Retail sales volume growth moderated to 1.9% YoY in July under weakened tourism and consumer sentiment Regional Morning Notes China Banks LDR Cap Removed by Top Legislature；Effective on Oct 1st Sector outlook Australian Equity Strategy: A disappointing reporting season, but some bright spots in the detail Making a strong comeback Spend more, borrow more, and sell more Details on the water acquisition suggest future growth Below expectations; MU accelerating amid loco/freight slowdown Lower earnings estimates and price target; maintain Neutral rating