MOODY'S: In the United States, a sample of about 159,000 water‑intensive facilities shows nearly 49,000 may face high or extreme water stress over the coming decades.

Goldman derivatives trader Shawn Tuteja says US equity sentiment reversed in two weeks from fearing the Fed, higher long‑end yields, geopolitics and supply to a 'either outcome is bullish' view on the September FOMC. Market reads a dovish‑leaning hike as stabilising the long end, and no hike as confirmation that strong earnings will broaden gains beyond AI. Client net exposures are at the 67th percentile over the past five years and total exposures at the 89th; SPX single‑day call volume hit a record ~4.0m contracts. Tuteja does not predict a large index decline but warns that when both policy outcomes are pre‑priced as positive, market cushioning against a hawkish surprise or renewed long‑yield upside is reduced, raising complacency risk.

France July CPI m/m final due in 10 minutes.