CPCA-affiliated Cui Dongshu said July weakness in the China auto market was caused by a convergence of factors: an oil-price rebound, macro slowdown, seasonality, demand pull-forward and policy shifts. Geopolitical disruption around the Strait of Hormuz pushed international oil prices higher; domestic gasoline prices have been cumulatively raised by 1,575 yuan/ton in 2026, significantly raising running costs and sharply eroding demand for gasoline passenger cars while having little impact on com

US 30-year Treasury auction on Aug. 13 — stop-out yield 5.216%, previous 5.058%.

Oxford Economics says Japan’s planned food consumption tax cut will widen the fiscal deficit and lift JGB yields. Economist Norihiro Yamaguchi estimates the cut would reduce annual tax revenue by about ¥5 trillion and is unlikely to be fully offset by other measures. The firm assumes part of the shortfall will be covered by non-tax receipts and spending cuts, but that roughly half will be financed by debt, pushing the primary fiscal deficit to about 3% of GDP. It expects the deficit to begin improving from 2029 as debt/GDP rises and fiscal consolidation intensifies. Oxford Economics forecasts 10-year JGB yields will rise to around 3% by end-2026, from roughly 2.8% today. Market reaction so far has been limited, but the firm warns markets will increasingly price in the fiscal impact as policy details emerge.