Japan Macro: Japanese household spending fell 3.3% year-on-year in June, worse than forecasts, adding pressure to the Bank of Japan’s rate decision as it weighs whether September hikes are justified. Mexico Rates: Mexico’s central bank held its benchmark at 6.50% and pushed the inflation return-to-target timeline to late 2027, citing stubborn underlying pressures and risks from the peso and global conflicts. US Labor & Fed Watch: US unemployment claims ticked up while layoffs hit a two-year low, and productivity rose faster than expected—keeping the Fed focused on whether inflation cools enough to avoid September hikes. AI Cloud & Security: Cloudflare lifted its full-year outlook above estimates, betting AI agents will drive more network traffic; Atlassian also surged after results showed cloud growth re-accelerating. Market Microstructure: KOSDAQ leveraged ETFs jumped about 60% over the week, highlighting renewed appetite for high-beta exposure. Energy & Power Constraints: Texas data-center growth faces potential delays after a grid audit pause could postpone nearly 50 GW of new demand, while Europe’s extreme heat and low river levels are disrupting chemical logistics and even nuclear operations. Corporate Movers: Hertz shares jumped after a pricing-led earnings beat; SpaceX stock rose as insider lockups expired, while Nintendo flagged Switch 2 momentum but warned of a looming US price hike. M&A/Biotech: Biogen completed its RayThera acquisition to expand immunology assets, and other healthcare updates underscored continued pipeline investment. Commodities/Mining: B2Gold reported solid Q2 gold output with costs under control, and wool prices in New Zealand firmed after a rough patch, suggesting stabilization in some supply chains.