Cryptocurrency markets strengthened after the US Treasury moved to support long-term government bond markets and policymakers renewed efforts to establish clearer rules for digital assets. Bitcoin rose above $70,000, while investors viewed regulatory clarity as an important step toward broader adoption and greater institutional participation. The development highlights how financial market stability and regulatory frameworks are becoming increasingly important drivers of growth in the US digital asset sector.

US government bond yields resumed their climb after a brief rally, with the 30-year Treasury yield rising back above 5.2%, as investors questioned whether recent Treasury support measures would provide lasting relief. Higher yields and elevated energy prices, with Brent crude trading above $93 per barrel, continued to weigh on global market sentiment and increased concerns about inflation. At the same time, expectations that US interest rates could remain higher for longer are reinforcing volatility across bond, equity and currency markets.

Brazil signaled it will maintain its fiscal framework if the current administration secures another term, combining spending restraint with efforts to broaden government revenues. Officials highlighted a previous fiscal adjustment worth 2% of GDP and plans to reduce mandatory spending by around 10 billion reais ($1.9 billion) in 2027, while also arguing that lower interest rates, currently 14.0%, are key to reducing inequality and improving the country’s debt outlook.

The 6M Euribor increased with 2 basis point to 2.72% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.28% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

The US Treasury announced it would at least double purchases of long-dated government debt, increasing buybacks from $2 billion to at least $4 billion, in an effort to support liquidity and calm a bond market sell-off. Long-term Treasury yields recently reached their highest levels since 2007, reflecting investor concerns about inflation and the growing US public debt burden. The move highlights the importance of keeping borrowing costs contained, as higher yields directly affect financing costs for households, businesses and governments.

China is expected to leave its benchmark lending rates unchanged for a 15th consecutive month, with the one-year and five-year loan prime rates likely to remain at 3.0% and 3.5%, respectively. Despite weak economic indicators, including softer industrial activity, retail sales and credit demand, policymakers appear to be focusing on fiscal measures and infrastructure spending rather than additional monetary easing. This approach aims to support growth while preserving profitability within the banking sector, where net interest margins remain near record lows at 1.41%.

Wheat prices have climbed to near three-year highs as escalating attacks on Black Sea ports and shipping routes threaten grain exports from Russia and Ukraine, which together account for roughly 30% of global wheat supply. Analysts estimate up to 86 million tonnes, or about 17% of global cereal exports, could be disrupted, raising concerns about a renewed surge in global food inflation. The supply shock is being compounded by drought conditions, fertiliser shortages and logistical constraints across key export routes.

The 6M Euribor increased with 1 basis point to 2.70% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.29% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

Rising government borrowing, persistent inflation and a surge in bond issuance are pushing long term interest rates to levels not seen since the financial crisis. The yield on 30 year US Treasuries reached 5.22%, while the Dutch 10 year yield climbed to 3.36%, its highest since 2011. As investors demand greater compensation for inflation and rising debt burdens, government refinancing costs are set to increase further.

The United States has delayed planned 50% tariffs on roughly $20bn of Canadian imports for three days after the two countries reached an agreement in principle on a trade deal. The tariffs affect a wide range of consumer goods and intensify trade pressures between the two economies.

The value of Dutch household investment portfolios rose 12% in the second quarter to a record €234.2bn, largely driven by strong equity market gains. Despite net share sales of €3.4bn, investors showed strong demand for newly listed stocks while taking profits on positions that had rallied sharply. Savings still outweigh investments, with Dutch households holding €552bn in deposits versus €234.2bn in investment assets.

The 6M Euribor increased with 2 basis points to 2.69% compared to previous business day. The 10Y Swap increased with 3 basis points to 3.28% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

New U.S. tariffs of 50% on Canadian goods take effect Wednesday under Section 338 of the Tariff Act of 1930. The duties cover nearly $20 billion in Canadian exports, about 5.2% of the $383 billion in goods the U.S. imported from Canada in 2025. Unlike earlier tariffs, they also apply to goods qualifying under the U.S.-Mexico-Canada Agreement. Talks between Canada’s Dominic LeBlanc and U.S. Trade Representative Jamieson Greer remain far from a deal, with dairy a key sticking point.

Copper prices on the London Metal Exchange (LME) neared a fresh record Monday, touching $14,396 a ton intraday before closing at $14,157.50, just under the $14,160 record. Traders are stockpiling ahead of possible new US import tariffs, while demand for data centers and grid expansion stays strong. Spot prices are running $500 above futures, signalling tight near term supply, and prices have risen for a seventh straight week. LME warehouse stocks fell to about 205,000 tons, the lowest since February.

