Yen Near 40-Year Low as USD/JPY Approaches Key 162 Level, Raising Intervention Concerns 
Canada Imposes 10% Tariff on Canned Vegetable Imports to Protect Domestic Industry 
Japan, U.S. Discuss Yen Weakness as Currency Intervention Concerns Grow 
Italy’s Economy Outpaces Eurozone Peers as Investment Spending Fuels Growth 
Oil Prices Fall as Iran Peace Talks Progress, Hormuz Reopens, and U.S. SPR Hits 1983 Low 
Japan Inflation Stays Below BOJ Target Despite Rate Hike and Rising Energy Cost Risks 
100+ Global Companies Push Governments to Prioritize Electrification for Economic Growth 
France Faces Long Road to Economic Rebalancing as Weak Demand and High Rates Weigh, Says Citi 
Russia Stocks End Flat as MOEX Index Hits New 52-Week Low; Gold Falls and Oil Mixed 
China Keeps Loan Prime Rates Unchanged for 13th Straight Month as Policymakers Prioritize Credit Demand Recovery 
Singapore’s export performance will likely hold up. Non-oil domestic export (NODX) sales for July due tomorrow will likely register an expansion of 9.1 percent y/y. While this is up from 8.2 percent in the previous month, it’s nothing more than just a sideway moves in the data series.
Net off some base effect and possible uptick from exports of pharmaceutical products and the headline NODX growth will probably be where it was previously. The rally in electronics export is losing steam. Though a contraction is not expected in the near term, the PMIs, semiconductor billings, and shipments data are hinting of some side-way moves in the electronics exports.
Separately, the pharmaceutical industry had a rough patch over the past three months and is due for a rebound. An uptick in this export segment will be enough to push the headline figure slightly higher compared to the previous month, DBS Bank reported.
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