BofA data show Japanese equities recorded their largest inflow in seven weeks, $1.9bn.

S&P Global final Germany services PMI rose to 48.6 in June, up from the flash 46.8, but still below 50 and marking a third consecutive month of contraction. Prices rises and falling market confidence weighed on demand. New business declined for a fourth month and fell faster than in May, with firms citing a weak domestic economy, tighter financing and low domestic confidence; overseas new orders also dropped markedly. Backlogs fell at the fastest pace since August last year, signalling low capacity pressure and dampening near-term hiring prospects. Employment fell for a sixth month in June, but the decline was small and the mildest in the current downcycle. S&P Global said the sector has been under pressure since the outbreak of the Middle East war.

China National Petroleum Corp chairman Dai Houliang met World Petroleum Council chair Pedro in London on July 2 to discuss deepening practical cooperation. Dai said the council is influential in industry governance and technology innovation, that China and CNPC are core participants, and that CNPC will use the council platform to contribute to global energy governance and to advise on energy security and the green, low‑carbon transition.