U.S. 8-week Treasury auction on June 25: stop-out yield 3.66%, prior 3.64%.

FTSE China A50 index futures opened 0.1% higher.

All major US banks passed the Fed's annual stress test, clearing the way for tens of billions of dollars in share buybacks and dividends. The Fed said 2026 results will not affect capital requirements as it continues to revise the exercise to be more favorable to banks. The test covered 32 large bank holding companies under a severe global shock — commercial real estate down 39%, residential prices down 30%, unemployment peaking at 10% — and assumed lenders would absorb more than $708bn of loan losses. Regulators said aggregate capital fell only 1.6 percentage points and remained above minimum requirements.