U.S. Secretary of State Rubio said charging fees for passage through the Strait of Hormuz would set an unacceptable precedent.

日本央行審議委員田村直樹：由於企業定價行爲的變化，外匯波動對通脹的影響比過去更大。

China Galaxy Securities strategist Yang Chao said H2 investment conditions should improve as oil prices ease, supporting a return to multi-theme, parallel market rallies. Cap-style should become more balanced with a gradual tilt toward mid- and large-cap leaders. Growth is likely to outperform, backed by earnings and ongoing policy implementation, drawing resources to technology and high-end manufacturing. Key structural plays: AI “infrastructure” — overseas AI capex expansion combined with China’s new infrastructure should accelerate build-out of compute, telecoms and power, sustaining sector cyclicality; cyclicals and manufacturing — imported inflation is lifting price floors and, together with new infrastructure and a pick-up in export-driven manufacturing demand, could support a recovery in some commodities and cyclical manufacturing names; and dividend sectors with expected earnings improvement and stable, sustainable payouts.