UK construction output m/m May -0.8% (consensus -0.3%); April revised from +0.1% to -0.1%.

The U.S. House voted 314-104 to reject an amendment that would have barred roughly $3.3 bln in military aid to Israel. The measure drew support from 103 of 212 House Democrats, reflecting ongoing divisions within the party; only one Republican, Kentucky Representative Thomas Massie, voted in favor.

Changxin Technology has launched an offering to raise about 57.9 bln yuan. Market participants flagged a potential market 'cash-siphon' and compared the deal to PetroChina's 2007 listing. Industry sources say the 2007 analogy is misplaced: then markets were in a tightening cycle and the global financial crisis; today monetary policy is moderately accommodative. China's A-share market cap has expanded from about 32 tln yuan to 120 tln yuan and daily turnover from roughly 190 bln to over 2 tln yuan, increasing market capacity. Under current rules, A-share allotment is market-cap-based and does not require pre-freezing subscription funds; strategic placements and offline institutional allocations account for a large share of new issuance and are not entirely drawn from existing capital. Large IPOs have limited index impact, and cited US data show the 20-day post-listing S&P 500 'win rate' for the 15 largest IPOs was 71.4%. Secondary-market moves are multi-causal; a single IPO is rarely the root cause of broader adjustments, so investors need not overreact.