On the 10th, Pakistan's foreign ministry spokesman gave the first official confirmation that some Pakistani armed forces personnel are in Saudi Arabia conducting training and related logistical work. He said Pakistan and Saudi Arabia will advance defense cooperation under the Mecca Joint Defense Agreement, calling it a framework that requires further procedures, mechanisms and cooperation structures to be developed.

Royal London Asset Management analyst Wolfgang Baur said ahead of Thursday's ECB meeting markets largely expect a 25bp hike after June's first move, and the key question is whether that marks the end of a short-lived pre-emptive tightening or the start of a longer hiking cycle. Market clues will come from whether Lagarde stresses energy-driven headline inflation or recent weakness in core and services inflation. Rising long-term government bond yields have already tightened financial conditions and are carrying much of the ECB's work. Baur said he finds it hard to justify a longer, more aggressive hiking cycle unless inflationary pressures broaden materially.

Fuel oil main contract jumped 4.00% intraday to 4,093 yuan/ton.