US 4-week Treasury auction on July 9: stop-out yield 3.63%, versus 3.605% at the prior auction.

比利时首相：伊朗危机反复无常，战争拖延正在拖累全球经济。

The European Commission will propose a 2040 electrification target on July 17 and seek to enshrine it in law in Q4, according to a draft seen by media. The goal will be expressed as the share of electricity in final energy consumption; the specific target level is not yet decided. The plan aims to expand domestic clean power, reduce fossil-fuel import dependence and help achieve a 90% cut in emissions by 2040 versus 1990. The draft says accelerated electrification could replace two-thirds of European gas demand, halve oil consumption and save about €200bn in fossil-fuel import costs by the late 2030s, reflecting political pressure after the Russia-Ukraine war and recent Middle East disruptions.