US 3-year Treasury auction on Aug. 11: share of awards at the stop-out yield 18.31% vs 2.17% previously.

Bank of France expects Q3 GDP to rise 0.2%, unchanged from Q2 and slightly above market consensus of 0.1%. Services — notably transport, information and communications — should continue to support activity; manufacturing rebounded in August. Energy output is expected to expand, while construction may weaken further amid fewer public project contracts. A survey of about 8,500 firms showed slower July increases in raw material costs and selling prices, suggesting the pass-through of spring input-cost rises to final prices may be near completion. The bank flagged significant uncertainty from Middle East geopolitics and extreme weather and noted mixed signals ahead of the presidential election: a Q2 rebound alongside unemployment at a near six-year high and persistent budget deficit pressures.

Apollo預計，亞馬遜、Alphabet、Meta、微軟和甲骨文的資本開支佔美國GDP比重，將從2025年的1.4%升至2026年的2.4%，2027年進一步達到3.1%。相比之下，互聯網泡沫時期廣播和電信行業資本開支最高僅佔GDP的1.2%。 值得一提的還有擴張速度：2025—2027年佔GDP比重預計增加1.7個百分點，年均增幅接近房地產繁榮最快階段的兩倍。這意味着AI建設已經不只是科技行業故事，而是美國增長、設備投資、用電需求和債券融資的重要支柱。