JPMorgan's latest FX strategy maintains bearish USD outlook despite DXY's 10% YTD decline, weakest H1 since 1980. Report emphasizes tariff risks severely underpriced by markets: threats of 50% on Brazil, 35% on Canada, 50% on copper, up to 200% on pharmaceuticals escalating. August 1st and 12th emerge as critical dates. Safe-haven CHF and JPY poised to outperform, EUR targets 1.20-1.22 medium-term, Q3 raised to 1.19. Triple US policy pressure: fiscal package fails to boost growth, immigration policies drag, Fed independence questioned. Technical indicators turn USD bullish but structural factors override short-term signals. EM FX overbought, tactical reduction recommended.

UBS's latest report reveals JD's Q2 food delivery investment of RMB 10B, with full-year projection of RMB 35B, directly causing adjusted net profit to plummet 61% YoY to RMB 5.6B. Despite near-term pressure, JD's retail business shows resilience with 14% revenue growth outpacing market's 7%, maintaining stable 3.9% profit margin. Key highlights: DAU/MAU growth leading e-commerce peers since April, significant traffic gains among female users and lower-tier cities, early signs of food delivery-retail synergy. UBS cuts target price to $50 but sees limited downside risk at current 8x core P/E valuation. Investors should focus on food delivery ROI inflection point and cross-selling effectiveness.

WSJ weekend edition shows US stocks near historic highs despite tariff threats, with NVIDIA becoming first $4T market cap company globally. Copper surged 9.1% on 50% tariff announcement, largest weekly gain since 2022, adding $200M costs to ConAgra. Corporate reshuffling accelerates: Kraft Heinz plans spinoff, Google acquires AI coding firm Windsurf for $2.4B, Costco's Kirkland brand generates $86B annually. Political tensions: White House pressures Fed Chair Powell, federal judge blocks ICE racial profiling, rural police violence surges 43%. Cultural shifts: "Longevity Ladies" drive hormone research, Love Island USA receives 20K applications, Texas floods claim 120+ lives.