U.S. major indices rose Tuesday, with the S&P 500 and Nasdaq poised for their largest quarterly gains since 2020 and the Dow for its best quarter since 2022. Investors remain upbeat on U.S. growth and corporate earnings despite ongoing Middle East hostilities. Signs of progress in Iran ceasefire talks briefly lifted risk appetite, though renewed weekend fighting left the deal outlook uncertain. After a strong Q1 earnings season, market attention shifts to Q2 results due over the coming weeks.

Judicial auctions of Chinese baijiu bulk stocks on platforms including Alibaba Auctions and JD Auction have risen, signaling stress transmission from downstream channels to upstream production. Incomplete counts show more than ten liquor firms have had bulk spirits auctioned since 2026; most lots faced repeated failed auctions and successful sales generally cleared below appraisal. In May, Anhui Wuzigu Liquor Co. sold two lots on JD Auction after five failed attempts, at prices equivalent to 3.9 yuan and 3.7 yuan per 500g—roughly the price of supermarket cola.

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