A‑shares extended afternoon gains: Shenzhen Composite Index up 2.00%, ChiNext Index up 2.87%, China's Shanghai Composite Index up 0.58%.

In a July 12 interview with Russia Today, Abolfazl Zohrevand, a member of Iran's parliamentary national-security and foreign-policy committee, said Iran is prepared for both war and peace and that the United States must acknowledge its "strategic error" and pay. He cited President Trump’s claim Iran suffered "US$1 trillion in damage" and said Iran will seek that compensation from "current and future generations" of Americans. He warned the conflict would not end soon and said "all Iranians are prepared to take revenge on the United States."

Bank of America fund manager survey: 83% of respondents expect the Fed will not raise rates before the U.S. midterm elections in November.