The Jerusalem Post reports the Israeli security cabinet is expected to discuss a new Gaza proposal drafted by the Peace Committee (BoP).

英国外交、联邦及发展事务部建议，避免前往沙特距也门边境10公里以内的所有地区；除必要情况外，避免前往沙特距也门边境10公里至80公里之间的地区。

CITIC Securities says the latest Middle East-driven second oil shock follows exhaustion of earlier buffers and is not a simple replay of the first shock; the most crowded trades in the two episodes differ, so Q2 market patterns are unlikely to repeat. The conflict is increasingly unpredictable and the risk of prolonged tension has risen, making short-term de-risking unavoidable. However, price, volume and sentiment indicators show the negative moves are largely reflected in near-term extreme declines and the de-risking phase is approaching its end. CITIC sees a high probability of broad rotational repair in August and favors three convergence trades: 1) narrowing of excess returns between AI-chain upstream hardware/price-sensitive names and downstream platform companies; 2) valuation catch-up of domestic non-AI industrials versus overseas peers; 3) convergence between tech and non-tech sectors.