports, this year, Amazon has held several events in the hope of attracting more influential "influencers" to join the platform. According to brokerage firms, Amazon offers big bonuses to top influencers, offering them thousands of dollars in extra rewards if they choose to livestream on Amazon instead of other platforms.

[U.S. trade deficit falls to lowest level this year in May] The U.S. trade deficit fell to its lowest level this year in May, reflecting a pickup in exports of goods and services. Data released by the U.S. Commerce Department showed that the trade deficit narrowed by $1.1 billion from the previous month to $85.5 billion, down 1.3 percent from the previous month. Economists expect a deficit of $85 billion. Exports of goods and services rose 1.2 percent to $255.9 billion, while imports rose 0.6 percent to $341.4 billion. The narrowing trade deficit for several months could help boost U.S. GDP in the second quarter. In the first quarter of this year, the surge in deficits shaved 3.2 percentage points off GDP, one of the largest negative impacts on record.

[U.S. makes the first anti-dumping sunset review final ruling on stainless steel sheet and strip] The U.S. Department of Commerce issued an announcement saying that it has made the first anti-dumping fast sunset review of stainless steel sheet and strip imported from China. The final ruling states that if the anti-dumping duties in this case are cancelled, the dumping of the products involved in China will continue or occur again at a dumping margin of 76.64%.

[The probability of the Fed raising interest rates by 75 basis points in July is 93.9%] According to CME's "Federal Reserve Watch": the probability of the Fed raising interest rates by 50 basis points in July is 6.1%, and the probability of raising interest rates by 75 basis points is 93.9%; to 9 The probability of accumulative rate hikes of 50 and 75 basis points in the month is 0%, the probability of accumulative rate hike of 100 basis points is 5.2%, the probability of accumulative rate hike of 125 basis points is 81.6%, and the probability of accumulative rate hike of 150 basis points is 13.1 %.

[Goldman Sachs: U.S. Q2 economic growth forecast sharply downgraded to 0.7%] Goldman Sachs economists sharply lowered their forecast for U.S. GDP from April to June to 0.7% year-on-year growth, well below the bank’s latest forecast of 1.9%. Goldman Sachs said the latest forecast was based on the May trade account released by the U.S. Commerce Department last week. The data showed that the trade deficit, although falling, was still higher than market expectations. "The U.S. trade report in May was weaker than we had previously expected, and we also expect imports to remain high in June," Goldman Sachs wrote in a note to clients. Revised data from the U.S. Commerce Department showed that this year U.S. GDP contracted at an annualized rate of 1.6% in the first quarter. By the traditional definition of recession, two consecutive quarters of contraction would mean the economy is in a technical recession.

[U.S. jobless claims rise, layoffs hit a 16-month high] The U.S. unexpectedly increased initial jobless claims last week, job demand slowed, and layoffs surged to a 16-month high in June as the Fed was aggressive Monetary tightening policy sparked recession fears. Initial jobless claims for the week ended July 2 rose by a seasonally adjusted 4,000 to 235,000, the Labor Department said, compared with analysts' expectations for 230,000. Initial jobless claims have been around 230,000 since early June, underscoring the strength of the job market, even as some companies in the housing and technology sectors have been laying off workers. Tesla has laid off hundreds of employees in the United States.

[Mid-term elections approach, Biden's right-hand man resigns] The White House announced that Kate Bedingfield, director of the White House Communications Office, will step down soon. She is one of the first people to pledge allegiance to US President Joe Biden. With four months to go before the difficult midterm elections, her departure was striking.

[USPS Revises Service Standards for Class 1 Parcel Service] Recently, the USPS has revised the service standards for Class 1 Parcel Service (FCPS) in order to take further steps to improve service reliability. The move is part of Delivering for America, the USPS' 10-year plan to achieve financial sustainability and service excellence. 64% of Class I parcel traffic will be unaffected by the proposed standard change. The 4% service standard will be raised from 3 days to 2 days. The remaining part (about 32%) will increase the service standard by 1-2 days. "Modifying the designated service standards is a key growth element and driver of the company's 10-year plan," said the USPS. "This move will help the company save costs and improve reliability across all of its products, including the growing package market. Through the implementation of the 10-year plan, the company will provide consistent, reliable service to the American people and customers while increasing package volumes and stimulating revenue growth that can be invested back into the USPS."

[Twitter (Twitter) to lay off 30% of its recruitment team] Twitter announced on the 7th local time that its talent recruitment team will lay off 30% of its staff. In May, Twitter said it would suspend hiring and cut costs. Because of changes in business needs, Twitter reorganized its talent acquisition team and cut its headcount. A 30% layoff sounds like a lot, but it actually affects fewer than 100 people. At this moment, Twitter and Musk are still at a standoff. Musk had announced a $44 billion acquisition of Twitter, but in May he said the deal was on hold because Musk questioned statistics related to spam and fake accounts.

