Gabriela Santos of JP Morgan Asset Management warned AI-related concentration risk has spilled from equities into fixed income. She said the AI supercycle investment case remains intact but investors must be cautious about portfolio construction. July’s tech sell-off — the PHLX Semiconductor Index plunged 21% (its largest monthly drop since 2008) and the KOSPI fell 22% — highlighted crowding risks. Santos urged tighter position-size controls, prudent use of leverage and diversification beyond AI

Israel Defense Forces said it struck a Hamas Nukhba commander in the Gaza Strip in response to an earlier attack today.

The Macau SAR government published its third five-year economic and social development plan for 2026–2030, setting eight development goals and 35 core indicators. Market-relevant objectives include: full implementation of the national security concept and strengthened rule-of-law governance; substantive progress toward moderate economic diversification; high-quality advancement of the Hengqin cooperation zone; integrated development of education, science & technology and talent; effective protection and gradual optimization of resident welfare; notable progress on building a smart and environmentally attractive Macau; and closer integration with and service to the national development agenda.