Ukraine's central bank said Russian attacks, by raising firms' costs and disrupting logistics, will add 0.4-0.6 percentage points to inf in 2026.

China A-shares closed mixed. Shanghai Composite +0.2%; Shenzhen Component -0.52%; ChiNext -1.15%; STAR 50 -1.52%. Turnover CNY1.96t, up CNY14.3bn from the prior session. Breadth leaned positive with more than 3,300 stocks advancing. Sugar-substitute theme opened strong and led gains; Huakang, COFCO Tech and Hongmian hit limit-up. Planting and forestry extended strength—Yasheng Group posted a fourth consecutive limit-up; Dunhuang Seeds recorded five limit-ups in eight sessions. Oil & gas exploration and services widened gains in the afternoon, Zhongman Petroleum hit limit-up. Medical services also jumped in the afternoon, with Aopumai and Aoyang Health at limit-up. Semiconductor sector slipped, led by Huaya Intelligent, Canrui Technology and Moore Threads.

摩根大通资产管理主席Michael Cembalest估算，2026年至今五家超大规模云厂商与英伟达共发行约3200亿美元债务，其中包括由相关企业为数据中心租赁承担支持义务的SPV融资；长久期部分折算后约为3030亿美元“十年期美债等值”，相当于同期美国财政部长久期净融资的68%。 核心影响是高评级科技债开始与美债争夺长久期资金。摩根大通数据显示，超大规模云厂商债券利差年内扩大约30个基点，而美元投资级债指数仅扩大2个基点；路透统计显示，相关新债认购倍数已由2月接近5倍降至7月不足2倍。