Yaokang Biotech said on July 21 it signed a strategic cooperation memorandum of understanding with South Korea clinical-trial sample-analysis firm GCCL. The partners will jointly offer integrated drug discovery and development services to global pharmaceutical and biotech companies, initially covering oncology and immunology and prioritising in vivo CAR‑T therapies.

REUTERS SURVEY: 78 of 104 economists expect the Fed to hold the federal funds rate at 3.50%-3.75% through 2026; last month 78 of 102 said the same.

Baltic Dry Index (BDI) fell 1 point (0.04%) to 2,670 as a rebound in Capesize rates capped the drop. The Capesize index (BCI) rose 41 points (1.1%) to 3,930 — its first gain since July 14 — with average daily earnings up $369 to $32,137. Panamax index (BPI) slipped 46 points (2.1%) to 2,181; Panamax daily earnings declined $416 to $19,629. Supramax index (BSI) dropped 8 points (0.5%) to 1,730, its first fall since early July. Handysize index (BHSI) edged up 2 points to 903.