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July 23 – A Reuters survey shows that investors have significantly reduced their bearish bets on the South Korean won as South Korea attempts to expand its foreign exchange market, trade performance is strong, and sentiment towards the won has improved. A two-week survey of 10 respondents showed that short positions in the won fell to their lowest level in five months, while bearish bets on the Thai baht and New Taiwan dollar rose to multi-month highs. A combination of factors has boosted market participants' confidence in the won: the launch of 24-hour onshore USD/KRW spot trading, strong AI chip exports driving economic recovery, and tighter monetary policy. “Confidence in the won has increased as South Korean authorities have opened up the foreign exchange market. South Korea’s strong trade performance is also likely to drive capital inflows,” said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation.

UAE Foreign Trade Minister: The UAE will soon import high-end AI chips from the United States.

On July 23, Chow Tai Fook (01929.HK) released its unaudited key operating data for the three months ended June 30, 2026, showing a 15.1% year-on-year increase in retail sales. Same-store average selling price for gold jewelry remained strong during the quarter. The average selling price in mainland China continued to rise to HK$10,600 (Q1 Fiscal Year 2026: HK$8,400), while the average selling price in Hong Kong and Macau rose to HK$17,100 (Q1 Fiscal Year 2026: HK$15,600).

On July 23, a press conference was held in Shanghai. Huang Binbing, Deputy Director of the Publicity Department of the Shanghai Municipal Committee and Deputy Director of the Shanghai State-owned Assets Supervision and Administration Commission, stated that Shanghai will focus on building a service platform for the overseas expansion of games, continue to support the development of the online literature platform "Qidian International," and promote the establishment of micro-drama overseas expansion bases in relevant districts. The city will also continue to compile country-specific "Guides for Chinese Games Going Global," and, relying on universities and industry associations, provide copyright protection and financial services in the game industry. Furthermore, a one-stop service center for micro-dramas will be established, integrating overseas expansion services such as government consultation, marketing promotion, copyright protection, and financial support.

Taiwan's M2 money supply annual rate was 8.13% in June, compared with 7.83% in the previous month.

US Secretary of State Rubio: The United States seeks a denuclearized Iran.

July 23 – ING analyst Francesco Pesole stated in a report that while the European Central Bank might hint at a possible September rate hike through media leaks following Thursday's meeting, this is unlikely to prevent the euro from falling in the coming days. He noted that ING's near-term bias for the euro remains "tilted to the downside" as the foreign exchange market appears to be "dangerously complacent" about the escalating Middle East conflict. "Unless more positive news emerges, we expect the euro to fall to around $1.1380 in the coming days."

U.S. Secretary of State Rubio: We have honored our agreement with Iran, and perhaps they will change their minds in the next few days.

U.S. Secretary of State Marco Rubio: We hope to reach a peace agreement in Ukraine. A peace agreement requires a lot of work.

The Hang Seng Index closed up 318.15 points, or 1.28%, at 25,210.81 on Thursday, July 23; the Hang Seng Tech Index closed up 30.25 points, or 0.65%, at 4,698.48; the H-share Index closed up 101.6 points, or 1.23%, at 8,352.67; and the Red Chip Index closed up 71.84 points, or 1.74%, at 4,193.12.

Texas Instruments (TXN.O) shares fell 4.8% in pre-market trading after the company reported poor second-quarter results and outlook.

On July 23, Yang Mu, Director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that the 2.0 version of the tax refund policy for departing tourists has stimulated inbound consumption. The number of tax refund shops has exceeded 15,000, and the number of overseas tourists who processed tax refunds in the first half of the year increased by about four times year-on-year.

On July 23, Yang Mu, Director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that the pilot program for prize-winning invoices has boosted consumer spending. Currently, 50 pilot cities have invested 9.05 billion yuan, with over 860 million participants and 380 million winners, a winning rate of 44.5%. The total value of invoices generated through the program exceeds 360 billion yuan.

On July 23, Yang Mu, Director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that since the beginning of this year, the policy of trading in old consumer goods for new ones has stabilized the fundamentals of the consumer market. The leverage ratio of invested funds has increased from 1:7.8 last year to the current 1:10.3, driving sales of over 1.25 trillion yuan and benefiting 169 million people. This has effectively supported steady consumption growth, promoted industrial upgrading and development, and driven resource recycling.

On July 23, according to Qichacha APP, Suzhou Lexiang Intelligent Technology Co., Ltd. recently underwent industrial and commercial registration changes, adding Shanghai Yunyang Enterprise Management Consulting Co., Ltd., a wholly-owned subsidiary of Ant Group Co., Ltd., as a shareholder, and increasing its registered capital to 2.1726 million yuan. Qichacha information shows that the company was established in 2024, and its business scope includes: research and development of intelligent robots; sales of intelligent robots; development of artificial intelligence theory and algorithm software; and development of artificial intelligence application software. Public information indicates that the company is an embodied intelligence company.

According to Enterprise Singapore (ESG), as of the week ending July 22, Singapore's light distillate fuel oil inventories fell by 360,000 barrels to a near three-year low of 11.468 million barrels.

Futures News, July 23 - Enterprise Singapore (ESG) reported that Singapore's middle distillate fuel inventories fell by 593,000 barrels to a three-week low of 8.715 million barrels in the week ending July 22.