Goldman Sachs trading-desk data show July ETF and index options put/call ratio (PCR) rose to 112%, a year-to-date high. Since March the PCR gap between ETF+index options and single-stock options has widened to 53 percentage points, signaling investors are selectively buying individual names while materially increasing market-level hedging. Goldman says traders may continue to hold favored stocks and use ETF and index options to protect against market, interest-rate and macro-driven drawdowns. If

【兩市融資餘額減少296.69億元】截至8月19日，上交所融資餘額報13536.56億元，較前一交易日減少136.11億元；深交所融資餘額報12791.91億元，較前一交易日減少160.58億元；兩市合計26328.47億元，較前一交易日減少296.69億元。

JP Morgan now expects the BOJ’s next rate hike in September (previously October), adds a further move in December and raises its 2026 year‑end policy rate forecast to 1.5%. If the government’s fiscal stance does not change materially, JP Morgan projects additional hikes in April, July and December 2027, taking the year‑end policy rate to 2.25%. Markets have largely priced a September hike; a BOJ delay could raise volatility. JP Morgan’s underlying inflation gauge has risen into the mid‑2% range and fiscal expansion increases concern the BOJ is falling behind the curve; current policy rates remain low relative to economic fundamentals, implying a faster normalization path than previously assumed.