高盛交易台主管Rich Privorotsky认为，当前长端利率压力已经呈现全球化特征：经济数据走弱可以推动短端利率下降，但长端债券仍可能持续承压。日本可能是这一矛盾最清晰的案例：日本10年期国债收益率已升至约2.94%，达到30年来高位，市场也在增加对日本央行更快收紧政策的定价。 日本当前同时希望维持经济和股市增长、稳定汇率、继续扩张财政，并控制债券收益率曲线。但Privorotsky认为，这几个目标正在变得越来越难以兼容。财政扩张和更高名义增长会推升长期利率，但更激进的央行紧缩又会增加经济和金融体系的压力。 他的判断是，日本最终可能需要接受更强的货币收紧，但经历了数十年的通缩后，这条路径在政治和结构上都很困难。 日本市场正在提前反映一个更普遍的问题：当财政扩张和资本需求持续上升时，央行对长端利率的控制力会明显下降。

China's STAR 50 Index fell nearly 7%; the ChiNext Index dropped 6%, the Shenzhen Composite Index fell 4.8% and the Shanghai Composite Index declined 2.4%. More than 5,100 A-share stocks declined.

Manufacturers in Venezuela were without power for nearly half of working hours in Q2, the country’s largest industrial group, the Industrial Federation, said in a Tuesday survey. Firms averaged 488 working hours in the quarter, of which 214 hours lacked electricity, and reported 57 unplanned outages on average—about five per week—an 18% increase from Q1. The federation said years of underinvestment and poor maintenance in the power sector, compounded by U.S. sanctions, are constraining the industrial sector and hampering the economic recovery.