Japan cut its holdings of US Treasuries by $96 billion over the past three months, trimming holdings to $1.14 trillion — the lowest level since April 2025.

CITIC Securities says having missed this round’s rate-hike window, US equity valuations face near-term pressure regardless of whether the Fed hikes in September; medium-to-long term, realized rate hikes could relieve valuation suppression. The Productivity and Employment Task Force’s positive tilt toward AI supports a durable US AI narrative. At the July 29 FOMC the Fed held for a fifth meeting; three voters supported a 25bp increase, signaling publicized internal divisions and a market split of short-end dovishness versus long-end hawkishness. Rising inflation expectations are capping the dollar and may open a window for Japan MOF FX intervention. Strong growth in CSP cloud businesses partially eases concerns about the sustainability of AI’s large capex. Rate-sensitive sectors, high-valuation/low-growth segments and small caps are under pressure; the next potential liquidity pivot is Jackson Hole at end-August or the September policy meeting.

伊朗外交部发言人：伊朗与阿曼关于新航线的理解并不意味着霍尔木兹海峡的开放或关闭。