China A-share dairy sector showed selective strength; Zhuangyuan Pasture hit the daily limit-up, while Qishi Dairy, Western Pastoral and Huanlejia advanced.

Ben May and Bridget Payne at Oxford Economics said the U.S.-Iran agreement reduces the risk that sustained declines in oil inventories would trigger a global energy-price shock and recession, though risks remain. They said the deal does not automatically mean oil flows through the Strait of Hormuz will recover faster than previously assumed — they had expected transit to resume by end-July — and their near‑term oil‑price forecasts still look high. They added that reopening the strait is likely to ease inflation but provide only limited support to growth, reinforcing their view that the Fed and Bank of England will not hike further and that other central banks that have finished tightening are unlikely to resume hikes.

NAHB and Wells Fargo data released Monday showed the housing market index fell 2 points in June to 35, below consensus. The South, the largest U.S. residential-construction region, recorded the biggest drop since Nov. 2023. The index has stayed below 40 for a 14th consecutive month, the longest stretch since 2011–12. By component, the current-sales gauge slipped 2 points to 38 while future-sales expectations and buyer-traffic measures were unchanged. NAHB said rising mortgage rates, higher building-material costs, increased financing costs and permitting/regulatory headwinds are weighing on builders.