Germany July preliminary manufacturing PMI 52.2; expected 50.5, prior 50.3.

US Treasury yields rose to year highs as oil rallied on threats of escalation in the Iran conflict, prompting markets to price a possible Fed rate increase as soon as next week. The 2-year yield, most sensitive to Fed policy bets, gained about 4 bps to roughly 4.34%, its highest since early 2025. The 10-year hit a year high and the 30-year climbed to 5.19%, just below its highest level since 2007. Brent was edging back toward $100/bbl after Houthi militants said they struck a commercial vessel for the first time in months. The oil-driven move kept pressure on the Treasury market and raised odds of an earlier Fed hike this year.

Germany July composite PMI preliminary 51.2, expected 49.8, prior 49.5.