US Chicago Fed National Activity Index (CFNAI) -0.08 in July; June revised from -0.02 to 0.06.

Iran’s Supreme National Security Council secretary Mohsen Rezaei told Iranian state television Tehran is urging other countries, including neighbors, not to join Trump’s “economic war,” warning any state that imposes economic restrictions will be treated as an enemy and threatening “hellish” retaliation. Hamidreza Aziz, an Iran researcher at the Clingendael Institute, said Iran appears to be moving to earlier deterrence by signaling that preparations to attack Iran could themselves trigger a response. Aziz identified two emerging elements in the new doctrine: pre-emption to prevent perceived threats from materialising and asymmetric retaliation to raise the cost of any attack. He said Rezaei’s warning to Gulf states amounts to a de facto ultimatum and that Iran’s military-security apparatus is stepping up preparations for a possible new round of escalation.

New Zealand Q2 retail sales volumes -0.5% q/q, prior +0.9%.