Market news: The US Supreme Court declined to hear a challenge to the legality of gun restrictions on 18- to 20-year-olds.

市场消息：美国最高法院支持由共和党主导提出的诉讼，推翻联邦政府对政党与候选人协调支出所设的限制。

CITIC Securities says the PBOC carried out an overnight reverse repo for the first time. The firm argues the move is more about policy stance than scale: the 7-day reverse repo retains its status as the policy rate, while the central bank appears intent on preserving loose liquidity and stable expectations around the half-year turn. The new overnight tool is intended to bridge a tenor mismatch between the 7-day policy rate and an overnight-dominated market, and its same-day maturity/no-balance feature gives the PBOC flexibility to smooth liquidity peaks and troughs at period-ends. Whether the tool is temporary or becomes a new policy-rate anchor will depend on future operation frequency and whether rates are disclosed; this operation announced size only, not a rate. Overall the action signals clear easing intent, but its market impact lies chiefly in policy stance rather than a change in benchmark rates.