Welcome to Markets Desk, here's what's moving the tape this hour.
The Bank of Japan held rates steady at one percent but issued a pointed warning that underlying inflation is running above its two percent target, keeping pressure on policymakers to act. Markets are watching closely as speculation builds that the BOJ could accelerate its tightening path, which would carry significant consequences for the yen and global carry trades.
Shifting to Apple, Tim Cook's final earnings call ended on a cautious note as the outgoing CEO flagged what he called a hundred-year flood in memory chip pricing, warning of severe supply constraints hitting iPhones and Macs in the months ahead. Despite the headwinds, Cook told investors he has never been more optimistic about Apple's future, a notable farewell from a leader who has run the company for over a decade.
And on trade, China's U.S.-bound shipments fell again in July after a brief recovery, according to the latest China Beige Book survey, which also found factory activity decelerating across the mainland. The data suggests the earlier bounce in export flows was short-lived, adding fresh uncertainty to the demand picture as tariff pressures continue to reshape supply chains.
That's the tape. Markets Desk, signing off the floor.
