US total rig count for week to July 10: 581 rigs, up from 580 the prior week.

China's National Energy Administration issued the Energy Sector Energy-Saving and Carbon Reduction Action Plan (2026–2028), calling for R&D on low-, zero- and negative-carbon frontier technologies. The plan prioritizes clean, high-efficiency use of fossil fuels and large-scale renewables, ramps up strategic frontier R&D to accelerate breakthroughs in supercritical CO2 (sCO2) power generation and CCUS, and targets flexible, high-efficiency wind/solar-to-hydrogen production, large-scale safe hydrogen storage, green hydrogen synthesis catalysis, low-carbon synthesis processes and long-distance hydrogen storage and transport.

Jefferies analysts say European equities warrant reappraisal given the continent’s technology strengths. Higher social acceptance of AI in many European countries than in the US could allow Europe to capture AI-driven productivity gains; Europe’s large financial and industrial sectors should benefit from reforms aimed at encouraging investment. Heavy European investment in Africa gives listed European companies direct exposure to African growth. Jefferies sees these factors as a credible diversification case for investors.