8月18日A股低於3%換手率股票佔比反彈至65.16%；高於5%換手率股票佔比回落至18.84%，繼續在閾值水平附近波動。 -------- 注：1、當換手率低於3%的股票佔比上升，尤其是接近歷史高位附近（圖中虛線，圖爲反轉走勢）時，意味着市場很有可能遇到一個階段低點，容易產生反轉或反彈。 2、當高換手率高於5%的股票佔市場總數比例保持在閾值（圖中虛線）上方，市場纔會出現強的賺錢效應，使得行情具有持續性。牛市的時候，該指標會持續保持在閾值上方，市場迎來普漲行情；而熊市的時候，該指標大多時候在閾值下方，偶爾超過閾值反而要小心衝高回落的風險。

Alphabet, Google’s parent, will for the first time sell A$5.5 bln of bonds via a Kangaroo offering.

PIMCO president Strack said wealth managers are withdrawing from private-credit strategies after several large direct-lending funds imposed sudden redemption limits, accelerating searches for alternatives. Wealth-management distributors are unwilling and often unable to sell retail private-credit products tied to direct lending. PIMCO estimates most business development companies (BDCs) have about 15% of AUM in redemption queues that will take several quarters to clear, and more than $14.5bn of investor capital is trapped in over a dozen funds. Some BDCs have accumulated large pools of stressed loans, notably software loans maturing in 2027–28. The software sector faces roughly $386bn of syndicated loan maturities in 2028–29, creating refinancing pressure and a projected rise in default rates over the next few years.