The European Commission is drafting a "solidarity tool" to help firms shift supplies of critical goods and cushion the impact of trade conflicts, sources say. The measure will require funding and is being considered in talks on the EU's next multiannual financial framework; the required funding is unclear but could be substantial given the scale of affected industries and trade. Some member states are pushing for spending cuts. National envoys were briefed on the proposal this week.

Independent researcher The Kobeissi Letter reports 48% of Nasdaq-100 constituents are at least 20% below their all-time highs, the highest since February–March’s selloff this year. That is below the roughly 60% level seen before the March 30 trough, roughly double the share from 12 months ago and well under the 80% peak in the 2022 bear market. Meanwhile 64% of Nasdaq-100 names trade above their 200-day moving average—near this year’s high versus 38% at the March 30 trough. The readings indicate the recent US rally is increasingly concentrated in a small number of large-cap tech stocks and market breadth is narrowing.

Sinopec has completed the restructuring of China Aviation Oil, making China Aviation Oil a second-tier wholly owned subsidiary.