Reserve Bank of Australia Governor Bullock is to speak in 10 minutes.

1. 中央结算公司：调降部分主营业务收费，全额免除熊猫债发行登记服务费。 2. 住建部：扎实做好国债支持老旧小区加装电梯项目组织实施。 3. 多家上市银行年中工作会议定调：持续加强资产负债管理，向数智化转型要成效。 4. 中国人民银行广东省分行：上半年广东企业在银行间市场发行债券4891亿元。 5. 机构：投资者可考虑增持美债短端久期。 6. 英伟达五年期CDS周一创史上最大单日涨幅。 7. AT&T启动欧元及英镑五部分债券发行。 8. 马来西亚政府15亿美元伊斯兰债券将在港交所上市。 9. 30年期国债期货创近8个月新高，债市或告别“三低”震荡。 10. 高市早苗拟推减税计划，恐令日元和日本国债面临压力。 11. 日媒：日本证券业协会计划披露更多企业债券交易信息。

UBS said Microsoft's recent share pullback has already priced in some risk ahead of the fiscal fourth-quarter print, leaving downside relatively limited. The bank retains a Buy rating but trims its PT to $480 from $510, citing the risk Microsoft may raise its capex outlook while merely maintaining — not upping — Azure growth guidance. UBS warned that higher spending coupled with limited revenue growth would be poorly received by markets. The note also flagged Microsoft’s exposure to OpenAI, substitution risk from open‑source models, and renewed scrutiny of its core productivity software business. UBS said it maintains Buy but will take a more balanced view of this report.