[At a Crossroads in Global Aviation Recovery, Qatar Airways Expands Executive Team to Navigate New Horizons] ⑴ Qatar Airways announced that its global route network has recovered to 85% of pre-pandemic levels, marking a key step forward in the Gulf carrier's capacity restructuring. ⑵ Along with network expansion, the airline simultaneously created two new senior management positions: Chief Operating Officer and Chief Customer Officer, both reporting directly to the Group CEO, demonstrating its commitment to strengthening operational efficiency and passenger experience at the organizational level. ⑶ Former executives Abdulla Ali and Calum Laming were appointed to these key positions, a personnel reshuffle occurring at a crucial juncture for the global aviation industry as it seeks a balance between recovering demand and cost pressures. ⑷ While the 85% recovery rate reflects a continued recovery in international travel confidence, fluctuations in fuel prices, supply chain bottlenecks, and market concerns stemming from Trump's tariff rhetoric in some regions still pose potential constraints on further capacity expansion by airlines. (5) The newly created senior management positions are aimed at improving operational efficiency and customer loyalty, which may help Qatar Airways build a differentiated advantage in the subsequent capacity sprint. The industry is closely watching whether it can use organizational changes to transform the network recovery momentum into sustainable profit growth.

According to The Times of Israel, the Israel Defense Forces (IDF) has released an updated map of its designated security zone in southern Lebanon. The deployment line on the map runs east-west, extending from the border into Lebanese territory for up to 10 kilometers.

[Following the Fed's decision, the US Treasury yield curve flattens significantly, with the 2-year/10-year spread narrowing to 27 basis points] ⑴ Following the Fed's decision, the US Treasury yield curve flattens significantly. The spread between the 2-year and 10-year yields narrowed sharply from 38.8 basis points overnight to approximately 27 basis points, while the spread between the 5-year and 30-year yields fell to approximately 64 basis points, reflecting a significant increase in market expectations for a short-term rate hike. ⑵ Yields across all maturities rose across the board. The 2-year yield rose to around 4.18%, the 10-year yield touched 4.48%, and the 30-year yield fluctuated between 4.88% and 4.93%. Trading volume for 10-year futures was approximately 380,000 contracts, nearly 1.5 times the average. ⑶ The Wall Street Journal points out that Warsh radically reformed the Fed's communication style in his debut, removing policy hints and promising to reduce inflation, but refusing to specify a concrete path. Quarterly forecasts show that more officials believe a rate hike, rather than a rate cut, is more likely the next step. (4) The UK unemployment rate fell below 5% but wage growth remained flat, and the continued weakness in the labor market reinforced expectations that the Bank of England would keep interest rates unchanged; Apple's CEO said that soaring memory chip costs made price increases inevitable.

[Morgan Stanley: Fragile UK Labor Market Supports Bank of England Holding Rates Steady, Reduces Necessity for Rate Hike] ⑴ Morgan Stanley analysts stated in a report that despite the increased probability of a Federal Reserve rate hike, they expect the Bank of England to maintain its interest rate at 3.75% in the coming months. ⑵ UK employment data released on Thursday showed a fragile labor market, reducing the need for the Bank of England to raise interest rates to combat inflation. Policymakers are fully capable of maintaining a tightening stance and keeping interest rates unchanged.

[US-Iran Agreement Expected to Boost Middle East Tourism, Regional Flight Capacity Still 10.1% Lower Than Pre-Conflict Levels] ⑴ Data analysis agencies indicate that the US-Iran agreement may provide support for the Middle East tourism industry, helping to restore tourist confidence and improve external perceptions of regional security, while limiting the drag on tourist destinations not directly involved in the conflict from regional spillover effects. ⑵ The agency points out that international scheduled flight capacity in the Middle East in May and June was 10.1% lower than pre-conflict levels, reflecting structural constraints still facing the tourism industry's recovery. ⑶ The first signs of recovery are expected to be reflected in a rebound in travel intentions, followed by a gradual return to normal booking activity. The recovery of tourist confidence will be a key leading indicator for judging the industry's recovery.

The Israeli military stated that, for operational needs, the Israel Defense Forces have deployed to a safe zone approximately 10 kilometers inside Lebanese territory. Soldiers have been deployed to designated operational areas in southern Lebanon.