WTI crude futures are down more than 2% intraday at $67.20/bbl.

Zhenhua Technology shares fell sharply in early trade on July 2; at midday the stock was 58.97 yuan, down 5.35%. The previous trading day the stock hit the daily up limit after reports of MLCC suppliers raising prices. The company said MLCC price increases for AI servers are unrelated to its core business, noting AI-related MLCC hikes mainly involve a few large, consumer-facing suppliers and that Zhenhua’s MLCC business is very small and not separately quantified. It acknowledged some product price rises from higher raw-material costs but said increases were smaller than market expectations and that it is pursuing material substitution and other cost-saving measures.

cenc measured a magnitude 2.8 earthquake at 10:38 on July 2 (Beijing time) in Kangding city, Ganzi Prefecture, Sichuan; epicenter 29.91°N, 101.95°E, focal depth 7 km.