英镑在2022年以来最糟糕的月度表现后企稳。周五，英镑兑美元汇率保持稳定，创下三年来最糟糕的月度表现，因为唐纳德·特朗普总统对数十个贸易伙伴征收新的关税后，美元出现反弹。

Sterling steadies after worst monthly performance since 2022.The pound held steady on Friday, having posted its worst monthly performance against the dollar in three years, as the U.S. currency rallied after President Donald Trump imposed new tariff rates on dozens of trade partners.

瑞士表示，美国39%的关税不适用于药品。在某些情况下，药品至少按价值计算，约占瑞士出口总额的40%。这使其成为瑞士最大的出口行业，其中约60%的出口是针对美国的。

Switzerland says that 39% tariffs from US do not apply to pharmaceuticals.For some context, pharmaceuticals account for around 40% of total exports from Switzerland - at least by value. That makes it the biggest exporting industry for the Swiss and roughly 60% of those exports are directed to the US.

随着市场重新考虑中国针对消费放缓和长期房地产危机的财政支持规模，中国钢材期货价格从7月29日的3345元/吨的七个月高点暴跌至每吨3190元/吨。北京方面表示，将实施扩张性财政和货币政策以支撑支出，但没有发出大规模刺激措施的信号。此外，美国对主要经济体的关税促使安赛乐米塔尔下调了指导价，并预测中国以外的钢铁消费量将减少。同样在关税方面，生铁和铁合金免征美国对主要供应商巴西的关税，以缓解钢铁行业的高额关税。尽管如此，供应减少和基础设施支出强劲的前景使第三季度钢铁期货上涨了5%。中国政策制定者誓言要消除建筑投入的产能过剩，宝钢预计，由于政策限制，今年国内产量将下降5000多万吨。

Steel futures in China plunged to CNY 3,190 per tonne from the seven-month high of CNY 3,345 on July 29th as markets reconsidered the scale of Chinese fiscal support against the slowdown in consumption and the prolonged property crisis. Beijing noted it will implement expansionary fiscal and monetary policy to shore up spending but refrained from signaling large-scale stimulus measures. Additionally, tariffs on major economies by the US drove ArcelorMittal to lower its guidance and forecast less steel consumption outside of China. Also on the tariff front, pig iron and ferro-alloys were exempted from US tariffs on Brazil, a key supplier, to ease the steep sectoral tariffs on steel. Still, the outlook of lower supply and robust infrastructure spending maintained steel futures 5% higher in the third quarter. Chinese policymakers vowed to erase overcapacity in construction inputs, with Baosteel expecting domestic output to fall by over 50 million tonnes this year due to policy bounds.

2025年7月，HALPIM制造业采购经理人指数从前一个月向上修正的49升至50.7。大多数子指数都有所改善，其中8个现在处于恢复范围内。值得注意的是，新订单分项指数上涨5.2点，而产量上升1.6点。本月就业指数也有所上升，标志着在连续两个月收缩后的复苏。

The HALPIM Manufacturing PMI rose to 50.7 in July 2025 from an upwardly revised 49 in the previous month. Most sub-indices showed improvement, with eight of them now in the recovery range. Notably, the sub-index for new orders jumped by 5.2 points, while production rose by 1.6 points. The employment index also rose this month, signaling a recovery after two consecutive months of contraction.