汇丰：维持对新兴市场股票的超配评级。将欧元区股票评级上调至超配评级。

A‑shares staged a V‑shaped morning rebound. By midday the Shanghai Composite was up 0.52%, the Shenzhen Composite up 0.08%, ChiNext up 0.95% and the Sci‑Tech Innovation 50 Index up 3.13%. Combined turnover on Shanghai and Shenzhen was RMB 1.7 trillion at mid‑session, about RMB 72 billion larger than the prior session. Roughly 1,900 stocks advanced. Precious metals were active, with Zhaojin Gold hitting the daily limit. Computing‑power leasing and related names led gains: Wangsu Technology and Sangfor hit the 20% daily limit, and Inspur, DataPort and Yunsai Zhilian also reached limits. Semiconductors extended gains, with Canxin and Rockchip at daily limits. Top-performing sectors included telecom equipment, tourism, oil & petrochemicals, East‑Data‑West‑Computing and computing‑power concepts; laggards included energy metals, robotics, batteries, power equipment and titanium dioxide plays.

RBNZ expects annual headline inf to peak at 3.9% in the June 2026 quarter, then decline to 3.3% in the September 2026 quarter.