【瑞典央行行長：通脹風險不明朗，短期內通脹壓力不會顯著上升】瑞典央行行長特登週四發表講話稱，瑞典的通脹風險並不明朗，經濟增長可能回升，而短期內通脹壓力不會顯著上升。他表示：“今年夏季，通脹率高於瑞典央行6月的預測，不同供應衝擊對消費價格的影響存在不確定性。到目前爲止，我們尚未看到通脹持續、廣泛上升的明確跡象，但我們必須對通脹上升保持高度警惕。”

A-shares closed marginally higher after an intraday pullback. Shanghai Composite rose 0.02%, Shenzhen Composite Index 0.10% and the ChiNext Index 0.01%. Retail, tourism hotels and duty-free-related names led gains, with multiple stocks hitting daily limits. Liquid-cooled server names rallied amid volatile trade and saw several limit-ups. Components and electronic parts strengthened; reducer/gearbox concepts were active with multiple limit-ups. Precious metals, insurance, shipping & ports, blade batteries, CPO, humanoid robots and glass substrate sectors were among the top advancers. Lagging sectors included real estate services, dairy, grain, oilfield services engineering, animal husbandry, aerospace equipment and pharmaceutical distribution. Turnover across Shanghai and Shenzhen totaled CNY 1.75 tln, down about CNY 32.3 bln versus the prior session. Roughly 1,800 stocks rose and 3,200 fell.

Goldman Sachs says as Venezuelan output recovers and more barrels shift from China to the US Gulf Coast, regional heavy-crude supply/demand will change first. The most immediate market impact is likely on heavy vs light price differentials, which would favor Gulf Coast refineries able to process heavier grades. Large refiners with heavy-processing capability — Marathon Petroleum, Valero and Phillips 66 — should gain feedstock optionality, Goldman adds. Renewed Venezuelan heavy exports will also increase competition for Canadian heavy crude; Goldman says that effect is already partly reflected in valuations of some Canadian oil companies.