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On July 3, in response to so-called concerns expressed by the United States and the European Union regarding the "Law of the People's Republic of China on Promoting National Unity and Progress," which came into effect on July 1, Foreign Ministry Spokesperson Guo Jiakun stated at a regular press conference that these countries, clinging to ideological bias and driven by political manipulation, have turned a blind eye to China's achievements in economic and social development and human rights governance. They have generalized from limited evidence, maliciously slandered China's ethnic policies, fabricated and disseminated false information, grossly interfered in China's internal affairs, and undermined China's national unity. China firmly opposes this. Guo Jiakun added that China urges these countries to respect basic facts, stop spreading lies, and stop hyping up so-called ethnic issues and interfering in China's internal affairs.

July 3 - According to traders, French oil giant Total Energy is supplying millions of barrels of Iraqi crude oil to the Asian market with rapid delivery, further exacerbating the market's oversupply. Total Energy's supply is expected to accelerate Iraq's oil exports. Iraq has lagged behind other Persian Gulf oil-producing countries in crude oil exports following improved shipping conditions in the Strait of Hormuz. Traders who received the offers revealed that Total Energy is marketing Basra Medium and Basra Heavy crude oil to refiners. The Iraqi National Oil Marketing Organization had previously attempted to sell crude oil on the spot market at extremely low prices, but cargoes were only supplied by load, meaning buyers had to arrange for ships to traverse the Strait of Hormuz and penetrate deep into the Persian Gulf to collect the goods. In contrast, traders said Total Energy now offers services for collecting and transporting this crude oil to customers throughout Asia.

July 3rd Futures News: On July 3rd, the Shanghai Futures Exchange's energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 278,693 tons, an increase of 2,124 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 33,660 tons, unchanged compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 9,310 tons, down 6,600 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 17,970 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

The yield on UK two-year government bonds fell 5 basis points to 4.091%, the lowest level since June 26.

Market news: Total Energy is supplying Iraqi oil to Asian buyers.

Spain's June services PMI came in at 54.2, below the expected 50.9 and the previous reading of 50.1.

In early European trading, chip stocks rose, with ASML, ASMI, and BESI shares increasing by 2%-2.5%.

On Friday, July 3, the German DAX 30 index opened up 230.45 points, or 0.90%, at 25,776.85; the UK FTSE 100 index opened up 29.36 points, or 0.28%, at 10,682.23; the French CAC 40 index opened up 20.42 points, or 0.24%, at 8,495.28; the Euro Stoxx 50 index opened up 33.68 points, or 0.53%, at 6,394.15; the Spanish IBEX 35 index opened up 65.59 points, or 0.33%, at 19,737.39; and the Italian FTSE MIB index opened up 242.32 points, or 0.46%, at 52,670.50.

Spain's unadjusted industrial production rose 0.8% year-on-year in May, compared with 4.20% in the previous month.

Spain's seasonally adjusted industrial production rose 3.4% year-on-year in May, below the expected 1.6% and the previous figure revised from 2.00% to 2.3%.

Japan's Government Pension Investment Fund (GPIF): For the fiscal year ending in March, its investment return rate was 16.47%, significantly higher than the 0.71% of the previous fiscal year.

July 3rd - The "15th Five-Year Plan for Circular Economy Development" proposes to effectively streamline the waste recycling network, strengthen the refined collection of industrial waste, promote the standardized recycling of social waste, and specifically improve the recycling capacity of key waste categories. It also calls for vigorously promoting the upgrading of the circular economy industry, optimizing the industrial layout, accelerating the upgrading of technology and equipment, cultivating and expanding the circular economy service industry, and strengthening industry supervision measures. Furthermore, it emphasizes strengthening institutional and policy guarantees for the development of the circular economy, conducting in-depth publicity and guidance, and enhancing international cooperation in the circular economy.

On July 3rd, Karen Manna, Senior Fixed Income Portfolio Manager at Federated Hermes, pointed out in a report that the most significant change in the fixed income market in the first half of 2026 is the resurgence of "inflation expectations." She stated that historically, geopolitical conflicts have triggered risk aversion, pushing up US Treasury prices and thus depressing yields. However, following the outbreak of the conflict in Iran, inflation concerns dominated the market, pushing up yields—especially in the short end of the yield curve. Therefore, market expectations have shifted dramatically; instead of anticipating more than two rate cuts as previously expected, the market is now discussing the possibility of one or even two rate hikes.

July 3 – On July 2, local time, Minister of Commerce Wang Wentao chaired a roundtable meeting of Chinese-funded enterprises in the UK in London. Representatives from more than ten Chinese-funded enterprises in the UK, representing sectors such as finance, insurance, new energy, automobiles, retail, and telecommunications, along with the China Chamber of Commerce in the UK, attended the meeting. They introduced their business operations in the UK and raised specific requests regarding safeguarding their overseas interests and expanding practical cooperation. Wang Wentao stated that in recent years, Sino-British economic and trade relations have deepened, becoming a ballast and driving force for Sino-British relations. Facing the ever-changing international situation, Chinese-funded enterprises in the UK have withstood pressure, cultivated the UK market, and achieved good economic results, making positive contributions to Sino-British economic and trade cooperation. Looking to the future, enterprises from both countries can continue to deepen cooperation in areas such as services, innovation, and trilateral cooperation. He hoped that Chinese-funded enterprises in the UK would strengthen self-discipline, compete in an orderly manner, maintain the overall image of Chinese enterprises, and improve their international business level, risk prevention awareness, and capabilities.