Iranian state television reported explosions heard near Abu Musa Island.

July 8 — Pang Yaping, board member and managing director and head of index R&D at E Fund Management, said China now has nearly 1,600 ETFs since the first in 2004, with aggregate AUM about 6 trillion yuan at the start of the year. ETF penetration of the Chinese equity market is roughly 2.4%, versus about 24% in the US and ~25% in Europe, implying substantial upside. Product types have diversified—broad-market, sector/theme, style/factor, cross‑border and commodity ETFs—and participation from medium- and long-term investors is increasing. Pang flagged pronounced product homogeneity among the ~1,600 ETFs and urged a shift from scale-driven expansion to stronger operational capability, global allocation and active-passive integration. He said index investing’s purpose is to lower investment difficulty and called for continued focus on refined operations, product innovation and investor services to drive quality over quantity.

Germany's defense minister, on purchasing "Tomahawk" missiles from the US, said consultations are productive and he is optimistic about reaching an agreement.