Midday close: China government bond futures main contracts — 2-year TS down 0.01%, 5-year TF down 0.02%, 10-year T down 0.05%, 30-year TL down 0.27%.

Egypt plans to replace in-kind subsidies with cash transfers in the coming fiscal year, the prime minister said.

China Galaxy Securities says 2026 presents a dual opportunity for insurers from asset-side improvement and liability-side transformation. On the asset side, more diversified allocations and a healthier equity market should ease investment‑income pressure. On the liability side, participating (dividend) life products are becoming the core of new premium growth; stabilising assumed interest rates should reduce reliance on stop‑sale speculation, and a low‑rate era deposit‑migration effect should continue to unlock liability-side potential. The firm is constructive on scope for sector valuation recovery.