China's ChiNext index widened losses to 2.00%; Shenzhen Composite down 1.71% and Shanghai Composite down 0.46%. PCB and CPO-related stocks led sector declines.

Since late June Europe-wide heat has driven a surge in cooling demand. Hisense sales data show H1 West European revenue for air conditioners rose over 20% YoY, with France up more than 100% YoY. Hisense portable air conditioners are reportedly sold out in several markets, including Germany and France, with retailers citing acute stock shortages.

Fed hawkish signals and a firmer dollar are denting industrial-metals sentiment, pushing copper lower. LME three-month copper slid toward $13,300/tonne after a two-week decline. Fed officials have signaled further rate hikes in coming months to tackle persistently high inflation; the dollar last week hit its strongest level since November. Markets are also monitoring the prospect of Trump administration tariffs on refined metals. Separately, Goldman Sachs said the Iran conflict should ultimately boost metals demand, citing rising EV uptake, expanded renewables investment, higher defense spending and intensified AI-related industrial activity. Goldman raised its year-end 2026 and 2027 average copper forecasts to $13,735/tonne and $13,800/tonne, respectively.