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On July 15th, the People's Bank of China released data showing that at the end of June, outstanding RMB loans reached 282.63 trillion yuan, a year-on-year increase of 5.2%. Experts analyze that my country is currently in a critical stage of deep industrial restructuring and the transformation of growth drivers. The slowdown in loan growth does not signify a weakening of financial support, but rather a natural result of the financial system adapting to economic transformation and upgrading, and a necessary process for high-quality financial development. Looking at a longer timeframe, for many years, my country's social financing structure has been dominated by loans. However, with the rapid development of the financial market, in 2025, the increase in bond and equity financing exceeded the increase in loans for the first time, becoming the core supporting force for financing supply. Experts believe that this trend will continue in the long term, and a diversified financing system will continue to provide strong and effective financial support for the real economy.

On July 15th, Derek Halpenny of MUFG Bank stated in a report that the Canadian dollar could fall if the Bank of Canada dampens expectations of a rate hike this year in its policy decision. He suggested the Bank of Canada might signal that it will maintain current interest rates, thus refuting market pricing in a rate hike before the end of the year. He believes Bank of Canada Governor Macklem might acknowledge the risk of rising inflation due to the Iran conflict, but given the currently relatively mild underlying inflation, he might also hint at room to wait. Halpenny added that trade uncertainty and increased stock market volatility due to concerns about AI could also weigh on the Canadian dollar.

On July 15th, European Central Bank staff noted in an article that geopolitical uncertainty has led to decreased loan demand from Eurozone companies exporting to the US, and credit conditions have become more stringent. Economists Petra Köhler-Ulbrich and others wrote on Wednesday that European automakers are among the hardest hit by tariffs and are now facing stricter credit standards, further exacerbating their existing structural problems. They stated that in other cases, banks have maintained credit conditions but strengthened monitoring of relevant companies. They believe the impact of trade tensions on credit conditions will peak between April and October 2025. The economists wrote, “This impact diminishes later in the year as trade sentiment improves with the initial trade framework agreement reached between the US and the EU in the summer, coupled with easing policy uncertainty.” The article did not mention the recent tensions stemming from the US-Iran conflict but highlighted the challenges this risk poses to economies struggling to revive growth. Policymakers are weighing this threat against inflation risks and preparing for next week's interest rate decision.

Ukraine's Defense Minister: Ukraine has signed an agreement to gain access to the EU's defense program and receive €300 million in new funding.

On July 15th, the Ministry of Housing and Urban-Rural Development announced that, in order to fully implement the decisions and plans of the CPC Central Committee and the State Council on promoting the construction of "good houses," the Ministry had drafted the "Guidelines for the Construction of 'Good Houses' (Trial) (Draft for Public Comment)," which was released for public comment on March 24, 2026. Based on the feedback received, the Ministry organized experts to revise the draft, and the revised "Guidelines for the Construction of 'Good Houses' (Trial) (Draft for Public Comment)" is now being released again for public comment.

According to Mizuho News: Mizuho Financial Group will partner with NVIDIA (NVDA.O) to build internal AI computing infrastructure.

On July 15th, European Central Bank (ECB) Governing Council member and Bank of Italy Governor Leon Panetta stated that even amidst geopolitical uncertainty, the ECB's monetary policy must remain prudent to ensure stable inflation expectations. He said, "In considering future decisions, the ECB Governing Council will carefully assess energy market conditions, as well as the economic situation, wage levels, and the trends in goods and services prices. Our goal is to firmly anchor inflation expectations and limit the indirect effects and second-round effects of various shocks."

OECD: Fiscal discipline remains crucial in the UK.

OECD: Risks to the UK economy remain tilted to the downside.

OECD: The UK economy is projected to grow by 0.9% in 2026 and 1.1% in 2027.

Market news: EU countries have extended protection for Ukrainian refugees until March 2028. Temporary protection should only be granted to those who have fulfilled their military service obligations in Ukraine.

The German Finance Ministry says the Climate and Transition Fund will provide businesses and consumers with approximately €13.3 billion in energy cost relief by 2027.

Eurozone industrial production fell 1.2% year-on-year in May, compared with a forecast of -0.5% and a revised figure of 0.4% in the previous month (up from 0.30%).

On July 15th, European Central Bank Governing Council member and Bank of Italy Governor Leon Panetta stated that multiple indicators suggest the stock market appears to have underestimated risks since April. Rising energy prices, tightening financial conditions, and ongoing geopolitical uncertainty are only partially reflected in asset valuations. Panetta also noted that Eurozone inflation is currently hovering around 3% and is expected to remain above this level until early 2027.

On July 15th, Li Ning (02331.HK) announced on the Hong Kong Stock Exchange that for the second quarter ended June 30, 2026, the retail sales revenue of Li Ning sales points (excluding Li Ning YOUNG) across the entire platform recorded a low single-digit year-on-year decline. In terms of channels, offline channels (including retail and wholesale) recorded a low single-digit decline, with the retail (direct operation) channel recording a low single-digit decline and the wholesale (franchisee) channel recording a mid-single-digit decline; the e-commerce virtual store business recorded mid-single-digit growth.

Alibaba (BABA.N) shares extended gains to 4% in pre-market trading.

ECB Governing Council member Panetta: Risks associated with rising energy prices, tighter financial conditions and ongoing geopolitical uncertainty appear to be only partially reflected in market assessments.