Fed official Hammack said he is concerned higher rates could affect other parts of the economy.

Minutes of the RBA's June meeting said policy needs to remain restrictive to eliminate excess demand. The minutes were finalised before Brent crude fell more than 10% last week, leaving their hawkish tone out of step with recent market moves. Markets currently price only about 10bp of further tightening by year-end and roughly 17bp of easing by 2027. The AUD is caught between the RBA's readiness to hike if necessary and market bets that rates have likely peaked; if incoming data confirm oil-driven disinflation, AUD could be repriced lower. Declines in Sydney and Melbourne house prices increase domestic growth risk and may accelerate dovish market repricing despite the RBA's still-tight rhetoric.

The Ministry of Industry and Information Technology and seven other ministries issued guidance to boost high‑quality industrial internet development, directing an upgrade in compute capacity. They call for integrated planning and simultaneous construction of industrial internet infrastructure alongside intelligent computing and supercomputing facilities, and to explore establishing an industrial compute‑network system. The guidance seeks stronger end‑edge‑cloud multi‑tier dynamic coordination to meet firms’ compute‑network‑storage needs, improve compute interconnectivity and edge/intelligent compute supply, accelerate processing of massive heterogeneous data, and support industrial large‑model training and real‑time industrial metaverse use cases.