On July 11 China FAW said its project on hybrid-dedicated gasoline engines targeting China-7 emissions passed final acceptance, completing integrated China-7 technical readiness three years ahead of schedule. Results cover combustion, engine control and aftertreatment; the self-developed system will be applied to Hongqi-brand hybrid and energy-saving models to meet the strictest upcoming emission rules.

Iraq's national oil company set the August official selling price for Basra Medium crude to Europe at a $7.35/bbl discount to prompt Brent.

Deutsche Bank says a dense slate of Fed speeches precedes the next quiet period. Key schedule: Waller speaks Monday at the New York Commercial Economic Club; the Chair testifies Tuesday–Wednesday. Several officials will give outlooks after the June CPI print — Cook on Wednesday, Vice Chair Jefferson, Dallas Fed’s Logan and Kansas City Fed’s Schmidt on Friday. Deutsche Bank expects the Chair to reiterate recent remarks and stay tight-lipped on future action; Waller is likelier to outline his reaction function, so his remarks merit close attention for policy signals. Market focus will be how officials interpret June CPI and whether any signal support for a July rate increase. The June minutes noted “several” officials saw a case for a hike last month; since then oil and inflation expectations fell then partially rebounded and the unemployment rate declined further, leaving open the possibility of dissenting votes in July in favor of tightening.