[US Treasury volatility temporarily subsides, but fiscal concerns persist; markets hold their breath awaiting direction] ⑴ Following intervention by US Treasury Secretary Bessenter, long-term Treasury yields showed signs of stabilization, with the 30-year yield rising slightly. Short-term Treasury yields also stabilized, temporarily curbing previously soaring borrowing costs. ⑵ Intervention measures included increased bond buybacks to address the sell-off triggered by the expansion of the fiscal deficit and large-scale corporate bond issuance. However, analysts generally believe that without substantial signals of deficit control, borrowing costs are unlikely to continue to decline. ⑶ Overseas government bond markets showed mixed performance. In Asia, South Korean stocks were boosted by corporate buyback plans, while oil prices continued to rise amid pressure from Trump on Iran. Brent crude held near $93 per barrel, with the market awaiting US earnings guidance.

[Black Sea Port Shutdown Causes Sharp Drop in Ukrainian Grain Exports in August] ⑴ The Ukrainian Agriculture Minister stated on Thursday that, hampered by the continued shutdown of Black Sea ports, the country's agricultural exports in August are expected to reach only about 1.5 million tons, far below the previously planned monthly target of 5 million tons. ⑵ Previous official data showed that grain exports in the first half of August were less than 800,000 tons, while exports for the entire month of July reached 3.67 million tons. Shipments slowed dramatically after port operations were disrupted in the latter half of the month. ⑶ Since the end of July, the Odessa port hub has been effectively shut down due to frequent attacks, and logistical bottlenecks have directly contributed to the sharp drop in exports, fueling market concerns about a tightening global grain supply.

[Czech agriculture suffers a severe blow: sharp decline in harvest coupled with high costs casts a shadow over the industry's prospects] ⑴ The head of the Czech Chamber of Agriculture stated on Thursday that the country's agricultural sector will suffer sales losses of approximately 20 billion Czech crowns this year, mainly due to a sharp decline in harvests, coupled with rising fuel and fertilizer costs, making the overall business outlook for the year bleak. ⑵ He pointed out that this year's harvest may be the worst in nearly 15 years, with reduced production directly dragging down industry revenue, while persistently high input prices further squeeze profit margins for farmers. ⑶ Frequent extreme weather events and adjustments to planting structures are likely the main reasons for the reduced yields; the market is focused on subsequent government compensation measures and the strength of emergency support under the EU's Common Agricultural Policy framework.