Sources said the Swiss National Bank plans to hold its key policy rate at zero through end-2027, only considering hikes thereafter based on current inflation projections and assuming no major new shocks. Recent CHF/EUR weakness and the Swiss–eurozone rate differential factored into the view. Sources said negative rates remain a contingency if the outlook deteriorates, but are not the baseline. They added zero rates have not materially hurt Swiss banks’ profitability. The SNB left rates unchanged

Hong Kong equities extended multi-week gains; the Hang Seng Index opened 64 pts at 25,271 and peaked 233 pts higher at 25,440 before reversing, testing the 100-day moving average after weakness in memory and AI names. The market recovered into the close; Hang Seng finished up 0.41%, Hang Seng Tech +0.61%, turnover HK$250.63bn. Sector winners included gaming software, non-alcoholic beverages and restaurant stocks; film & entertainment and autos rose for a second day, while education and road transport rebounded. Laggards were memory/storage, newly listed AI names, PCB plays, semiconductors and power-equipment stocks. Notable movers: Horizon Robotics (09660.HK) +8%, NetEase (09999.HK) and JD.com (09618.HK) >+4%, Leapmotor (09863.HK) and SenseTime (00020.HK) +3.7%; China Southern 2x long SK Hynix (07709.HK) down >30%, China Southern 2x long Samsung Electronics (07747.HK) -26.7%, Laopu Gold (06181.HK) down >23.5%, Zhipu (02513.HK) down >18.5%, MiniMax (00100.HK) down >14%.

The State Council Information Office will hold a press briefing at 15:00 on Tuesday, July 28, 2026. MOFCOM vice minister Yan Dong will set out China's position on the alleged 'overcapacity' issue and take questions.