Hong Kong open: Hang Seng Index +0.69%, Hang Seng Tech Index +1.6% at the open. New listing Baige Online (02672.HK) opened up 291.67% on its debut; its grey-market session closed up 272.44% on the prior trading day.

Huatai Securities research note: Escalating Middle East tensions are disrupting global oil and gas supply-demand, temporarily lifting oil prices and driving inventory draws; but high prices are already causing demand destruction, and as supply constraints ease marginally the oil-price midpoint could gradually return toward equilibrium. In bulk chemicals, capex growth has clearly turned since H2 2025; measures to curb redundant competition, dual-carbon control and the exit of backward overseas capacity are promoting optimization of existing capacity and point to a capacity-cycle inflection. In electronic chemicals, AI compute growth, advanced process nodes, advanced packaging and domestic substitution are lifting semiconductor-material demand, and overseas supply disruptions could boost spot conditions for electronic specialty gases and other critical materials.

The UN Food and Agriculture Organization warned a new El Nifio-driven spell of extreme weather could severely disrupt food production and hit millions who depend on agriculture. The FAO said some regions may face large-scale food crises around the end of this year and into early 2027 and urged measures to support farmers.