Palladium most-active contract dropped over 5% to 294.7 yuan/gram.

In 1H, mainland nine cities of China’s Guangdong‑Hong Kong‑Macao Greater Bay Area recorded combined import‑export of 5.3 trillion yuan, up 20.9% YoY — 4 percentage points faster than national import‑export growth — accounting for 20.8% of China’s total and contributing 24.9% to national growth. Exports were 3.12 trillion yuan, up 11.5% YoY; imports were 2.18 trillion yuan, up 37.5% YoY. Trade hit a monthly record in January at 872.9 billion yuan (up 22% YoY); March–June each exceeded prior highs, with June trade surging 31.1% YoY to 1.02 trillion yuan. Private firms accounted for 3.57 trillion yuan in 1H trade, up 27.1% YoY, raising their share to 67.5% (up 3.2 percentage points) and contributing 83.1% of the area’s growth; foreign‑invested enterprises posted 1.56 trillion yuan, up 14.4%, representing 29.4% of the total.

Fed's Schmid said inf shocks are not inherently transitory and he disagrees that the Fed should "ignore" certain types of price increases.