The Eurozone's preliminary composite PMI for July was 51.9, below the expected 50.3 and the previous reading of 50.

Energy: 1. Hindustan Petroleum executives: Due to the Red Sea crisis, some oil shipments may be unavailable. 2. EU diplomats say that EU representatives agreed in the 21st round of sanctions against Russia to freeze oil prices for 12 months; and agreed to extend the exemption period for Russian LNG transshipment to third countries for one year, with automatic renewal. 3. Thailand's Energy Board has approved a reduction of 2.40 baht per liter in refinery prices for B0, B7, and B20 diesel from July 24 to August 15. 4. Helios is now fully operational. Three sources say OPEC+ may increase its September oil production quota by approximately 188,000 barrels per day. 5. LNG buyers plan to pressure Qatar and the UAE to lower prices. 6. Sources say Kazakhstan's oil production has declined due to drone attacks that shut down export terminals. 7. European natural gas prices have exceeded $750 per thousand cubic meters for the first time since March 19. 8. Asian oil buyers are in talks with Saudi Arabia to change the Red Sea oil transport route. 9. Kazakhstan's Ministry of Energy: Caspian Pipeline Union (CPC) facilities are safe and ready to resume exports. 10. Brent crude futures broke through $100/barrel for the first time since May. 11. Three large crude oil tankers escaped danger and sailed out of the Strait of Hormuz. 12. Sources say that Abu Dhabi National Oil Company (ADNOC) of the UAE has offered spot crude oil for August to October loading in a tender, the seventh such tender since early June. 13. Two oil tankers near the Strait of Hormuz are suspected of leaking oil. 14. ANZ Bank: Maintains its Brent crude oil forecast of $92/barrel by the end of Q3 2026; Brent crude oil prices could rise to $120/barrel if regional supply disruptions worsen and market buffers weaken. Agriculture/Mining: 1. Reuters survey: The average price of spot aluminum on the London Metal Exchange (LME) is projected to be $3,307 per tonne in 2026, $3,075 per tonne in 2027, and $2,630 per tonne in 2025. 2. Reuters survey: The average price of spot copper on the London Metal Exchange (LME) is projected to be $13,169 per tonne in 2026, $13,059 per tonne in 2027, and $9,939 per tonne in 2025. Iran Situation: 1. US Central Command: Successfully completed its 13th consecutive night of strikes against Iran. 2. Iranian Foreign Minister: Any source of attack on Iran will be a legitimate target for defensive operations. 3. Iran rejects Trump's ceasefire proposal; the only proposal on the table is rejected.

Japan's net purchases of foreign bonds in the week to July 17 were a net sale of ¥714.4 bln. The prior reading was revised slightly to ¥1,090.0 bln from ¥1,090.1 bln.