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A private gauge showed China’s manufacturing activity expanded at a slower pace in July, remaining in expansion territory and broadly echoing the official factory survey, which signaled a contraction. The RatingDog general manufacturing purchasing managers index fell to 50.9 in last month, down from 51.7 in June, according to a statement released Monday. WSJ
A version of Chinese startup DeepSeek's flagship AI model is by far the least expensive to run on benchmark tests among well-known models globally and more than 100 times cheaper to run than Anthropic's Claude Fable 5, according to a research firm. RTRS
The yen rallied on talk of fresh intervention after last week’s coordinated US-Japan campaign. The two governments said they would not hesitate to move again after their first joint yen action in 15 years. Japan likely spent around $34 billion on Friday’s FX intervention. BBG
OPEC and its allies pressed ahead with another oil production increase, a move that would complete the group’s planned return of voluntarily withheld barrels to the market while setting the stage for potentially difficult talks over future quotas. WSJ
The US Senate unveiled a bipartisan stopgap funding bill to keep the government funded through Dec. 11 and avert a shutdown this fall. BBG
Oil slumped and futures rose as Donald Trump called off strikes on Iran and said talks on a deal would begin today. Iran denied it’s currently negotiating with the US but suggested an agreement with Oman on routes through the Strait of Hormuz may be close. BBG
Federal Reserve Chairman Kevin Warsh this week floated to colleagues the prospect of meeting less often, which would mark a substantial shift in its operations, according to people familiar with the matter. WSJ
AstraZeneca and Bristol Myers Squibb held merger talks, people familiar said. The megadeal would create one of the world’s biggest pharmaceutical groups, valued at almost $400 billion. FT
California’s Democratic Party has endorsed the state’s proposed billionaire tax, marking a win for its advocates three months before Californians vote on the measure. WSJ
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