Onshore yuan closed at 6.7674 per USD at 16:30 on July 28, unchanged from the previous trading day.

UBS said Microsoft's recent share pullback has already priced in some risk ahead of the fiscal fourth-quarter print, leaving downside relatively limited. The bank retains a Buy rating but trims its PT to $480 from $510, citing the risk Microsoft may raise its capex outlook while merely maintaining — not upping — Azure growth guidance. UBS warned that higher spending coupled with limited revenue growth would be poorly received by markets. The note also flagged Microsoft’s exposure to OpenAI, substitution risk from open‑source models, and renewed scrutiny of its core productivity software business. UBS said it maintains Buy but will take a more balanced view of this report.

According to Axios, US officials say economic sanctions could inflict greater damage on Iran than bombing.