German and euro-area government bonds rose; German 10-year Bund yield fell 5 bps to 2.87%.

Germany's June Ifo business climate rose to 85.6, matching market forecasts. After plunging in April to its lowest since Oct 2022, business sentiment has continued a modest rebound from May into June, but the recovery remains limited and the index sits in its weakest range since early 2025. The worst impact of the Middle East shock appears to have eased as energy-price pressures abate, providing short-term support to sentiment. Both the current assessment and expectations components improved, offering some hope for an H2 pickup in the German economy. However, stagflation risks persist: if the Strait of Hormuz situation remains unchanged, the global economy will need to adapt to a new normal, and that adjustment could keep euro-area activity under further pressure before any sustained improvement.

Invesco Great Wall Global Chip LOF (501225) will suspend trading from market open on 25 June 2026 and will resume at 10:30 on 25 June 2026. Redemption requests will be processed normally during the suspension.