美国劳工统计局数据显示，7月住房成本仍为通胀的主要贡献项，但涨势温和。住宅租金指数环比上涨0.3%，业主等价租金（OER）环比亦上涨0.3%，两者均与上月持平，同比分别上涨2.9%和3.2%。然而，酒店旅馆等外宿指数环比大跌2.8%（前值-2.3%），同比上涨2.6%，为住房分项中最大跌幅。水费和垃圾清运费环比上涨0.4%，同比上涨4.6%。整体来看，住房指数环比上涨0.1%，贡献了整体CPI月度涨幅的三分之二，同比上涨3.2%。

Morgan Stanley cut its price target on Tencent Music (TME.N) to $10.1 from $10.5 and maintained a market-weight rating. The bank said synergies from the Himalaya acquisition are uncertain and could be a swing factor amid a prolonged competitive and earnings downgrade cycle. Accelerated share buybacks offer partial downside support but clearer visibility on competition is required. Morgan Stanley trimmed Tencent Music 2026–2028 EPS forecasts by 3–7% to reflect weaker subscription revenue. At current levels the stock trades at roughly 10x 2027E P/E and 6.6x ex-cash P/E; any valuation rerating depends on an improvement in the competitive landscape.

IEA月报：欧佩克原油产量在七月份增加了150万桶/日。