As of July 2, Shanghai Stock Exchange margin balance was CNY1.515 tln, down CNY4.724bn from the previous trading day; Shenzhen was CNY1.476 tln, down CNY1.721bn. Combined margin balance was CNY2.991 tln, down CNY6.445bn.

RBC BlueBay Asset Management analyst Russell Matthews said a coordinated US-Japan FX intervention to lift the yen is unlikely for now, as relatively stable core government bond yields reduce US willingness to act. He warned sustained yen weakness could provoke larger moves in Japanese government bond yields — 10-year JGBs approaching 3.0% — with potential spillovers to USTs and global sovereigns that would increase the case for coordinated intervention. The firm remains neutral on the yen; Matthews added Tokyo's interventions appear "increasingly random and sporadic."

India June composite PMI (final) 57.1, previous 57.4.