Foreign central banks' holdings of U.S. Treasuries fell by $28.605 bln in the week through July 3, versus a $11.064 bln decline the prior week.

Bernstein analysts say European beverage stocks are showing a solid rebound. Beer names Carlsberg and Heineken have risen as volumes show signs of recovery; Rémy Cointreau advanced after a well-received recovery plan. Spirits majors Diageo and Pernod Ricard are lagging. Bernstein prefers beer over spirits given continued weakness in the key US spirits market. Analysts add that valuations across the group look attractive at current levels.

CSC Financial says recycled feedstock has tightened and recycler operating rates have fallen, prompting a downgrade to overall rare-earth output. SMM estimates June praseodymium‑neodymium (PrNd) oxide production fell about 6%, and the share of recycled PrNd oxide in total output dropped from 44% in May to 37% in June. Supply is broadly tight with little near‑term upside. On the demand side, European heat waves have lifted air‑conditioner sales—each unit uses roughly 0.1–0.2kg of rare‑earth permanent magnet—and magnet‑material makers, running low inventories, are expected to increase purchases ahead of the air‑con peak and a strong Q3 auto season. Rare‑earth prices are therefore likely to trend higher.