中國6月M0貨幣供應年率 11.8%，前值11.9%。

Core PPI (ex-food and energy) rose 4.7% YoY and 0.2% MoM in June, below forecasts; headline PPI slowed to a 5.5% YoY gain. Energy prices fell 6.4% in June and transportation and storage costs declined, easing inflationary pressure. Freight rates remain elevated due to higher fuel costs and driver shortages linked to tighter immigration policy under the Trump administration. Food prices fell for the first time in three months, though food costs are still up year-to-date amid weather, war and tariffs. The softer PPI, following a softer-than-expected CPI report, may give the Fed more room to delay rate hikes, but renewed Middle East hostilities could reverse the respite.

Germany will cut over €30 bln from its Climate and Transformation Fund by 2030 and shift part of the money into the federal budget, the cabinet approved. The plan reduces fund spending by €19.7 bln over the next four years and transfers a further €13.2 bln to the federal budget. The coalition led by Chancellor Merz and Finance Minister Klingbeil had previously allocated €10 bln to the fund; some projects backed by the fund will face funding cuts as part of public spending consolidation. The government said the reductions are partly justified by a separate multibillion-euro subsidy scheme to lower electricity costs for energy‑intensive firms, which requires participating companies to invest in reducing production-related emissions.