JP Morgan strategists say Thursday’s U.S. Treasury repo accepted a wider range of securities and cleared below the operation’s cap, suggesting bid quality has weakened versus recent operations. Submitted bids remained near recent lows and the bid-to-cap ratio fell to the lowest level since the repo program began. The Treasury bought $5.2bn of longer-dated notes, below the $6.0bn maximum. JP Morgan also notes the U.S. is running a roughly 6% budget deficit despite near-full employment and says th

Swiss August consumer confidence index due in 10 minutes.

Ifo Institute analysis found more than one-third of Germany's 2025 new borrowing under a defence-and-security exemption was used for non-defence purposes. Spending covered by the exemption rose from €54.6bln in 2024 to €72.2bln in 2025 (+€17.6bln), while new borrowing under the clause reached €28.6bln in 2025—implying €11.0bln (38.5%) of that new debt was not converted into additional defence and security spending. Ifo researcher Emilie Hoeslinger said the fiscal space freed in the core budget was redirected to other uses. The government has faced repeated criticism for using reform-created fiscal headroom to support routine spending.