02. EU region

[European bond market: German bonds pared gains, euro zone long-term bonds lag behind] After the U.S. ISM service index was stronger than expected, German government bonds pared gains led by medium-term bonds; recession worries loomed, and the money market lowered the European Central Bank to raise interest rates bet. German 10-year bond yields were at one point less than 1 basis point away from giving up all of June's gains; traders bet the ECB would raise rates by a cumulative 175 basis points by June next year, up from 300 three weeks ago basis point. The performance of long-term bonds in the euro zone is lagging behind, Spain and France will issue bonds including 30-year bonds; British government bonds fell, leading in the medium term, safe-haven demand has left, and the money market has raised bets on the Bank of England raising interest rates next year; the Bank of England Pill of Mr. Pill said there were reasons to raise rates in a more steady fashion, with bets on tightening this year largely unchanged.

[The German Bundestag passed a bill to speed up the construction of green energy and 2% of the land will be used for wind power] On the 7th local time, the German Bundestag passed a bill aimed at accelerating the construction of green energy such as wind and solar energy in Germany. According to the Act, by 2030, the share of electricity consumption from renewable sources in Germany will be increased to at least 80%, compared with currently less than 50%. To achieve this, 2% of Germany's entire federal land area will be earmarked for wind turbines, more than double the current amount.

[WHO: Europe has become the center of the current monkeypox epidemic] On the 6th local time, WHO Director-General Tedros Adhanom Ghebreyesus said that more than 6,000 cases of monkeypox have been reported in 58 countries and regions around the world, and there may be a large number of unresolved cases. be found. More than 80% of the world's monkeypox cases come from Europe, which has become the epicenter of the current monkeypox epidemic. In Africa, countries previously unaffected by monkeypox outbreaks are now seeing cases of monkeypox as well. WHO plans to reconvene its emergency committee in the near future to discuss the monkeypox outbreak.

[Spain has stopped importing oil from Russia since May this year] According to the news released by the Spanish Petroleum Products Strategic Reserve Committee on July 7, May this year was the first month that Spain did not buy crude oil from Russia. Spain's largest crude oil importer during May 2022 was the United States, with 960,000 tons, accounting for 16% of the country's total crude oil imports for the month. According to statistics, Spain's total oil imports from Russia in the first quarter of 2022 were 700,000 tons, less than 4% of the total imports in the same period of previous years. In total, Spain imported nearly 40 different types of crude oil from about 20 origins during this period.

03. Other regions

[British Prime Minister Johnson announces his resignation] On the 7th local time, British Prime Minister Boris Johnson announced his resignation as the leader of the British Conservative Party and Prime Minister, but will remain as Prime Minister until a new leader is elected. Johnson made a public speech in front of the Prime Minister's Office at noon on the 7th local time. He said the Conservative Party's wishes had been made clear that "there should be a new leader and therefore a new prime minister". He has agreed to start work on selecting a successor immediately, with a timetable to be announced next week.

[Polls show: British Defense Secretary Wallace is the most popular candidate for the new Prime Minister] On the 7th local time, the latest public opinion poll showed that British Defense Secretary Ben Wallace was the most popular candidate for the new Prime Minister. Wallace is ahead of his main contenders, including the current foreign secretary, Truss.

[The Russian version of Starbucks will be renamed and reopened] The Russian version of Starbucks will be renamed and reopened. American Starbucks Corp. has found a new buyer for its Russian business – Anton Pinsky, founder of Russian restaurant company Pinsky. The deal, which is expected to close by July 20, includes the transfer of leasehold rights to all Starbucks coffee stores, the report said. Just as the Russian version of McDonald's was renamed "It's so delicious", the Russian version of Starbucks will also be renamed. Starbucks Corporation of the United States has suspended all store operations in Russia since March 8, local time, and announced its withdrawal from the Russian market in May, closing its 130 stores in Russia, and its brand will no longer be retained in the Russian market.

[Ukraine’s inflation rate reached 20.1% in June] On the 7th local time, the Central Bank of Ukraine announced data that Ukraine’s inflation rate reached 20.1% in June, compared with 18% in May. The Ukrainian state news agency reported on the same day that higher global energy prices and internal factors related to the war were the main reasons for the rise in inflation, including disruption of domestic logistics and damage to infrastructure. Meat prices rose rapidly due to reduced supplies in eastern and central Ukrainian regions, and prices of cereals, especially buckwheat, rose rapidly.

[Korean cosmetics exports increased by more than 21% year-on-year to a new high last year, and the export value exceeded that of home appliances and mobile phones] According to reports, South Korea exported cosmetics of 9.18357 billion US dollars last year, an increase of 21.3% over 2020. The export value of Korean cosmetics has ranked third in the world for two consecutive years, second only to France and the United States. Compared with 2012, it has increased by about 8 times and achieved a surplus for 10 consecutive years. The export value of Korean cosmetics even exceeds that of home appliances ($8.6 billion), pharmaceuticals ($8.4 billion), and mobile phones ($4.9 billion).

Zhimeitong | Logistics Highlights

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[New Land-Sea Corridor RCEP-Beibu Gulf Port-Hebei Sea-Rail Intermodal Train Opening] On July 6, Beijing time, the opening ceremony of the new land-sea channel RCEP- Beibu Gulf Port-Hebei Sea-Rail Intermodal Train was held in Qinzhou, China (Guangxi) Pilot Free Trade Zone. Held in the port area, a train full of 60 standard containers of RCEP national paper products and other products departed from Qinzhou Railway Container Center Station. The train will arrive in Shijiazhuang City, Hebei Province in 5 days. The opening of this train marks the first time that the operation scope of the sea-rail intermodal trains in the new landing-to-sea channel has been extended to North China.

