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Real-time News
August 3 – Research from the European Central Bank (ECB) shows that eurozone households have cut spending following the outbreak of the war in Iran, appearing more concerned about overall uncertainty than faster inflation. Economists including Neus Dausa i Noguera, Maria Dimou, and Omiros Kouvavas, in an article published this week in the ECBs Economic Bulletin, noted that market confidence declined and consumption momentum weakened significantly as the conflict escalated. They found that the economic slowdown was primarily due to reduced discretionary spending. Nominal energy spending rose, reflecting increased transportation costs, while spending on housing and food remained resilient. The adjustments were most pronounced among high-income households. The researchers stated, "The weakening of nominal consumption appears to be primarily driven by households with unrestricted budgets who chose to postpone spending due to increased uncertainty." They added, "While price increases from the Middle East war may have played a role, the analysis suggests that even after controlling for real income, an emotion-driven channel exists. If households perceive the loss of real income from the conflict as persistent and link it to a decline in real purchasing power, then the initially emotion-driven slowdown may become more entrenched."On August 3, the Shanghai Intellectual Property Administration and the Shanghai Municipal Development and Reform Commission jointly issued the "Shanghai Intellectual Property High-Quality Development 15th Five-Year Plan". The plan proposes that by 2030, Shanghai will become a major international intellectual property city, achieving new breakthroughs in deepening reforms in the field of intellectual property, reaching new heights in protection, demonstrating new vitality in creation and utilization, taking a new step in service supply, further optimizing the innovation and development ecosystem, and significantly improving the levels of intellectual property creation, utilization, protection, management, and services. This will fully support Shanghais development into a source of scientific and technological innovation, a leader in high-end industries, a new highland for innovation governance, a benchmark for convenient services for the people, a hub for high-end talent, and a demonstration zone for open cooperation. By 2035, Shanghai will have basically established itself as an international intellectual property center city with complete systems, a sound framework, a superior environment, and leading standards.A German government spokesperson stated that the (Ceuta exclave migrant crisis) highlights the volatility of the situation at the EUs external borders, requiring joint efforts from all European countries.August 3rd - According to data from China Index Academy, 125,000 existing homes were sold in 20 major cities in July, a 6.0% decrease month-on-month but a 9.3% increase year-on-year. The growth rate narrowed by 3.1 percentage points compared to the previous month, indicating a slight decrease in activity in the existing home market in July, but still stronger than the same period last year. Cumulatively, from January to July, 885,000 existing homes were sold in these 20 cities, a 6.1% increase year-on-year. Specifically, core cities such as Beijing, Shanghai, and Shenzhen continued to see year-on-year growth in existing home sales. In July, Beijing saw 14,000 existing homes and Shanghai saw 23,000 existing commercial homes sold, representing year-on-year increases of 8.5% and 21.2% respectively, despite a high base. Beijing and Shanghai have seen year-on-year growth in existing home sales for five consecutive months. Shenzhens existing home sales in July increased by 3.0% year-on-year, a smaller increase than the previous month.Steffier: Tesla (TSLA.O) saw weaker profitability in the second quarter, with gross margin falling to 16.8% and adjusted EBITDA missing expectations. Nevertheless, he remains optimistic about FSD and Robotaxi, viewing order backlog growth and the launch of Model YL as key long-term catalysts.
