欧洲央行管委温施：如果不存在显著的第二轮效应，一次加息可能就足够了。

ECB policymaker De Marco said the central bank should not rush into further rate hikes after oil prices fell unexpectedly and sharply. He noted the ECB raised rates in June and its forecasts assumed further tightening, but the recent drop in energy costs strengthens the case for pausing by quickly easing inflation expectations and reducing wage pressures. De Marco said only a second-round inflation effect, de-anchored inflation expectations, or stronger wage demands would justify pre-emptive tightening; those conditions are not currently evident, and with oil back near pre-conflict levels the ECB can wait for the next forecast round rather than risk unnecessary harm to growth. He added that even the milder scenario in the latest forecasts still assumes further tightening, so if incoming data validate that path the ECB may still need to raise rates.

Foreign and domestic appetite for A‑shares rose in 1H; foreign holdings of A‑shares reached a phase high. China's ETF market is expanding rapidly and long-term funds are becoming a material market force. As of June 30, 187 ETFs launched year‑to‑date, issuing 65.487 billion units, the highest number of H1 launches on record. Industry participants said equity and tech ETF issuance hit a phase high in 1H and has become the core vehicle for institutions and retail to access the tech theme.