OIL PRODUCTS: Asian Refining Cracks Post Second Week of Losses: Reuters

Tsys under some selling pressure here as TY moves back towards session lows, no overt headline driver, nor any tangible cross-asset input. On the lookout for subsequent block/news flow. 

• Former ECB director general of market operations Francesco Papadia speaks about monetary policy -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

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• President Donald Trump is expected to unveil his administration’s 'AI Action Plan', in an address to an AI summit today.
• The EPA is reportedly drafting a plan to eliminate a key climate change declaration.
• A “massive" Japan trade deal will provide enhanced market access for US goods and an investment pledge from Tokyo in return for a 15% tariff rate on Japanese exports.
• A third round of trade talks between Treasury Secretary Scott Bessent and his Chinese counterparts in Sweden next week is likely to focus on extending the trade truce past August 12. Trump will meet Chinese President Xi Jinping in the “not too distant future”.
• European Trade Commissioner Maros Sefcovic will hold talks with Commerce Secretary Howard Lutnick today.
• Trump announced a trade deal with the Philippines and unveiled details of a recently agreed deal with Indonesia.
• Democrats are struggling to alight on a strategy for FY26 Appropriations that can head off another rescissions package and avert a government shutdown.
• Trump’s Deputy Chief of Staff and OMB Director Russel Vought will tour the Fed on Thursday to inspect renovations at the centre of a recent standoff.
• Trump is “thinking about” eliminating capital gains tax on houses.
• Expectations are effectively non-existent ahead of a third round of Russia-Ukraine talks today.
• Poll of the Day: Trump's approval on inflation and prices is nearly as low as the lowest score Biden received during his presidency.

Full Article: US DAILY BRIEF