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Nick Timiraos, the "Federal Reserve mouthpiece," says Fed Chairman Warsh must convince one of the most pro-interest-cutting presidents in modern history to appoint him. Now he faces a new challenge: persuading his 18 colleagues to abandon the professional mindsets he believes have led them astray. The first test will come on Wednesday.

Japanese Chief Cabinet Secretary Minoru Kihara: We will not prejudge the outcome of the tax reduction discussions.

July 28th - According to reports from the United States, a tornado swept through Wisconsin on the 27th local time. The National Weather Service stated that the tornado crossed Lake Wennabego and moved south around noon that day, causing numerous trees to fall, houses to be destroyed, and cars to overturn along its path. In the Monasha area, the local power company reported that approximately 18,000 customers were without power due to collapsed transmission lines.

Hang Seng Index futures opened 0.12% higher at 25,243 points, a premium of 20 points.

Euro Stoxx 50 futures fell 0.1%, German DAX futures fell 0.1%, and UK FTSE 100 futures fell 0.3%.

Nasdaq futures extended their losses to 0.5%, while S&P 500 futures fell 0.2%.

According to the official measurement of the China Earthquake Networks Center, a 3.3-magnitude earthquake occurred in Shaya County, Aksu Prefecture, Xinjiang (41.00 degrees north latitude, 83.49 degrees east longitude) at 08:51 on July 28, with a focal depth of 22 kilometers.

According to JLC Network Technology's calculations, as of the seventh working day on July 28th, the average price of benchmark crude oil was $89.27 per barrel, with a change rate of 14.64%. Domestic gasoline and diesel retail prices should be increased by 760 yuan per ton. The adjustments are based on: 1. the structure of domestic crude oil imports and the settlement benchmark commodities; 2. minor adjustments may be made during the pricing mechanism's operation based on import structure, etc., and JLC Network Technology will revise accordingly; 3. At 24:00 on July 17th, domestic gasoline and diesel retail prices were increased by 300 and 290 yuan per ton respectively. According to the "ten working days" principle, the adjustment window for this round is 24:00 on July 31st.

Alibaba Cloud: Kimi K3 is now available on Alibaba's Qianwen AI platform.

July 28th, Futures News: Oil prices fell sharply, fuel oil news was unstable, and costs dragged down downstream traders' purchasing and selling sentiment at high levels, with most awaiting the latest contract guidance from major refineries. Market trading was subdued, and it is expected that the focus of fuel oil negotiations will be lowered today.

On July 28th, a research report from Everbright Futures pointed out that overnight, London spot precious metals fluctuated weakly, with the spot gold-silver ratio around 69.7 and the spot platinum-palladium price spread reaching $330/ounce. US core capital goods orders (excluding aircraft and non-defense capital goods) rose 0.9% month-on-month in June, exceeding market expectations, indicating continued robust corporate investment in equipment; May's figure was revised upwards to 1.9%. Geopolitically, the US and Iran are conducting "very in-depth negotiations," showing patience and ample time to reach an agreement, but also indicating they will resume military action against Iran if diplomatic efforts fail. The US-Iran conflict has been put on hold again, causing oil prices to fall rapidly, but gold prices have not reacted significantly. The sticky inflation environment likely explains the hawkish expectation for the Fed's July policy meeting. In the short term, a defensive approach is still recommended to cope with the high volatility environment, awaiting the FOMC meeting; a light position and observation are advised given the unclear market conditions. Geopolitically, we need to be wary of unexpected news regarding US-Iran negotiations, as any developments could trigger sudden and sharp fluctuations in oil and gold prices. The Fed's interest rate decision is largely a done deal, but attention should be paid to whether the wording exceeds expectations. Silver, platinum, and palladium continue to fluctuate in tandem with gold prices, exhibiting significant volatility due to geopolitical influences. (This content and opinion are for reference only and do not constitute any investment advice.)

According to foreign media reports on July 28th, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open lower on Tuesday morning, following the decline in external markets. Affected by the US suspension of airstrikes against Iran, international crude oil futures fell sharply by nearly 9%. During Tuesday's electronic trading session, Brent crude futures further declined, coupled with a sharp drop in Chicago soybean oil futures, which will drag down the early performance of Malaysian crude palm oil futures. The strengthening of the ringgit is also unfavorable for prices, as this typically weakens the export competitiveness of Malaysian palm oil. However, improved Malaysian palm oil exports, Indonesia's mandatory blending policy for B50 biodiesel which will boost domestic demand and tighten export supply, and the El Niño phenomenon threatening palm oil production in Southeast Asia will limit the downside potential of the palm oil market.

International crude oil prices continued to fluctuate and decline. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.

As of 8:30 on July 28, 2026, WTI crude oil, Brent crude oil and other commodities saw the largest fluctuations. A chart reviews the overnight price changes in the international market and their corresponding theoretical mappings in the domestic market.

According to Futures News on July 28, as of 8:30 AM Beijing time, spot platinum fell 0.38% and spot palladium fell 0.66%.

July 28 - According to Axios, senior U.S. officials believe that economic sanctions could ultimately cause more damage to the Tehran regime than a military strike. U.S. intelligence and open-source media reports point to a deepening economic crisis within Iran, including gasoline shortages in one of the world's richest oil-producing nations. A senior U.S. government official stated, "The Iranians want to stop being bombed, and they want money. But the priorities are almost reversed—their real priority is money." Another U.S. official acknowledged that sanctions and a naval blockade would take much longer than bombing to force Tehran back to the negotiating table—and Trump has so far not approved a full-scale bombing campaign. This extended front could increase the political risk for Republicans, forcing them to defend an unpopular war and high oil prices during the midterm election campaign.

Japan's Topix index fell further to 2%.

Unisound (09678.HK): Completed the upgrade of U2-ASR and U2-TTS capabilities, and continued to strengthen its multimodal large model capabilities, achieving a broad expansion from local cultivation of "hundreds of dialects" to global multilingual expansion in the field of speech large models.

According to Axios, U.S. officials believe that economic sanctions could cause more harm to Iran than bombing.

July 28 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) corn futures closed lower on Monday, with the benchmark contract down 2.9%, mainly reflecting the plunge in crude oil futures following the pause in the US-Iran conflict. Oil prices fell to their lowest point in a week on Monday. The US's sudden suspension of airstrikes against Iran over the weekend boosted hopes for a diplomatic solution to the conflict, de-escalation, and the resumption of shipping in the Strait of Hormuz. Agricultural product prices are typically influenced by the energy market, especially given the rapid growth in demand for agricultural products in biofuel production. One analyst stated that improved weather in the US Midwest was also a factor contributing to the plunge in futures prices. Commodity Weather Group indicated that temperatures in the Midwest are expected to ease after the weekend's high temperatures, and upcoming rainfall will help alleviate drought pressures in agricultural areas.