FITCH says the German economy will benefit from increased European defence spending.

Omdia data shows global online-video subscription users at 2.24 bln by end-2025, up from 1.9 bln in 2024 (+17.6% YoY); growth is expected to slow to single digits in 2026 as the market matures. Global paid TV subscriptions fell 1.8% YoY to 1.03 bln. Streaming now represents 68.4% of total global TV and video subscriptions (3.3 bln).

The PBOC released May liquidity operations showing net open-market government bond injections of 50 bln yuan. Dongfang Jincheng chief macro analyst Wang Qing said ample market liquidity and no need for large-scale long-term injections explain the low net operations, reflecting the central bank’s flexible use of open-market tools to guide market rates around the policy rate. Market participants note the PBOC is deploying a wider range of liquidity tools with greater flexibility, maintaining policy direction while switching between a 'withdraw-first-then-release' rhythm and 'peak-shaving/valley-filling' adjustments. Wang expects China’s 10-year government bond yield to trend lower amid evolving geopolitics, slower international oil price gains, cooling domestic inflation expectations and volatile April macro data — a factor behind May’s small net injection. He adds that if the 10-year yield falls below 1.7%, further cuts to net bond-trading injections or a pause in open-market government bond trading are possible.