China's Ministry of Natural Resources said the National Marine Forecasting Center issued an orange wave alert at 08:00 today for Typhoon Baihaidun. From the morning of Aug 6 to the morning of Aug 7, the eastern East China Sea is expected to see 6-10m waves; offshore wave alert level is orange. Zhejiang nearshore waters are expected to see 2-3m waves; nearshore wave alert level is blue.

日本20年期国债收益率下降3.5个基点，至3.655%。

Final July eurozone PMIs: services 51.7, composite 52.0, both slightly above expectations and prelims; composite remains above 50, indicating the eurozone’s Q3 start has not sharply decelerated. The preliminary composite rose from June’s 50.0 to 51.9 and the final is 52.0, reinforcing mild re-acceleration. France services remain below 50, leaving France near contraction; the expansion is uneven, with Germany, manufacturing and pockets of services offsetting French weakness. July manufacturing PMI rose to 51.9 and the manufacturing output index to 52.9—the highest since March 2022—suggesting industrial activity is supporting the improvement. Market takeaway: data could reduce urgency for an immediate ECB dovish pivot.