Australia July TD-MI inflation index month-on-month +1.0% (June -0.4%).

On Aug. 2, President Trump said there is already an agreement on the Strait of Hormuz, that an agreement on denuclearization will be reached, and that the U.S. will hold talks with Iran on Aug. 3.

The China Cotton Association said U.S. allegations of "forced labor" lack factual and legal basis and that U.S. sanctions have seriously disrupted the global cotton industry and supply chains. The association said the measures infringe on Chinese firms’ legal rights and asserted China's cotton and textile sector — with the most complete global industry chain, a very large domestic market and increasingly diversified international channels — has the ability to respond. It called on domestic cotton and textile companies to strengthen cooperation, diversify markets and bolster supply-chain resilience to counter external restrictions.