China A-share construction materials sector rose in choppy trade; Jiuding New Materials hit the daily limit-up, while Fujian Cement, Qinglong Pipe Industry, Shandong Fiberglass and Zaisheng Technology also gained.

商务部：中美正就300亿美元对等降税框架安排进行磋商。（新华社）

ECB staff are set to raise growth forecasts for this year and next to reflect economic resilience, but with inflation still above 3% the bank may delay the return to its 2% target; in June it had projected hitting 2% by next summer. The new outlook may understate the impact of the recent energy-price spike, particularly in natural gas. Barclays says current gas prices sit between its adverse and severe shock scenarios and that gas shocks transmit to non-energy inflation more slowly than oil but with larger, more persistent effects.