HSBC chief economist Paul Bloxham said Australian house prices pulled back in June but that is just the start. He cited major recent changes to taxation of investment properties and three Reserve Bank of Australia rate hikes as having rapidly weakened investor demand. Bloxham forecasts national house prices could fall up to 8% from now through the end of next year and said June’s pace of decline implies downside risk. He added: "Buckle up."

【國債期貨早盤開盤】2年期國債期貨（TS）主力合約持平，5年期國債期貨（TF）主力合約漲0.02%，10年期國債期貨（T）主力合約漲0.04%，30年期國債期貨（TL）主力合約漲0.12%。

Citic Securities says two recent narrative shifts could catalyze a recovery in some non‑AI sectors with earnings support. First, markets are re‑examining Fed policy assumptions and are no longer uniformly pricing a pre‑set hawkish tightening path; a reversal of the tightening/strong‑dollar narrative has eased negative sentiment in non‑AI names. Second, controversy around Meta underscores low market tolerance for negative AI news and suggests downstream players need richer monetization models to justify aggressive upstream investment. Citic also expects outflows from broad A‑share ETFs to ease materially — a key liquidity margin change. The combination of a softer rate‑hike narrative and improved liquidity could spur selective recovery in fundamentally supported non‑AI sectors.