[Swiss Franc Bond Market Surges, 0.687% Yield Strikes Market Hearts] 1. Several Swiss institutions jointly launched a new offering of CHF 669 million, injecting market vitality into the bond market with a maturity of January 2035. The bond's issue price was set at 100.119, yielding a yield of 0.687%, providing investors with clear return expectations. 2. The bond issuer, Pfandbriefzentrale of Cantonal Banks of Switzerland, holds the highest credit rating of Aaa from Moody's, which undoubtedly provides a solid foundation for confidence in the issuance. With SKB as the sole underwriter, the issuance is governed by Swiss law, fully demonstrating its regulatory compliance and safety. 3. This issuance is not an isolated case, but rather a tap offering of bonds maturing in September 2030, January 2035, and November 2045, demonstrating the continued market demand for these high-credit-rating, long-term bonds. The initial guidance price of 29 basis points eventually fell to 19 basis points and was finally priced at Eidg+52.2. The price discovery process reflected the positive market feedback and active trading.

[The ruble's strong return: dual support from trade data and central bank decisions] ⑴ The ruble strengthened further against the US dollar on Tuesday, reaching 83 rubles to the dollar, an increase of 0.6%. Previously released Russian balance of payments data showed that the ruble's appreciation in the first half of the year did not have a significant negative impact on foreign trade. ⑵ Although the market expected the Russian Central Bank to cut interest rates by 200 basis points last week, it actually only cut interest rates by 100 basis points to 17%, indicating that inflationary pressures still exist, providing support for the ruble. ⑶ Russia's foreign trade surplus reached US$13.2 billion in July, up from US$10.2 billion in the same period last year, demonstrating strong trade fundamentals. Institutional analysis pointed out that there are currently no fundamental factors for a significant weakening of the ruble. ⑷ It is worth noting that the ruble's share in Russia's export settlement has increased significantly, reaching 53.3% in the second quarter, an increase from 45.6% in the first quarter and 40.0% in the same period last year, further consolidating the ruble's international status.

Eurozone Industrial Output Grew Slightly, Showing Initial Resilience Amid Trade Shadows. ⑴ Eurozone industrial output grew slightly by 0.3% month-over-month in July, slightly below market expectations of 0.4%, demonstrating some resilience in the sector amid trade tensions, though the pace of expansion remained subdued. Year-over-year, output grew by 1.8%, exceeding expectations for a 1.7% increase, partially due to significant upward revisions to June data. ⑵ Despite the lackluster overall data, output of capital goods, durable goods, and non-durable goods all achieved monthly expansions exceeding 1%, indicating positive signs in some industrial sectors. However, a 2.9% decline in energy output, a volatile commodity, weighed down the overall data. ⑶ Germany, the eurozone's largest economy, saw industrial output rise by 1.5% month-over-month in July, serving as the primary driver of regional growth. However, industrial output in France and Spain both saw monthly declines during the same period, highlighting diverging economic performance within the region. ⑷ Looking ahead, survey data from some institutions show that with fiscal policy support from countries including Germany and increased defense spending in the region, it is expected that manufacturing activities will be more significantly boosted by the end of 2025 and 2026.

[New Products Emerge, Undercurrents in the ETF Market] (1) Euronext recently launched several new ETF products, including actively managed equity and fixed income ETFs covering US, European, and global developed market equities, as well as investment-grade corporate and high-yield bonds denominated in euros and dollars. These new products utilize multi-factor stock selection strategies focusing on factors such as quality, value, momentum, and volatility, aiming to provide investors with more refined asset allocation tools. (2) The newly added ETFs include passive ETFs tracking the MSCI World Index, which comprises over 1,300 large and mid-cap companies from 23 developed countries. Actively managed ETFs focusing on European sovereign bonds and dollar-denominated government bonds also exist, further enriching the fixed income product offering. (3) Statistics show that the total number of ETFs and ETPs on Euronext has reached 2,554, including 203 commodity exchange-traded products (ETCs) and 278 exchange-traded notes (ETNs). The market boasts an average monthly trading volume of approximately €22 billion, solidifying its leading position as a European ETF and ETP trading platform. (4) Expense ratios for these newly added ETFs generally range from 0.10% to 0.18%, with most adopting a cumulative return distribution model. The launch of these products reflects growing market demand for diversified, actively managed ETFs with specific factor exposure, signaling increasingly fierce competition in the ETF market.

Commerzbank raises its gold price forecast for the end of this year to $3,600 an ounce

[India's Local Government Bond Tenders Remain Active, Yields Stable with Slight Rise] ⑴ Fourteen Indian states raised 184 billion rupees through bond issuances on Tuesday, fully in line with planned targets and demonstrating stable market demand for local government debt. ⑵ The yield caps for bonds issued in Assam and Jammu and Kashmir were set at 7.47%, Goa at 7.39%, and Mizoram at 7.48%, indicating relatively high borrowing costs in these states. ⑶ Notably, Nagaland's bond yield caps were 7.14%, Sikkim at 7.41%, Tamil Nadu at 7.05%, and Telangana at 7.46%. These yield levels reflect differences in fiscal conditions and market acceptance across states. ⑷ Haryana's 14-year and 17-year bond yield caps were 7.43% and 7.45%, respectively, while Jharkhand's 9-year and 16-year bond yield caps were 7.33% and 7.44%, respectively. (5) Odisha's 4-year bond yield cap is 6.77%, and its 15-year bond yield cap is 7.43%. West Bengal's 19-year and 21-year bonds both have yield caps of 7.47%. (6) Maharashtra's 7.18% bond maturing in 2033 has an implied yield of 7.1796%, its 6.74% bond maturing in 2029 has an implied yield of 6.7278%, and its 7.24% bond maturing in 2034 has an implied yield of 7.1998%. These data reflect the pricing of India's local government debt issuance market. Overall yields fluctuate within an acceptable range, demonstrating investor confidence in India's local government debt.