China’s Ministry of Industry and Information Technology said it will drive reforms to build a market-based, rule-of-law, international business environment. The ministry will optimize industry governance—improving market access, fair competition and credit-management frameworks—advance telecom laws and regulations, tighten oversight of the platform economy and AI, orderly expand autonomous opening in the telecom sector, and deepen international ICT cooperation to promote broadly accepted digital

Frank Flett, head of macro strategy at Citadel Securities, says the risk-reward has shifted toward a rally in long-dated U.S. Treasuries, citing crowded short positions and improving inflation prints. He had warned last month that investors were underestimating the risk of a Fed July rate hike. Citadel’s simulations of CTAs and trend-followers show short positions are “substantially excessive” versus recent history, suggesting further declines would likely produce limited selling while sustained gains could force short covering. Flett says concerns about Fed credibility are overstated because recent soft jobs and inflation reports “appear to justify a more dovish policy response.”

If reports that the US embassy has returned to the Middle East are accurate, market-relevant developments to monitor include: US and Iran may formally resume negotiations; shipping through the Strait of Hormuz may further recover; the US may lower military alert levels; Iran may reduce threats to US bases and Gulf states; and a new long-term ceasefire or peace framework may emerge.