China National Bureau of Statistics: Shenzhen second‑hand residential prices in June rose 0.3% MoM (prior 0.6%); fell 4.7% YoY (prior -5.5%).

Nick Timiraos said June CPI gave Fed chair Kevin Walsh room entering a two-day congressional testimony, his first Hill appearance since April confirmation. Softer-than-expected inflation allows Walsh to stick to his written testimony, avoid fresh forward guidance and protect FOMC consensus without being boxed in. Timiraos notes Walsh favors responding to data rather than pre-feeding markets; he can endure lengthy questioning while using prepared language on tariffs, AI investment and whether policy remains restrictive — stressing price stability — which reduces the likelihood the hearings produce new market-moving policy signals.

MINIMAX-W (00100.HK) and Zhipu (02513.HK) extended intraday gains in Hong Kong trade, now up over 11% and 9% respectively.