Iranian Students' News Agency reports a fire at a US military base in Kuwait near the Iraqi border.

美聯儲副主席傑斐遜：樂見更多經濟活力，但反對失業率上升。

CLSA cuts its Baidu (BIDU.O) US target to $150 from $176 and keeps an OUTPERFORM rating. The bank forecasts 2Q26 core revenue down 4.2% YoY to RMB25.1bn, with search marketing revenue falling about 22% YoY. AI cloud infrastructure revenue is seen up 56% YoY to RMB7.6bn and subscription revenue growth accelerating further from 184% YoY in 1Q. CLSA forecasts adjusted EBIT for the quarter down 14% YoY to RMB3.8bn, implying an adjusted EBIT margin of roughly 15%, citing a decline in high-margin online marketing revenue and higher model-training investment. It warns that a bumpy AI transition, weak model competitiveness and a cloud business lacking MaaS and application revenue could further pressure search and cloud monetization. CLSA trims its 2026 and 2027 adjusted net profit estimates by 24% and 18%, respectively.