美聯儲洛根：通脹風險偏向上行，穩健的就業市場正在略微增強。

China’s national supply-and-marketing cooperative system released its 15th Five-Year development plan, prioritizing food security and rural revitalization and setting 18 key tasks. As the main agricultural-input distribution channel, the system will focus on network construction and green development to strengthen supply and price stability. The plan targets construction or renovation of about 100 national strategic agricultural-input (reserve) warehouses and roughly 1,000 county-level agricultural-input distribution centers over the five-year period. For 2026 — the plan’s first year — the cooperatives aim to build or upgrade about 20 national strategic warehouses and 200+ county distribution centers to establish a more efficient agricultural-input distribution network and safeguard national food security.

Italy July CPI preliminary (MoM) +0.2% vs +0.3% expected, prior 0.0%.