A-share banking sector rallied; China Construction Bank, Bank of China, Bank of Jiangsu, Bank of Nanjing and Bank of Hangzhou all hit new highs.

The State Administration for Market Regulation (SAMR) held an enforcement and inspection meeting in Baotou on tackling “ghost takeout” illegal activity. SAMR deputy director Bai Qingyuan directed targeted H2 supervision of key sectors and strict implementation of central directives, prioritizing remedies for involution-style competition. The agency said it will use the Protect Consumption campaign to crack down on illegal activity in food, electric bicycles and metrology, deepen the special cleanup of “ghost takeout,” coordinate anti-organized-crime, telecom-fraud and anti-counterfeiting/commercial-extortion efforts, and strengthen cross-department coordination and links between administrative enforcement and criminal prosecution.

EUR/USD slid to a two-week low, down 0.2% at 1.1566, as options traders increased hedges against further euro weakness. Rising oil and gas prices and higher US Treasury yields are amplifying pressure; options positioning indicators are at their lowest in nearly a month and have been dollar‑bullish for nine consecutive trading days, the longest continuous euro‑bearish run since 2017. Renewed US‑Iran tensions have lifted energy prices and worsened Europe’s terms of trade; ING global markets head Chris Turner expects the euro to weaken further to around $1.15 by month‑end amid a firmer Fed stance.