Spot gold slipped below $4,110/oz intraday, down 0.34%.

China said the Hague arbitration ruling — which found China’s maritime claims in the South China Sea inconsistent with international law — is illegal, invalid and non‑binding; China does not accept or recognize it and will not accept any claims based on the ruling. The Philippines said it will continue to push for a Code of Conduct in the South China Sea and treat the arbitration award as an immutable basis. China called a Code of Conduct a key measure to implement the Declaration on the Conduct of Parties in the South China Sea and a China‑ASEAN consensus, pledged to accelerate consultations with ASEAN to conclude the code, and urged the Philippines not to use the ruling to obstruct its conclusion.

Hermes Investment Management analyst Gallo said bond demand increased in 2026 as investors shifted funds into fixed‑income after years of strong equity returns. Robust US corporate earnings and resilient economic growth supported demand for US corporate bonds. Strong Q2 2026 demand for US municipal bonds pushed muni yields lower even as US Treasury yields rose.