BofA says if the Fed resumes rate hikes, investors should target specific currency pairs rather than broad FX exposure. The bank flags yen and pound pairs as the clearest opportunities; historically these pairs have seen the largest volatility during Fed tightening cycles, making targeted trades more attractive than bets across the full G10 FX complex.

Luckin Coffee reported Q2 revenue of RMB 15.89 billion, up 28.5% YoY, and said it opened more than 5,000 stores in 1H. Q2 average monthly transacting customers were 112.7 million, up 22.9% YoY. Company-operated same-store sales fell 5.3% YoY in Q2, citing a high base from last year’s delivery promotions (same period in 2025: +13.8%). Q2 operating profit from company-operated stores was RMB 2.47 billion, up 25.9% YoY, with store operating margin roughly unchanged YoY. CEO Guo Jinyi said the China coffee market remains in a rapid growth phase with rising penetration and frequency, and Luckin will maintain its store-opening pace to expand market share.

Singapore's July electronics industry PMI rose to 52.4.