澳洲聯儲主席布洛克：委員會希望放緩經濟增長，認爲通脹存在上行風險。

Vanguard analyst Hicklin expects US July headline CPI +0.1% MoM, +3.3% YoY. The print should be relatively mild as oil declines and stabilization in core goods and housing weigh on inflation. Core goods inflation is expected to be flat and remains on a multi-year disinflationary path after prior volatile re-pricing; stable housing should help keep core inflation lower. By contrast, wage-driven persistence is keeping ‘supercore’ inflation (core services ex-housing) stubborn: that category was flat MoM in June but still +3.2% YoY. Hicklin warns upside price pressure persists — especially with wages growing ~3.5% despite high productivity — and he sees no sign yet of a material easing in core services inflation’s trajectory.

Southbound Stock Connect net inflow CNY 2.021 bln today. Via Shanghai Connect, one stock and Zhipu net bought HKD 833 mln and HKD 560 mln respectively; SMIC was the largest net seller at HKD 139 mln. Via Shenzhen Connect, GenScript Biotech and Xiaomi Corp -W net bought HKD 472 mln and HKD 195 mln respectively; SMIC led net selling with HKD 313 mln.