China's National Bureau of Statistics July data show new‑home prices in first‑tier cities were flat MoM, down from +0.1% in June. Shanghai +0.2%, Guangzhou +0.1%, Shenzhen +0.2%, Beijing -0.3%. Second‑tier new‑home prices fell 0.1% MoM after holding steady the prior month. Third‑tier new‑home prices declined 0.3% MoM, unchanged from June. Of 70 major cities, 23 recorded MoM price rises or no change, two more than the previous month.

KPLER data show transits through the Strait of Hormuz fell sharply over the weekend after tanker attacks and stalled US-Iran talks. Five commodity vessels transited on Saturday and none on Sunday, down from 31 the previous weekend.

A November New Zealand election may complicate RBNZ policy, but ANZ senior strategist David Croy says the central bank is still likely to raise rates in October. The RBNZ has signaled it wants to return policy to neutral; ANZ estimates the neutral rate at around 3% or slightly higher versus the current policy rate of 2.50%. Croy says with policy still accommodative and inflation above target, there is no clear reason to pause hikes — the burden is on the RBNZ to find a reason not to raise in October.