Fed's Williams said he has seen markets react to shifts in the Middle East conflict.

National Bureau of Statistics: Guangzhou newly built commercial housing prices in June MoM +0.2% (prev +0.2%), YoY -2.6% (prev -3.3%).

Standard Chartered chief strategist Eric Robertson said we have entered an era of structurally higher interest rates. He said US rates are unlikely to return to zero and that rates in Europe and Japan have also risen. A key long-term implication will be tighter capital allocation—financing costs of 4–5% will force stricter project selection compared with a zero-rate environment. He added this does not imply capital scarcity: tens of trillions of dollars remain parked in US money-market funds and alternative asset managers hold large pools of capital.