日元重新成爲融資貨幣的邏輯仍在，日本央行7月繼續將政策利率維持在1%，低波動環境也鼓勵投資者重建空頭。彭博報道顯示，實際資金賬戶仍在賣出日元、配置高息貨幣。彭博數據顯示：日元3個月遠期隱含收益率約0.91%，巴西雷亞爾約12.64%，兩者年化利差爲11.73個百分點。但這只是理論套利空間，並非鎖定收益；匯率波動、套保成本和流動性衝擊都可能吞噬利差。此外，高盛表示，再次干預、央行加息或波動率跳升，可能迫使倉位集中平倉。

Some Asian refiners have refused ARAMCO’s request to pick up September-loading crude at Yanbu after failing to find vessels willing to transit the risky Red Sea route, traders said. At least two refiners have asked ARAMCO to deliver their purchased cargoes to Sidi Kerir near Port Said on the Mediterranean instead; the cargoes were due for September under long-term contracts. At least one refiner may forgo its September allocation because rerouting from Sidi Kerir around Africa to Asia would raise transport costs. Traders said some Saudi barrels were already diverted to Sidi Kerir before ARAMCO published its September sales plan. As part of next month’s allocations, ARAMCO has asked some Japanese and Korean refiners to take deliveries at the Egyptian port, while most Indian refineries remain assigned to pick up at Yanbu.

The ECB said in a Monday blog that frothy US tech valuations may be vulnerable to a market correction and that limited fiscal and monetary policy space would constrain the ability to cushion any economic shock. Prices could fall even if technologies succeed and corporate profits rise because profit expectations may be overly optimistic; when investor sentiment reverses, losses can outpace what would occur under rational pricing. A US tech downturn would pose a financial‑stability risk for Europe: European household exposure to the seven largest US tech firms is roughly €440bn, with pension funds and insurers holding similar-sized exposures. Given high correlation between European and US markets, European equities would likely be affected.