Federal Reserve Chair Kevin Warsh said if AI delivers disappointing returns, most AI-related capex can be repurposed for other uses.

Citing the latest NBS data, Oriental Jincheng chief economist Wang Qing said moderate growth-support measures lifting domestic demand and fading short-term drags should push Q3 GDP growth to about 4.6%, with further acceleration likely in Q4, producing a V-shaped annual trajectory. He added that new momentum led by high-tech manufacturing should remain strong in H2, while property-related activity will stay under pressure, extending a K-shaped divergence.

U.S. MBA mortgage purchase index for week ended July 10: 157.2, down from 169.5 prior.