The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

0336 GMT - The Philippines' manufacturing sector began 2H on a solid footing, the latest S&P Global PMI data suggests. Headline PMI rose to a five-month high of 51.8 in July, up from June's 50.9. "A sharp rise in new orders in part provided a boost to the headline index," S&P says. Although the latest reading pointed to a modest improvement in the manufacturing sector, it marks a welcome shift from the subdued performance between March and June. However, Maryam Baluch, an economist at S&P Global Market Intelligence, points out that payroll numbers fell in July. This suggests that firms may need clearer signs of a sustained improvement in economic conditions before resuming hiring, Baluch adds.(amanda.lee@wsj.com)

0323 GMT - More rounds of coordinated U.S.-Japan FX intervention could occur, HSBC Global Investment Research's Paul Mackel says, noting the countries' first coordinated intervention to support the yen since June 1998. "It is also possible that other central banks decide to join," the global head of FX Research says in a research report. "The ECB has been quiet so far on the matter, but if it were to intervene as well, this would look like an implicit currency accord to strengthen the JPY," Mackel says. However, "doubts would persist on the sustainability of a JPY recovery when the BoJ is measured at raising rates," Mackel adds. The dollar is 0.7% lower at 156.51 yen, LSEG data show. (ronnie.harui@wsj.com)

0312 GMT - Taiwan's strong 2Q GDP data boost the odds of a central-bank rate hike in September, says UOB's Ho Woei Chen in a report. Data released Friday showed the country's 2Q GDP surged 12.92% on year versus UOB's estimate of 10.8% growth, the economist notes. "Composition of growth became more balanced in 2Q as stronger domestic demand complemented continued external sector strength," the economist says. Also, the "ongoing AI investment cycle continues to provide a structural tailwind to Taiwan's economy," she says. Taiwan's robust economic growth have strengthened the case for a 12.5bps rate hike at Taiwan central bank's September meeting, the economist adds. (ronnie.harui@wsj.com)

0309 GMT - Thailand's latest purchasing managers' index data compiled by S&P Global signals continuous expansion in the manufacturing sector. Headline manufacturing PMI rose to 54.2 in July, up from 53.6 in June. The upturn was driven by more inflows of new orders, supporting business confidence. The manufacturing sector began 3Q on a strong note, as rates of growth in output and new orders continue to gather pace, says Phil Smith, economics associate director at S&P Global Market Intelligence. Still, firms continue to keep a tight grip on overheads, with employment levels kept broadly stable despite a growing backlog of work, Smith adds. (amanda.lee@wsj.com)

0237 GMT - The Singapore dollar strengthens slightly against its U.S. counterpart in the Asian session on renewed optimism over U.S.-Iran talks to end their conflict, diminishing the safe-haven appeal of the greenback. "President Trump called off planned strikes on Iran and said nuclear talks would resume today, raising hopes for peace talks," treasury and markets research analysts at CIMB say in a report. The U.S. dollar is 0.1% lower at 1.2806 Singapore dollars, LSEG data show. (ronnie.harui@wsj.com)

0224 GMT - Politics may be behind coordinated U.S.-Japan intervention in the yen, State Street Investment Management's Masahiko Loo says in an email. "Recent reports of coordinated intervention suggest the U.S. may be more willing to lean against disorderly yen weakness than markets previously assumed, to prevent unnecessary stress in funding markets," the senior fixed-income strategist says. The "AI investment boom is creating enormous funding needs, with Big Tech increasingly deploying cash into capex rather than recycling it into Treasuries," Loo adds. The dollar is 0.7% lower at 156.48 yen, LSEG data show. (ronnie.harui@wsj.com)

0215 GMT - Southeast Asia's latest purchasing managers' index data signals the manufacturing sector has moved past the impact of the ongoing Middle East conflict, says Maryam Baluch, economist at S&P Global Market Intelligence. The headline PMI for the region rose to 52.8 in July after falling to an 11-month low of 50.5 in June. Activity has recovered from the softer patch seen between March and June due to the conflict, with demand conditions improving and new orders rising strongly, Baluch says. Price pressures eased further from April's spike, but cost burdens continued to rise sharply and were passed on to customers through higher charges, the surveys show. "Looking ahead, manufacturers remained optimistic that output would rise over the coming year, with confidence improving to its strongest level since early 2023," S&P Global says. (kimberley.kao@wsj.com)

0211 GMT - Recent coordinated U.S.-Japan FX intervention shifts near-term balance in favor of yen strength, two strategists at OCBC Group Research say in a report. "Further intervention appears likely. Additional official action could push" the dollar below 155.00 yen, particularly if stop-loss orders are triggered, the strategists say. "For now, the path of least resistance is towards a stronger JPY," they say. However, "a more durable JPY appreciation cycle would require a combination of coordinated intervention, faster BOJ tightening and policies that encourage capital repatriation," the strategists add. The dollar is 0.7% lower at 156.46 yen, LSEG data show. (ronnie.harui@wsj.com)

0209 GMT - Japan's July purchasing managers' index data signals strong manufacturing growth momentum at the start of 2H, says Annabel Fiddes of S&P Global Market Intelligence. Manufacturing output rose at its sharpest pace since February 2014, while the rate of growth in new orders was the strongest in over four years, Fiddes says. Still, inflationary pressures remain elevated due to the Middle East war, while supply-chain delays are again evident, the data shows. The headline PMI edged lower to 54.5 in July from 54.8 in June but stayed in expansionary territory. Stock building in response to the conflict likely contributed to the sector's performance, as input inventories rose and firms expanded their purchasing activity, Fiddes adds. (kimberley.kao@wsj.com)

0158 GMT - Joint U.S.-Japan FX intervention could spur unwinding of yen short positions, MUFG Bank's Michael Wan says in a research report. The "joint intervention is certainly historic and significant, and could certainly play an important role in the short-term in clearing out yen shorts," the senior currency analyst says. However, Japan's "fundamentals likely still need to change for a more durable move lower in USD/JPY," Wan says. These include "still low real interest rates, and concerns by the market around the fiscal spending trajectory of government," Wan adds. The dollar is 0.8% lower at 156.31 yen, LSEG data show. (ronnie.harui@wsj.com)

0142 GMT - Thailand's 2Q GDP growth likely slowed, as June activity data continued to paint an uneven picture for the economy, OCBC economists say in a report. Domestic demand conditions showed mixed signals in June. The private consumption index rose in June on month, while services sector consumption growth slowed. Meanwhile, external demand remained well-supported during 2Q amid solid export growth. Exports continue to benefit from the global semiconductor upcycle's tailwinds, the bank says. OCBC projects 2Q GDP growth for Thailand to ease to 2.3%, compared with 1Q's 2.8% expansion. (amanda.lee@wsj.com)

0023 GMT - Australia's house price retreat is gathering pace and its likely to remain a focus of social, political and economic discussion for some time yet. Australians have accrued vast amounts of household debt, supported in part by strong house price growth over decades. The current correction is being driven by tax changes, higher interest rates, weak confidence and rising living costs. Housing affordability has been weak for years and some economists are calling the end of a 30-year "super cycle" in housing. As such the current downturn is worth tracking as it could change a lot about how Australians grow wealth and pursue upward mobility.