EMISSIONS: Rising Cement Imports Can Weigh On UKAs Demand

US Treasury and Gilt Rolls Views: This is a repeat, in case missed.

JPM:

• WNA: Mildly Bullish.
• USA: Mildly Bullish.
• UXY: Bearish.
• TYA: Bearish.
• FVA: Mildly Bearish.
• TUA: Neutral.

Barclays:

• WNA: Neutral.
• USA: Bullish.
• UXY: Neutral.
• TYA: Neutral.
• FVA: Bearish.
• TUA: Bearish.

Deutsche:

• USA: Bearish.
• UXY: Bearish.
• TYA: Bearish.
• FVA: Bearish.
• TUA: Bullish.

Gilt View:

• Barclays is mildly Bullish.

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• President Donald Trump will sign a congressional bill at 13:00 ET 18:00 BST. Across the West Wing, Press Secretary Karoline Leavitt will brief reporters at the same time.
• Yesterday, President Trump convened an extraordinary meeting of European leaders at the White House to discuss the next steps for ending the Ukraine war. The summit promised security guarantees for Ukraine and calmed nerves in Europe, following the Trump-Putin summit in Alaska. Please find a comprehensive analysis of the summit inside.
• The House Republican Study Committee is hosting GOP staff this week for more discussions on a second reconciliation package.
• Hamas yesterday accepted an updated US-brokered ceasefire proposal for Gaza, in a last-ditch effort to avoid a major new Israeli offensive in Gaza.
• India, China, Russia, and Brazil have signalled closer cooperation in response to Trump’s trade war.
• Poll of the Day: The global political risk outlook worsened slightly month-on-month

Full Article: US DAILY BRIEF

Core CPI (median & trim av - BoC focus):
% M/M: 0.18 in Jul'25 after 0.23 in Jun'25
% 3mth ar: 2.43 in Jul'25 after 3.39 in Jun'25
% 6mth ar: 3.01 in Jul'25 after 3.16 in Jun'25
% Y/Y: 3.05 in Jul'25 after 3.00 in Jun'25

CPI xFE (ex food & energy):
% M/M: 0.06 in Jul'25 after 0.19 in Jun'25
% 3mth ar: 2.09 in Jul'25 after 3.16 in Jun'25
% 6mth ar: 2.65 in Jul'25 after 3.05 in Jun'25

CPIX (ex 8 most volatile & indirect taxes):
% M/M: 0.06 in Jul'25 after 0.32 in Jun'25
% 3mth ar: 2.3 in Jul'25 after 3.87 in Jun'25
% 6mth ar: 2.46 in Jul'25 after 3.12 in Jun'25
Source: Bloomberg Finance L.P., MNI