Swiss investor sentiment experienced a sharp decline in August, with the UBS investor sentiment index falling to -53.8 from 2.4 in the previous month. This represents the steepest drop since 2022 and is attributed to the imposition of a 39% US tariff on Swiss exports that took effect earlier in the month. In the UK, the 3-year gilt yield rose to 3.991%, up from 3.941%, while the bid-to-cover ratio decreased to 3.16 from 3.71. Germany's 7-year bund yield declined to 2.46% from 3.28%, with the bid-to-cover ratio increasing to 1.2 from 1.033. In the United States, mortgage applications fell by 0.5% in the week ending August 22, improving slightly from a previous decline of 1.4%. The 30-year mortgage rate in the US inched up to 6.69% from 6.68%. Purchase mortgage applications rose by 2.2%, but refinancing applications dropped by 3.5%, indicating a cautious stance among homebuyers amid rising borrowing costs.