ADP report: manufacturing employment rose by 2,000 in July, after a 5,000 gain in June.

【國債期貨早盤收盤】2年期國債期貨（TS）主力合約漲0.01%，5年期國債期貨（TF）主力合約跌0.01%，10年期國債期貨（T）主力合約跌0.04%，30年期國債期貨（TL）主力合約跌0.11%。

CITIC Securities says retail leverage in South Korean equities has been rapidly unwound but risks remain. Brokerage margin balances fell 10% in a single day on July 31 — the largest drop this year — indicating on-exchange leverage is still being cut quickly. Retail forced liquidations on July 30–31 exceeded 100 bln won per day; the liquidation rate remains about 7–8%, well above the roughly 1% level seen in stable markets. Korea’s stabilization fund is limited in size and National Pension Service intervention carries moral hazard. CITIC expects market volatility to remain relatively elevated.