Macroeconomics

1. [Automotive] CPCA (China Passenger Car Association): In July, national retail sales of passenger cars totaled 1.506 million units, down 18% year-on-year and 6% month-on-month; cumulative retail sales for the year reached 10.207 million units, a year-on-year decline of 20%. Wholesale volume by manufacturers stood at 2.241 million units in July, up 1% year-on-year but down 5% month-on-month; cumulative wholesale volume for the year was 14.788 million units, down 5% year-on-year.

2. [US ADP Employment Data] Data shows that US ADP employment increased by 44,000 in July—far below the market expectation of 70,000 and the lowest level seen this year. Wages for employees who changed jobs rose 7% year-on-year, the fastest growth rate in nearly a year, while wage growth for employees who stayed in their jobs remained at 4.4%.

3. [Brazil Interest Rate Cut] On August 5 (local time), the Monetary Policy Committee of the Central Bank of Brazil announced a cut to the benchmark interest rate to 14%. This marks the fourth consecutive rate cut by the central bank, bringing the rate to its lowest level in nearly a year.

Textile

1. [Cotton Yarn] Xinjiang Alar Xiangrun Textile's 150,000-spindle spinning project—involving a total investment of 400 million yuan—is currently accelerating construction during the peak season, with official production scheduled to begin this October. Xiangrun Textile collaborated with equipment manufacturers to develop a custom-made, ultra-long intelligent ring spinning machine featuring 2,448 spindles—currently the longest of its kind in China—and has completed the installation of the full production line in its new workshop.

2. [Cotton Yarn] Recently, the Chinese textile company China Resources Textile Co., Ltd. signed a land lease agreement with the Bangladesh Export Processing Zones Authority (BEPZA) in Dhaka. The company plans to invest US$30 million to build a textile production base in the Mirsharai Economic Zone in Chittagong. Spanning an area of 36,000 square meters, the facility is projected to achieve an annual production capacity of 24,000 tons of yarn and 20 million meters of greige fabric upon completion.

3. [Vinyl cyanide] According to statistics, as of August 5, total domestic vinyl cyanide plant inventories stood at approximately 33,000 tonnes, a decrease of 3,300 tonnes from the previous week.

4. [Polyester FDY] On August 5, Shaoxing Jiabao lowered its polyester filament quotes by 100 RMB/ton. Semi-dull FDY quotes: 75/36 at 8,710 RMB/ton; 150/96 at 8,410 RMB/ton; 200/96 at 8,410 RMB/ton; 300/96 at 8,410 RMB/ton; 300D/192F at 8,410 RMB/ton. Bright FDY quotes: 75/36 at 9,060 RMB/ton; 108/36 at 8,960 RMB/ton; 150/48 at 8,910 RMB/ton; 200/96 at 8,910 RMB/ton; 300/96 at 8,910 RMB/ton.

5. [Cotton Lint] China Cotton Reserve Management Co., Ltd. has scheduled the sale of 8,011.9020 tonnes (comprising 47 lots) of central reserve cotton via the National Cotton Exchange Market on August 6.

6. [Cotton Lint] According to USDA data, the U.S. national cotton squaring rate reached 88% by August 2; this is 2 percentage points ahead of the same period last year and essentially in line with the five-year average. Specifically, the squaring rate in Texas was 82%, remaining largely unchanged from the same period last year and trailing the five-year average by 1 percentage point.

7. [Cotton Lint] The Cotton Association of India (CAI) has raised its forecast for cotton ginned production for the 2025–2026 season to 33.7 million bales (170 kg per bale)—an increase of 300,000 bales from the previous estimate of 33.4 million—reflecting improved cotton supplies in major producing regions.

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