In 1H, Chinese residents made 3.463 bln domestic trips, up 5.4% YoY.

Spot gold climbed, briefly topping $4,300/oz intraday to a seven-week high; futures extended recent gains. The rise transmitted to China’s retail market: Shenzhen Shuibei wholesale quotes for 999 fine-gold jewelry are around 1,100 yuan/gram, about 50 yuan higher than two days ago. Buying patterns have shifted from the year‑start panic buying — investors are broadly more cautious; demand is now concentrated in wedding-related and value-preservation purchases. Gold recycling and trade‑in activity is uneven across the market.

Fitch Ratings maintains its 2026 Brent crude forecast at $87/bbl, saying current risks have shifted to the downside. It expects the oil market to re-enter a supply surplus from September and forecasts Brent will fall to $70/bbl in Q4 2026.