Shipping data show Venezuela's crude exports fell slightly in July to 1.16 mln bpd; shipments to the US rose to about 786,000 bpd while shipments to Europe fell to roughly 82,200 bpd.

美國至8月3日6個月國債競拍-投標倍數 2.98，前值3.12。

MORGAN STANLEY upgraded South Korea equities to overweight from neutral, saying recent deleveraging improves entry points for AI and an industrial supercycle trade. Strategists led by Daniel K Blake estimate KOSPI has about 36% upside to their 9,000 target after large unwinds of crowded and leveraged positions. The index fell as much as 5.5% on Monday following a record 18% jump on Friday. Morgan Stanley describes the recent sell-off as mainly technical and says deleveraging of leveraged ETFs, hedge-fund leverage and retail margin trading is more than half complete. It sees KOSPI trading in a 5,500–10,500 range near term, and expects Samsung Electronics and SK Hynix to provide valuation support; industrials, defense and financials are likely beneficiaries.