[Capesize shipping index soars to boost Baltic dry bulk freight index] The Baltic dry bulk shipping index rose on the 7th, as the capesize shipping rate rose sharply, overshadowing the Panamax shipping index falling to near Impact from five-month lows. The Baltic Dry Index rose 30 points, or nearly 1.5%, to 2,073, its first gain in five sessions. The capesize index rose 205 points, or 10.3%, to 2,205. Average daily earnings for capesize vessels rose $1,698 to $18,286. The panamax index fell 85 points, or 3.6%, to 2,278. Average daily earnings for panamax vessels fell $769 to $20,501. The Supramax index fell 44 points to 2,203.

Zhimeitong | Domestic Highlights

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[The Ministry of Commerce talks about the foreign trade environment in the second half of the year: there are still many favorable conditions for achieving stability and improving quality] The spokesperson of the Ministry of Commerce said that from the recent investigations of some places, industries and enterprises, the development of China's foreign trade in the second half of the year is faced with uncertainties Unstable factors have increased, and the situation remains complex and severe. From the perspective of external demand, due to geopolitical conflicts and the accelerated tightening of monetary policies in some developed economies, the global economic growth may slow down, and the outlook for trade growth is not optimistic. From a domestic perspective, the foreign trade base in the second half of the year has increased significantly, the overall cost of enterprises is still high, and it is still difficult to receive orders and expand the market. At the same time, there are still many favorable conditions for maintaining stability and improving the quality of foreign trade throughout the year. First, my country's foreign trade industry has a solid foundation, and the long-term positive fundamentals have not changed. Second, various foreign trade stabilization policies will continue to be effective. All localities have further coordinated epidemic prevention and control and economic and social development, continuously optimized and refined policy measures, and stimulated the resilience and vitality of the foreign trade industry. Third, the new energy and other industries have a good growth momentum and are expected to continue to contribute to the increment in the second half of the year.

What advice do you have for foreign trade companies? The Ministry of Commerce responded that in the next step, the Ministry of Commerce will work with all localities and relevant departments to implement policies and measures to stabilize foreign trade, from promoting foreign trade to ensure smooth flow, increasing fiscal, taxation and financial support, helping enterprises to seize orders to expand the market, and stabilize the foreign trade industry. Chain supply chain and other aspects continue to make efforts, continue to support enterprises to make full use of relevant policies and measures, and help the stable and healthy development of foreign trade enterprises.

[Ministry of Commerce: The total import and export volume of services in the first five months increased by 22% year-on-year] The spokesperson of the Ministry of Commerce said that from January to May this year, China's service trade continued to maintain steady growth. The total import and export of services was 2,365.36 billion yuan, a year-on-year increase of 22%; of which service exports were 1,151.79 billion yuan, an increase of 26.3%; imports were 1,213.57 billion yuan, an increase of 18.2%. The growth of service exports was 8.1 percentage points higher than that of imports, driving the service trade deficit down by 46% to 61.78 billion yuan. In May, the total import and export of services in my country was 456.28 billion yuan, a year-on-year increase of 22.2%.

[Ministry of Commerce: Strengthening the communication and coordination of macro policies between China and the United States is of great significance, which is beneficial to China and the United States and the whole world] The spokesperson of the Ministry of Commerce said that on the morning of July 5, Vice Premier Liu He held a video with Treasury Secretary Yellen at the request call. The two sides believe that the current world economy is facing severe challenges. It is of great significance to strengthen the communication and coordination of macro policies between China and the United States, and jointly maintain the stability of the global industrial chain and supply chain, which is beneficial to China and the United States and the whole world. The Chinese side expressed its concern over issues such as the lifting of additional tariffs and sanctions imposed by the United States on China and fair treatment of Chinese companies. The economic and trade teams of the two sides agreed to maintain close communication, implement the consensus reached by the leaders, strengthen exchanges on macroeconomic policies, and promote practical cooperation in the economic and trade field.

Zhimeitong | E-commerce highlights

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[Walmart offers InHome delivery as an optional add-on] Retail giant Walmart's popular InHome delivery service is now an optional add-on to its Walmart+ loyalty program. Walmart launched its InHome delivery service in 2019, allowing trained employees to deliver fresh food and daily necessities to customers’ doorsteps, or directly into customers’ refrigerators, and pick up customer returns on Walmart’s website. In January, Walmart announced plans to expand its InHome delivery service to 30 million U.S. households by the end of 2022.

On July 6, local time, the InHome delivery service and the Walmart+ subscription plan began to merge. Walmart+ subscribers pay an additional $7 a month (or an additional $40 a year) for InHome delivery, which was previously a separate fee of $19.95 a month or $148 a year. Walmart noted that its e-commerce sales have grown 38% over the past two years. To meet growing demand, Walmart has increased delivery capacity by 35% this year and continues to expand into new markets.

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