Benchmark U.S. yields are touching 16-year highs ahead of this year’s Jackson Hole symposium. Meanwhile Japan’s 10-year JGB yield is at its highest level since early 2014. In tech news, Nvidia shares pare back slightly from record levels with option traders considering double-digit news should the chipmaker falter with earnings results. U.S. retail giant Macy’s posts a Q2 net loss warning that shoppers will become more discerning and price-driven in H2. In Spain, the King greenlights the conservative opposition to form a new government following last month’s inconclusive election. Chinese President Xi Jinping assures BRICS counterparts over his country’s recent economic effort and pledges to reinforce ties within the bloc.  

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