The International Monetary Fund (IMF) has lowered its 2026 GDP forecast for the Eurozone from 1.1% in April to 0.9%.

Internationally: 1. TD Securities: The transmission of energy shocks is only a matter of time; the market is postponing expectations of oil price transmission to inflation. 2. Goldman Sachs Asset Management: Soaring inflation poses a headwind, but three factors strongly support the economy. 3. Spartan Capital: If energy prices do not continue to rise, inflation may have peaked. 4. Northwestern Mutual Wealth Management: The Federal Reserve is facing significant difficulties in the final stages of dealing with inflation. 5. Principal Asset Management: US inflation remains high, but cooling core data provides the Federal Reserve with breathing room. 6. Reuters survey: Affected by US lockdowns, OPEC oil production has fallen to its lowest level since 2000. 7. Jefferies: The European Central Bank may only raise interest rates once. 8. DBS Bank: The European Central Bank will maintain a cautious and hawkish stance. 9. TD Securities: The market has already priced in the ECB rate hike; the 10-year German bond yield may decline slightly. Domestic 1. CICC: Maintains its baseline judgment that the Federal Reserve will neither cut nor raise interest rates this year. 2. CITIC Securities: Expects the Federal Reserve to maintain its target interest rate unchanged throughout the year. 3. CITIC Securities: June sector allocation recommendation adopts a "barbell structure". 4. CITIC Securities: The market has been very sensitive to the interest rate hike narrative recently, but it doesn't necessarily mean an actual rate hike. 5. Guojin Securities: The market has entered a state of high volatility; a defensive approach is recommended, focusing on dividend-generating sectors and upstream technology. 6. Huatai Securities: AI server test power supplies may see opportunities for domestic substitution.

At the opening of the A-share market, the Shanghai Composite Index fell 0.34%, the Shenzhen Component Index fell 0.43%, and the ChiNext Index fell 0.40%. Sectors such as oilfield services engineering, chemicals, industrial gases, and aquaculture performed well, while sectors such as MLCC, precious metals, and humanoid robots saw the largest declines.