Industry Association: FAW-Volkswagen and SAIC Volkswagen sold a combined 143,812 passenger vehicles in China in June.

The General Office of the CPC Central Committee and the General Office of the State Council issued a notice requiring a system-wide, cross-basin and cross-regional approach to flood and drought work. It instructs scientifically precise operational scheduling of major flood-control projects and full use of flood-control infrastructure to reduce basin flood risk; stepped-up inspections and improved defensive effectiveness at key points — structures penetrating levees, hazardous works and sections, historical risk sites, reservoir dams and spillways — with prompt remediation of identified hazards; strengthened control of river and lake flood-storage space and readiness to employ flood-detention zones; and coordinated advancement of flood-control and drainage construction to prepare for heavy-rain and flood hazards during the critical flood-control period.

US and South Korean memory and chipmaker stocks, long outperformers, have sharply reversed; many major names are in bear market, down over 20% from recent highs as of Wednesday close. Reasons: Samsung reported record profit and stronger guidance but shares were sold off as investors fretted that AI infrastructure spending may be excessive. Geopolitical risk rose after Trump suspended a US‑Iran memorandum, adding anxiety around AI trades; if conflict persists and inflation worries return, AI‑exposed stocks could see further downside. Sector rotation also pressures the group: with hyperscalers’ returns lagging chipmakers, strategists including Morgan Stanley CIO Mike Wilson had forecast a chip pullback and now expect funds to flow back into hyperscalers, which look relatively cheap as chip stocks near prior highs.