Spain June CPI final MoM +0.6% (consensus +0.6%; May +0.6%).

July 14 — A-share resource stocks led gains: nonferrous metals and coal rallied, with many nonferrous ETFs up >6%. Computing-power names rebounded in the afternoon; the ChiNext index rose >3% and several communication-themed ETFs gained >5%. Notably, during the sharp July 13 pullback, about 60 billion yuan of bottom-fishing flowed into the market via equity ETFs, the largest single-day inflow since April 8, 2025; broad-based ETFs tracking CSI 1000, CSI 300 and CSI 500 were heavily accumulated. Industry firms warn prior tech-growth leverage has accumulated sizable financing positions and rising volatility has prompted some leveraged funds to reduce exposure. On a medium-term view they say the core bullish case for A-shares is unchanged; the current move looks like a trading-structure correction as the market shifts from extreme structural leadership toward style rebalancing. The AI theme remains intact; Q3 may shift to selecting subsegments and validating earnings.

Market sources: the EU and the US have shared a list of goods proposed for tariff reductions.