Taiwan Strait Tensions: China’s coast guard carried out “law enforcement” patrols east of Taiwan after Japan and the Philippines announced maritime boundary talks, with Taipei rejecting Beijing’s sovereignty claims. Geopolitics—North Korea: Xi and Putin’s summit messaging signals stronger political backing for Pyongyang, shifting focus toward sanctions and allied military drills. Digital Yuan Push: Beijing is broadening digital yuan use at home and abroad, including incentives for banks and more cross-border payments tied to Belt and Road routes. Regulatory Clampdown on Outbound Deals: New State Council rules widen scrutiny of overseas investments by Chinese firms in tech, data and national security, with tighter controls starting July 1. US Export Controls Tightened: The US clarified that AI chip shipment limits apply to Chinese-headquartered firms even when subsidiaries are outside China. Biotech Deal: Pfizer and Innovent signed a deal worth up to $10.5B to develop cancer drugs, underscoring demand for Chinese biotech despite US pressure. Business/Wealth: DBS plans 18 new wealth centres by end-2027 and upgrades 36 more, betting on face-to-face advisory as Asia’s affluent pool grows. Energy Markets: Oil prices rose over 2% as Israel escalated operations in Lebanon, reviving inflation worries. Manufacturing Pulse: A private PMI showed China’s factory sector expanding for a sixth month, but at a slower pace.