德國7月CPI月率終值 0.8%，預期0.8%，前值0.80%。

Rising oil prices have rekindled inflation worries and pushed Japanese government bond yields higher. The five-year JGB yield hit a record high and the two-year yield rose to its strongest level since May 1995, prompting markets to increase bets on further BOJ tightening; Tokyo traders' association data place the probability of a September BOJ rate hike at roughly two-thirds. Domestic yield moves have not produced clear yen support: strategists say external forces — higher U.S. Treasury yields, firmer oil and a strong dollar/yen — remain the dominant drivers. Higher JGB yields could eventually help the yen by narrowing the Japan-U.S. yield gap, but current external pressure outweighs that effect. Wednesday's U.S. CPI print is the key near-term catalyst for the dollar and global yields.

A Bloomberg survey of economists shows Russia is expected to return to growth in Q2, with the median forecast at +0.9% YoY after a Q1 contraction — the first in three years. Sustained government spending above budget remains the main driver of wartime growth. Double-digit wage gains are squeezing corporate margins but supporting resilient consumer demand. An increase in working days could lift annual growth and offset last quarter’s drag. Escalating Ukrainian drone strikes deep inside Russia pose a downside risk to this fragile recovery.