China urban fixed-asset investment Jan-Jul YoY -6.7% (consensus -6.0%, prior -5.7%).

At midday, China’s index futures most-active contracts were higher: CSI 300 (IF) +1.65%, SSE 50 (IH) +1.00%, CSI 500 (IC) +2.65%, CSI 1000 (IM) +2.74%.

Mizuho said in a note that ahead of Friday’s preliminary euro-area PMI print, government bond yields are likely to be driven more by fund flows, oil prices and bond supply than by ECB rate expectations. It called the PMI the next key macro test. Mizuho expects the curve’s short end to remain relatively stable, while the long end could face material pressure if the global yield curve keeps steepening.