India's GST collections in June were 1.95 trillion rupees, up 13.9% YoY.

China A-share innovative drug sector rebounded from intraday lows; Ruilian New Materials hit an intraday record high. Wanze Co. hit the daily limit; Xuantai Pharmaceutical jumped over 10%. Hainan Haiyao, Rundu Co., Qianyan Biotech, Saili Medical and Huiyu Pharmaceutical also advanced.

ECB policymaker De Marco said the central bank should not rush into further rate hikes after oil prices fell unexpectedly and sharply. He noted the ECB raised rates in June and its forecasts assumed further tightening, but the recent drop in energy costs strengthens the case for pausing by quickly easing inflation expectations and reducing wage pressures. De Marco said only a second-round inflation effect, de-anchored inflation expectations, or stronger wage demands would justify pre-emptive tightening; those conditions are not currently evident, and with oil back near pre-conflict levels the ECB can wait for the next forecast round rather than risk unnecessary harm to growth. He added that even the milder scenario in the latest forecasts still assumes further tightening, so if incoming data validate that path the ECB may still need to raise rates.