UK employers cut payrolls by 13,000 in July, following a similar drop in June, according to the Office for National Statistics (ONS). Unemployment held steady at 4.9% in the three months through June, though ONS flagged reduced data quality due to a collection error. Job vacancies fell further as employers stayed cautious amid uncertainty over the Iran war and the upcoming budget. Private sector wage growth excluding bonuses eased to 2.8% from 2.9%, the lowest in almost six years.

The 6M Euribor increased with 2 basis points to 2.67% compared to previous business day. The 10Y Swap increased with 2 basis points to 3.25% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

Europe’s heatwaves are exposing a vast insurance gap, with Moody’s estimating last summer’s extreme heat cost 43 billion euros in lost economic output while generating only around 500 million euros in insured payouts. Traditional business interruption insurance rarely covers heat-related disruption, as extreme temperatures cause operational losses rather than physical damage, leaving the majority of companies unprotected. Parametric insurance, which pays out automatically when temperatures breach predefined thresholds, is emerging as a partial solution, with the European market for such products expected to reach 7.93 billion dollars by 2031.

Foreign borrowers are rushing into Asia-Pacific bond markets at a record pace, with kangaroo bond sales in Australian dollars up 40% to around 42 billion dollars this year and Chinese panda and dim sum issuance rising more than 60% in the first half. Global syndicated bond sales hit a record above 4 trillion dollars by late July, as the AI investment boom and high government deficits drive borrowing needs higher across major markets. Bankers say the shift reflects both a structural rise in Asian investor demand and a push to diversify funding sources ahead of intensifying competition from hyperscalers in traditional bond markets.

Russia’s economy returned to growth of 1.3% year-on-year in the second quarter, but analysts warn the headline figures mask deepening strain, with the budget deficit on course to double compared to 2025 and oil and gas revenues running at just 64% of their level two years ago. Inflation, brought down to the 4% target late last year, is expected to rise again, while consumers are increasingly trading down to cheaper products. Analysts do not expect economic pressure alone to end the war, with some warning that worsening conditions could instead incentivise Putin to escalate rather than negotiate.

The 6M Euribor decreased with 1 basis point to 2.65% compared to previous business day. The 10Y Swap increased with 7 basis points to 3.23% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

US equities reached new record highs as stable producer price inflation and a resilient labour market reinforced expectations that the Federal Reserve will keep interest rates unchanged in September. The S&P 500 rose to a record high and is up nearly 14% in 2026, while markets currently assign a 63% probability that the Fed will leave rates on hold next month. Investor sentiment was further supported by continued confidence in AI-related investment and technology sector earnings.

Argentina announced greater flexibility for banks to provide US dollar-denominated loans, allowing lending of up to 15% of dollar deposits in an effort to increase credit availability for businesses. The measure is designed to support economic activity, investment and job creation, while complementing broader reforms aimed at bringing undeclared savings into the formal financial system. Policymakers hope improved access to financing will help sustain the country’s economic recovery and ease pressure from historically high borrowing costs.

A data breach affecting nearly 14,000 cryptocurrency wallet users exposed personal information including names, addresses and contact details, underscoring rising security risks within the digital asset ecosystem. The incident comes amid increasing cybercrime and physical attacks targeting cryptocurrency holders, with industry data showing that kidnappings and home invasions account for a large share of reported attacks on investors. The event highlights that, despite growing adoption of secure storage methods, operational and personal security remain critical challenges for the global crypto market.

The 6M Euribor increased with 2 basis points to 2.66% compared to previous business day. The 10Y Swap decreased with 2 basis points to 3.16% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

Investors are concerned that the Federal Reserve’s shift toward leaner communication could increase market uncertainty and borrowing costs. Under its new approach, the central bank has reduced forward guidance, shortened policy statements and focused less on signalling future interest rate moves. Some market participants welcome fewer official signals, but others argue that decades of transparency have become embedded in asset pricing. Reduced visibility could lead investors to demand higher bond yields and increase market sensitivity to economic data releases.

Ukraine has halted drone attacks on oil tankers operating near the Caspian Pipeline Consortium terminal at Russia’s Black Sea port of Novorossiysk after a request from the United States administration. Washington was concerned about disruptions to Kazakhstan’s key oil export route, which is partly owned by major US energy companies. Ukrainian officials said they would avoid targeting consortium infrastructure and non-Russian vessels, while continuing military operations against Russian naval and energy assets elsewhere.

The People’s Bank of China reiterated its commitment to an appropriately loose monetary policy stance and signalled that additional support measures could be introduced when needed. While the central bank did not explicitly indicate interest rate or reserve requirement ratio cuts, it pledged to strengthen counter-cyclical policy adjustments and coordinate more closely with fiscal policy. Policymakers highlighted weak domestic demand, global economic uncertainty and slowing trade as challenges, while stressing the need to support growth and financial market stability.

