PANETTA said multiple indicators show that since April equity markets appear to be underestimating risk. Rising energy prices, tighter financial conditions and persistent geopolitical uncertainty have only been partly priced into asset valuations. He added eurozone inflation is roughly 3% and is expected to remain above that level until early 2027.

White House National Economic Council director Hassett said the US is confident it can get oil flowing from the Gulf region to calm markets.

According to Ministry of Agriculture and Rural Affairs monitoring, as of 14:00 on July 15 the Agricultural Products Wholesale Price 200 Index was 111.62, up 0.23 pts vs. yesterday; the vegetable-basket wholesale price index was 111.44, up 0.26 pts. National wholesale prices: pork 15.83 yuan/kg, down 1.4% vs. yesterday; beef 66.90 yuan/kg, up 0.5%; mutton 64.35 yuan/kg, down 0.4%; eggs 9.98 yuan/kg, up 1.3%; chilled whole chicken 17.49 yuan/kg, down 0.5%.