EU REAL ESTATE: New Immo Holding (NIMMOH): 6yr FV

Details from the July Swiss CPI print show headline almost rounding down to 0.3% with a 0.35% unrounded print (0.45% prior). Overall, the print seems on the softer side with downwards contributions coming from goods - but should not move the needle for the SNB which is expected to hold its policy rate for the foreseeable future.

• Fuels and energy (4.35% vs 5.01% prior) contributed -0.03pp to the change in headline in July. A -0.08pp downside contribution from motor fuels (9.01% Y/Y vs 13.76% prior which represented the highest rate since September 2022, the motor fuel cycle highs of that year stood at 35.21% for comparison), was partially countered by heating oil (30.94% vs 21.32% prior) adding 0.04pp in contribution.
• Elsewhere in goods, food and non-alcoholic beverages (-1.35% vs -1.20% prior, lowest rate since January 2022) as well as clothing and footwear (-0.92% Y/Y vs 0.12% prior, indicating stronger or shifting seasonality in summer discounts looking at a notable -8.45% M/M reading) and household items (-1.70% Y/Y vs -1.36% prior) also added to downside.
• "Holiday" elements that often drive CPI through their volatility had a relatively small impact to the change in CPI in July. Airfares, package holidays and accommodation in combination added just 0.04pp since June. Within broader services, there were few other notable changes.
• The trimmed mean core measure, estimated by MNI trying to replicate SNB methodology, decelerated to 0.36% Y/Y from 0.41% prior. Cycle lows of the measure printed not much below that, at 0.28% Y/Y in January this year.

• MNI: EUROZONE JUL FINAL MANUF PMI 51.9 (52.0 FLASH, 51.4 JUN)

Iran’s Foreign Ministry spokesperson Esmail Baghei has confirmed to reporters that Tehran is working on an agreement with Oman on a temporary safe route for shipping through the Strait of Hormuz, but pushed back on President Donald Trump's suggestion that broader talks would resume today. "It begins tomorrow afternoon, and we’ll see,” Trump said aboard Air Force One yesterday regarding talks. 

• Baghei warned, “reaching an agreement with Oman over route is not enough for the reopening of the Strait," adding there is no plan to receive a US delegation or send an Iranian one during "these days." The comments are consistent with previous Iranian denials of negotiations with the US, which Tehran tends to downplay when they take place via mediators.
• The developments come after Trump said on Truth Social on Sunday morning he had paused strikes on Iran following a request from Tehran and discussions with regional leaders. NYT reports Saudi Crown Prince Mohammad bin Salman told Trump that air strikes against Iranian targets would prompt Iran to retaliate against Saudi energy sites and other infrastructure.
• WSJ reports, “Qatari mediators presented Iran on Saturday with a fresh proposal to open the Strait of Hormuz. Iranian diplomats reacted positively to it, raising hopes that a compromise may be near, mediators said.”
• The Journal notes, “The proposal would create new traffic patterns for ships transiting the strait... Iran insisted last week that it control at least part of both lanes through the strait…” It was unclear Sunday how the new proposal addresses Iran’s desire to collect fees or tolls.