瑞士央行：由于能源价格上涨，短期内通胀可能会增加，但在整个期间内仍将保持在与价格稳定一致的范围内。

SWISS NATIONAL BANK says the main risks to the economic and inf outlook stem from global economic developments.

German sovereign wealth fund Kenfo will raise its private markets allocation to 30% from 25% over the next two years and reduce private‑equity exposure, its annual report shows. The fund plans to expand real estate and infrastructure holdings. Kenfo flagged recent private‑equity underperformance and said it will adopt a more cautious stance; some investors have cut PE amid higher rates and AI‑related challenges to software investments. Kenfo trimmed US Treasury holdings from about €600m a year earlier to roughly €200m at end‑2025, then added more than €500m by end‑June. CEO Anja Mikus said the fund does not plan to stop investing in government bonds, noting yields of up to 2.8% are above many other sovereign bonds and that it will maintain flexibility.