BofA raised its Brazil 2027 inflation forecast to 4.7% from 4.0%.

China International Capital Co says markets have entered a corrective phase since June: the dollar index broke above its one-year upper range while AI-driven global equity benchmarks and liquidity-sensitive indices have pulled back; US equities show a defensive-style bias. The report attributes the moves mainly to rising rate-hike expectations and marginal tightening in dollar liquidity. It reiterates the view that the Fed will be nominally hawkish but effectively dovish this year; policy implementation this year is more likely to focus on easing bank regulation to support the investment cycle and buy time for AI-driven productivity gains. After this round of adjustment markets may rotate into lagged-curve trades; the dollar index could revert to a weaker trading range. Real assets, industrials and technology retain expansion potential, and investors should watch banking deregulation for its potential to lift traditional cyclicals.

India June services PMI (final) 57.4 vs expected 58.0, prior 57.3.