CNBC

CNBC’s Dan Murphy reports on what could come next as the U.S.-Iran MOU expires and Washington prepares a new phase of pressure on Tehran. Read more: cnb.cx/4g1wXth

A personalized model of Ferrari’s first fully electric vehicle has sold for $40 million in a charity sale, defying market skepticism and setting a record for a new car sold at auction. The Sotheby’s auction of the Luce “tailor made” at Monterey Car Week in California said the lot marked an “unrepeatable opportunity” to acquire the first production chassis of the Luce program, which featured a unique semi-gloss finish and other bespoke parts. Read more: cnb.cx/4hzbwRv

Shipping traffic through the Strait of Hormuz slowed to a halt over the weekend ahead of the expiry date of the 60-day ceasefire between the U.S. and Iran on Monday, with no official negotiations or deal in sight. Over the weekend, only five cargo ships passed through the critical oil passage on Saturday, according to data from Kpler cited by Reuters, while no ships were registered to pass through the passage on Sunday. This is compared with 31 vessels the previous weekend. Shipping traffic had already hit a three-month low last week, with a five-day average of 13 vessel transits on Tuesday reflecting the lowest level since May 12, a CNBC analysis of Kpler data found.

Japan’s economy missed expectations in the second quarter, recording a 1.1% expansion versus forecasts of 2% growth. Stefan Hofer, chief investment strategist at LGT Private Banking APAC, says investors are likely to focus on Japan’s fiscal policy amid high debt. Click here for more: cnb.cx/4ggUDc4

China's economy lost momentum across the board in July, as consumer spending stalled and urban investment contracted at a faster pace while unemployment ticked higher, adding to pressure on Beijing to step up support in the second half. Retail sales eked out a 0.6% growth from a year earlier, according to the National Bureau of Statistics on Monday, missing the estimated 1.5% jump in a Reuters poll, and slowing from 1% in June. China's urban fixed-asset investment, including real estate and infrastructure, contracted 6.7% this year as of end-July from a year earlier, worse than the estimated 6% decline in the poll. The decline also steepened from the 5.7% drop in the first half of this year.

Japanese automakers are looking vulnerable to fallout from the Iran war and any turnaround in the yen. Toyota, Honda and Nissan benefited in their most recent quarterly reports from a historically weak currency. But outside factors might not be so cooperative going forward. Click here for more: cnb.cx/4gzOhpg

A personalized model of Ferrari's first fully electric vehicle has sold for $40 million in a charity sale, defying market skepticism and setting a record for a new car sold at auction. The Sotheby's auction of the Luce "tailor made" at Monterey Car Week in California said the lot marked an "unrepeatable opportunity" to acquire the first production chassis of the Luce program, which featured a unique semi-gloss finish and other bespoke parts. The auction house did not name the winning buyer of the luxury car and said the proceeds would be donated to Ferrari's foundation of educational programs. Ferrari's "tailor made" program is an exclusive initiative for cars customized to a buyer's precise specifications.

Beijing is moving to clarify new tax rules on offshore trusts that have sowed confusion among wealthy Chinese citizens and their advisers. China’s State Taxation Administration is conducting large-scale training for local tax officers to align on how the levy on offshore trusts should be applied, according to several onshore and offshore tax lawyers. Click here to read more: cnb.cx/4xIYhCo

Japan’s economy expanded 1.1% in the second quarter on an annualized basis, missing expectations for 2% growth as softer domestic demand offset strong exports. This is the first full quarter to include the impact of the Iran war, which has brought energy prices higher for business and households. More on CNBC: cnb.cx/4g46Qlm

Japan's economy expanded 1.1% in the second quarter on an annualized basis, missing expectations for 2% growth as softer domestic demand strong exports. The figure compared to the 2.1% in the previous quarter. This is the first full quarter to include the impact of the Iran war, which has brought energy prices higher for business and households.