CAAC data: May passenger traffic totaled 59.126 mln, down 7.1% YoY. Domestic routes 52.70 mln (-8.0% YoY); international routes 6.426 mln (+0.3% YoY).

JP Morgan Private Bank EMEA equities strategist Natalia Lipishina warns that a sustained or further drop in oil prices could undermine a key source of earnings growth, prompting downward revisions to energy estimates and potential spillovers across other sectors. She says this raises the risk that European equities will underperform US and emerging-market peers in H2. Lipishina and JP Morgan remain constructive on AI-related themes — technology, semiconductors and industrials tied to global infrastructure spending — and see opportunistic value in luxury and civil aviation after recent underperformance, while preferring US and emerging-market stocks for stronger earnings trajectories.

港股雲知聲(09678.HK)短線走高，現漲超3%。此前媒體報道雲知聲正研究回A可能性。