Hong Kong stocks rallied sharply in the afternoon, with the Hang Seng Index rising over 1.3% and the Hang Seng Tech Index gaining over 2%, led by tech stocks. In terms of news, an article published by an Economic Daily commentator stated that the foo

Markets/Commodities Gold prices were flat after a sharp drop, down nearly 12% for the week, amid geopolitical tensions. Copper prices fell below $12,000/ton due to Iran war concerns impacting global growth and inflation. Oil prices dropped on reports of a potential one-month ceasefire plan in the Middle East. China’s lithium carbonate futures rose over 6%; low-sulfur fuel oil and SC crude fell over 8%. Japan's Finance Ministry is considering intervention in crude oil futures to stabilize markets. Rates / Macro IMF lowered Greece's 2026 economic growth estimate to 1.8% due to Middle East conflict. ECB will launch new checks on banks’ exposure to private credit. U.S. 10-year Treasury notes saw yields increase. Technology / AI / Semiconductors Alibaba Group unveiled XuanTie C950, a RISC-V CPU for AI, expanding its full-stack AI ambitions. SK Hynix plans to spend $7.9 billion on ASML’s EUV tools through 2027 for AI memory production. OpenAI is discontinuing its Sora video app to focus on business and coding tools, and is nearing a $10 billion funding round at a $730 billion valuation. Tesla and SpaceX plan to jointly build an advanced chip manufacturing plant. Corporate/Capex Xiaomi plans to invest 200 billion yuan in the next five years, following 100 billion yuan in the last five. Li Auto announced a $1 billion stock buyback plan. Geopolitics / Energy / Iran Saudi Arabia, UAE, Bahrain, and Kuwait are considering military options against Iran over attacks on vital infrastructure. The U.S. has initiated indirect talks with Iran to explore a peace agreement for the Middle East conflict, and reportedly sent a 15-point plan. Iran is reportedly charging some ships for safe passage through the Strait of Hormuz. The Israeli military seeks several more weeks for its Iran war objectives, despite U.S. peace efforts. South Korea's PM canceled a China visit to manage economic impacts from the Iran war. Russia and Vietnam signed an agreement to build Vietnam’s first nuclear power plant. Policy / Regulation / Industry India's government notified a landmark order to strengthen natural gas infrastructure. China's market regulator is addressing "cutthroat" competition and stepping up anti-unfair competition enforcement. European Commission President von der Leyen stated the EU cannot absorb China’s export-led growth model and industrial overcapacity.

A Reuters/Ipsos poll shows U.S. President Donald Trump's approval rating has fallen to 36%, the lowest level since he returned to the White House.