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Macro leverage ratio climbs: China’s macro leverage ratio hit a record high in the second quarter, due partly to continued low nominal GDP growth. The ratio — which measures household, nonfinancial company and government borrowing as a percentage of nominal GDP — exceeded 300% for the first time, with government debt expanding while household and corporate sector debt remain at historic lows, according to a National Institution for Finance and Development report released Wednesday. China’s nominal GDP growth slumped to 3.9% in the second quarter, as sustained low prices dragged growth to a low not seen since 2023, according to the report. The persistent sluggish prices have led to a decline in household income and wealth, while weighing on companies’ profits, undermining market confidence.

Underwriters undermining bond market: China’s interbank bond market regulator has reiterated that underwriters must not bid below cost when competing for bond mandates, according to a notice issued Wednesday. This is the latest sign of growing intolerance for an excessive, self-destructive style of competition increasingly seen across Chinese industries, being termed “involution.” It is the second time within two months that the National Association of Financial Market Institutional Investors, a self-regulatory body, has stressed that underwriting fees must not be quoted below cost. Long-term low-price competition can escalate into a vicious cycle, leading to the fragmentation of underwriters’ gatekeeping responsibilities and creating hidden risks in the bond market. “If prices one day become untenable, some institutions may resort to non-price, gray market tactics to compete,” a source close to bond market regulators said.

Panama port dispute heats up: Panama is suing the Hong Kong-based owner of two ports that have become a geopolitical hot potato between the U.S. and China. The Central American country’s comptroller general filed the two cases with its supreme court, challenging CK Hutchison Holdings Ltd.’s rights to operate the ports, one at either end of the Panama Canal. The news comes as billionaire Li Ka-shing’s CK Hutchison has been trying to sell the ports, which it has operated since 1997. The company earlier this year attempted to sell the ports to a consortium including BlackRock Inc. The ports entered the spotlight in January when U.S. President Donald Trump vowed in his inauguration speech to take back the Panama Canal from Chinese influence. Following court filings, Panamanian President Jose Raul Mulino announced that if the court rules that the renewal of the port operating rights is invalid, the government will reclaim the rights and likely convert the ports into public-private partnerships.

Apple’s China rebound: Apple Inc. has posted its first quarterly revenue growth in China in nearly two years, buoyed by the government’s consumer trade-in subsidies. Coming amid stellar earnings for the second quarter, the U.S. tech giant reported a Greater China revenue of $15.4 billion for April through June, up 4.35% year-on-year, according to figures released Thursday. Apple CEO Tim Cook said on a post-earnings call that this was the first full quarter since the Chinese government consumer subsidies were implemented for select Apple products, adding that the company’s revenue growth in Greater China was primarily driven by increased mobile phone and computer sales. Apple has kicked a revenue decline that dogged its China business since the second half of 2023, partly due to exchange rate headwinds and Huawei Technologies Co. Ltd.’s return to the high-end market. But the growth still lags the more than 9% growth rates for Apple’s business in the U.S., Europe and Japan.