Russian President Putin said late last night Ukraine attempted to strike three refineries but failed because the sites are now protected. He said that does not mean attacks are impossible, but current defenses are substantially different.

Wang Zonghao, head of China equity strategy at UBS, told a media briefing on Tuesday that investors can resume buying technology stocks and that, given funding conditions, he prefers A-shares to Hong Kong-listed equities. He said the three factors that drove the earlier tech pullback—shifts in the AI narrative, concentrated positioning and deleveraging—have all eased. UBS expects H2 investors to rotate into more non-AI sectors, broadening market leadership versus H1. The firm prefers A-shares partly because domestic liquidity is relatively more ample than Hong Kong, where IPOs and placings remain heavy, and it favors hardware names (which have higher weight in A-shares). UBS also recommends a dumbbell allocation including banks, selective non-AI-linked materials and export/offshore-themed stocks; it is cautious on consumption and sees incremental policy likely to target investment. UBS remains constructive on US tech and sets an S&P 500 year-end target of 8,100.

日本財務大臣片山皋月：我們討論了有序的外匯波動對美國及全球市場至關重要，兩國需要加強合作。