The 6M Euribor decreased with 2 basis points to 2.64% compared to previous business day. The 10Y Swap is unchanged at 3.18% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

Persistent heat and drought are weighing on European growth through weaker labour productivity, transport disruptions and rising energy and agricultural costs. One analysis estimates the economic damage at around 1% of EU GDP, or €180bn, effectively offsetting the growth expected for 2026. Economists warn that climate risks remain largely absent from forecasting models even as supply security becomes increasingly important.

Investors are focused on the latest US inflation report, which could prove pivotal for the Federal Reserve’s September interest rate decision. Economists expect consumer prices to rise 0.1% month on month, with annual inflation easing to 3.4%, while core inflation is projected to remain at 2.5%.

Yen traders are stepping up options activity ahead of US inflation data as uncertainty over the interest rate outlook and the dollar’s direction persists. One week dollar yen implied volatility rose for a second consecutive day, while the exchange rate recently fluctuated between roughly ¥155 and ¥160 per dollar. Investors are seeking both downside protection and upside exposure, signalling a divided market and expectations of heightened currency swings.

The 6M Euribor decreased with 2 basis points to 2.66% compared to previous business day. The 10Y Swap decreased with 3 basis points to 3.18% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

President Donald Trump said the U.S. Navy has cleared mines from the Strait of Hormuz and now holds full control, calling it a steel wall against Iran. He proposed Iran pay reparations for people killed in attacks linked to Tehran, countering Iran’s demand for war-damage compensation. Iran insists the strait stays closed until the U.S. lifts its naval blockade and ends its presence. Oil rallied, with West Texas Intermediate crude up 5% to $82.13 a barrel and Brent near $87.72.

Global food prices rose 0.6% in July, reaching their highest level in three years, according to the Food and Agriculture Organization of the United Nations (FAO). Wheat prices jumped 5.8% globally in July amid concerns over export disruptions from Russian attacks on Ukrainian ports and heatwaves, leaving prices 9.9% higher than a year ago, FAO figures show The European Commission lowered its grain yield forecast by 7%, below the five-year average. FAO warns further risks include disruptions from the closed Strait of Hormuz and an expected strong El Niño this autumn.

Singapore’s Ministry of Trade and Industry raised its 2026 gross domestic product growth forecast to 4.5%-5.5%, more than double the previous 2%-4% range, citing first-half performance and AI-driven exports. Second-quarter growth was revised up to 5.9% from 5.7%, led by manufacturing, wholesale trade, and finance and insurance. The US-Iran conflict had a milder impact than feared. Core inflation rose to 1.6% in June, near the low end of the Monetary Authority of Singapore’s 1.5%-2.5% range.

The 6M Euribor decreased with 1 basis point to 2.68% compared to previous business day. The 10Y Swap increased with 4 basis points to 3.21% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

A surge in US swap futures volume to a record 167,000 contracts, equivalent to roughly 16 billion dollars in notional value, pointed to heavy hedging activity by mortgage investors bracing for rates to stay higher for longer. Rising Treasury yields have extended the duration of mortgage portfolios by reducing refinancing incentives for house owners, forcing investors to add hedges across the two- to ten-year part of the curve. Monday’s volume was more than six times the second-quarter daily average, with analysts noting the move reflects broader concern that the US economy’s resilience and AI-driven productivity optimism will keep long-term rates elevated.

Europe’s summer of record heat, droughts and wildfires is inflicting economic damage already measurable in the hundreds of billions of euros, with the Rhine halt alone set to shave 0.3 percentage points off German GDP and Allianz estimating climate change could cut growth by 5 to 7% by 2030 for the most exposed economies. Southern Europe faces a disproportionate blow through falling tourism, crop failures and higher food inflation, complicating the ECB’s task of keeping prices in check. Stretched public finances, particularly in France and Italy where tax revenue losses could reach 1.3 to 1.8% of output, risk drawing the ECB back into bond markets if governments ramp up climate-related spending.

Oil prices edged higher on Monday as prospects for a Hormuz deal dimmed, with Iranian Foreign Minister Abbas Araghchi stating Tehran is not currently in direct talks with Washington to end the conflict and reopen the strait. Iran has also demanded compensation and set six conditions for reopening, while the US insists on unrestricted freedom of navigation without Iranian controls. With Houthi attacks continuing to disrupt Red Sea shipping routes as an alternative, leaving Brent at 84.42 and WTI at 78.83 dollars a barrel.

The 6M Euribor decreased with 3 basis points to 2.69% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.17% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.