中国央行：今日开展100亿元7天逆回购操作，投标量100亿元，中标量100亿元，操作利率为1.40%，与此前持平。

UBS cut Laopu Gold (06181.HK) PT to HK$650 from HK$930 and reiterated a Buy rating. The bank says boutique upgrades, VIC services and more frequent new-product launches enhance the company’s brand, channel and product positioning, helping cushion a gold-price pullback. UBS views the shares as oversold and cites potential catalysts including stronger-than-expected 1H results, VIC-related activity and H2 overseas store openings; it forecasts 1H revenue and net profit up about 93% and 118% YoY. UBS expects gold prices to recover in H2, notes new stores could offset same-store-sales pressure if gold stays weak, trimmed 2026–28 EPS forecasts by 0–2% and cut the PT citing high base effects, slower medium-term growth and competitive pressures.

AMP chief economist Shane Oliver says a key risk over the next year is that after the upcoming midterm elections US President Trump may be less constrained and could use the window before the 2028 election to step up overseas military actions, including renewed moves against Iran and potential actions involving Greenland and Cuba. Oliver added the risk is particularly acute if Trump loses control of both chambers of Congress in November.