Xiaomi Corp (01810.HK) shares rose more than 5% after earnings; Q2 revenue 108.92 billion yuan, adjusted net profit 6.22 billion yuan.

Goldman Sachs trading desk head Rich Privorotsky says long-end rate pressure has taken on global characteristics: soft economic data can push down short rates while long-term bond yields remain under sustained pressure. Japan is the clearest example — the 10-year JGB yield has risen to about 2.94%, a 30-year high, and markets are pricing faster BOJ tightening. Tokyo is trying to sustain growth and equities, stabilize the currency, pursue fiscal expansion and keep the yield curve anchored; Privorotsky says those aims are increasingly incompatible. Fiscal loosening and higher nominal growth push long rates up, while more aggressive central bank tightening would raise economic and financial stress. He concludes Japan may ultimately need stronger monetary tightening, but political and structural constraints after decades of deflation make that path difficult; markets are already pricing the broader risk that central banks lose control of long-end yields when fiscal expansion and capital demand rise.

多邻国股价盘前上涨3%，投行D.A. Davidson将其评级从中性提升至买入。