BofA raised 2030 global AI capex forecast to $1.7T (5x in 5 years). China AI capex to grow from $90B to $330B by 2030. Bottlenecks in glass fiber, copper foil, power equipment (transformers, gas turbines). Power demand to triple in 5 years. Oil: Brent forecast lowered to $70; demand destruction in China is ~3% structural (EVs, chemicals), 6-7% cyclical may return. Gold under pressure from strong USD and rate hike expectations.

Micron earnings confirm AI chip demand is structural, sustaining the rally. Leveraged ETFs in Korea add intraday volatility but underlying liquidity is sufficient. China shows a K-shaped recovery: tech/industrial outperforms consumer; onshore small/mid-cap beats large-cap. Oil's decline and Middle East de-escalation support risk appetite, but shifting US rate expectations (possible hikes) and a stronger dollar are headwinds.

PBOC introducing overnight repo operations is a step toward making the overnight rate a benchmark, but the 7-day repo remains key for now. A neutral overnight OMO rate would be 1.3%; 1.25% or lower would be a de facto rate cut. No chance of tightening given low inflation, declining credit growth, and negative mortgage growth. LPR pricing mechanism may also change, implying further easing. RMB appreciation will slow but remain supported by strong trade surplus and balance of payments, despite widening rate differentials.