Barclays raised its price target for Alibaba (BABA.N) from $195 to $200.

Domestic News: 1. China and Switzerland announce the completion of negotiations to upgrade their free trade agreement. 2. A Chinese container ship successfully arrived at the port of Murmansk, Russia, for the first time. 3. Ministry of Commerce: Opposes the EU's abuse of unilateral tools to suppress Chinese companies. 4. Xu Jiayin sentenced to life imprisonment; first-instance verdicts announced in cases involving Evergrande Group and Evergrande Real Estate. 5. Shanghai issues "Eight Measures" for the housing market, adjusting the minimum down payment ratio for commercial personal housing loans. 6. Ministry of Commerce responds to US tariffs on drones: Urges the US to immediately withdraw its Section 232 tariffs. 7. Ministry of Foreign Affairs responds to the US announcement of "devastating economic action" against Iran: Sanctions and pressure will not help solve the problem. 8. Zheng Shanjie, Director of the National Development and Reform Commission, chairs a symposium for private enterprises to solicit opinions and suggestions on stabilizing economic operation and promoting effective investment. International News: 1. The Indian government allows duty-free imports of 1 million tons of sugar. 2. Samsung Electronics to launch shareholder returns exceeding 100 trillion won. 3. The yield on 5-year German bonds hit 3% for the first time since 2008. 4. The yield on 30-year US Treasury bonds erased gains since the US Treasury's repurchase announcement. 5. Federal Reserve's Daly: No evidence has been seen that an early rate hike is necessary; rising long-term bond yields are a global issue. 6. US Treasury Secretary: The bond repurchase limit may exceed $4 billion; the $40 trillion debt figure is not particularly significant. 7. Anthropic is reportedly preparing to file for an IPO as early as August, with the IPO size expected to match or exceed SpaceX's record. 8. Broadcom is reportedly in talks for over $60 billion in debt financing for AI chips, potentially including approximately $30 billion in subordinated debt. 9. Overnight market activity: International oil prices rose to a near one-month high, US long-term bond yields rebounded, and the three major US stock indices closed lower, with Moderna down 23.5% and Walmart down 9%. 10. Middle East Situation— ① Trump announces the “toughest economic action in history” against Iran; US Treasury Secretary says specific measures will be outlined on the 24th. ② US Treasury Department issues new sanctions related to Iran. ③ US officials: The White House believes talks between Iran and Oman broke down weeks ago. ④ Houthi rebels: Successfully attacked Saudi Arabia’s Najran airport and Saudi Aramco facilities there. ⑤ Iranian Revolutionary Guard: If a new war breaks out, the Houthis will use even more destructive weapons. ⑥ G7 urges Israel to withdraw its settlement construction plans in the “E1 area”.

U.S. Treasury Secretary Bessent said it is "very likely" the fiscal deficit has already peaked.