China 2-year government bond futures (TS) most-active contract rose 0.01% at midday; 5-year (TF) unchanged; 10-year (T) fell 0.01%; 30-year (TL) fell 0.07%.

China NMPA, via priority review, has conditionally approved a Class 1 innovative drug, Tengogetinib tablets (brand Jientai), developed by Yaojie Ankang (Nanjing) Technology Co., Ltd. Indication: adults with advanced, metastatic or unresectable cholangiocarcinoma harboring FGFR2 fusions or rearrangements who have previously received systemic therapy and an FGFR inhibitor. The approval provides a new treatment option for this defined patient group.

UBS global research economist Jonathan Pingel says US July inflation YoY is expected to ease, but the pace should remain well above pre-Iran-conflict levels and above last year’s rate, implying overall inflation remains elevated despite recent moderation. UBS expects core inflation to firm after an unexpectedly weak June reading, led by a rebound in core non-shelter services, with transport, medical and telecom services prices reverting to normal faster-paced increases.