Main contracts at morning close: CSI300 (IF) +1.53%, SSE 50 (IH) +0.17%, CSI500 (IC) +2.61%, CSI1000 (IM) +2.33%.

CITIGROUP strategists led by David Chew say US tech stocks face further downside as positioning remains elevated: the Nasdaq-100's pullback this month was not matched by a reduction in exposure, leaving long positions still materially larger than shorts and roughly 80% of longs currently underwater. The team warns risk is skewed toward losing long positions, which could amplify downward pressure. AI valuation doubts have triggered tech selling, with large-cap US techs leading and the Nasdaq-100 down about 2% this month and on track for its worst June since 2022. Goldman Sachs prime-brokerage data show hedge funds sharply cut US tech exposure last week, with absolute and relative net selling at the highest levels in over a decade. CITIGROUP also flags bearish flows in the Nasdaq-100 and S&P 500 and a rotation into the Russell 2000.

As of 06:53 Beijing time, expiring Brent August futures were down 1%, roughly $20 below the end‑May close (about a 22% decline); the more active September contract fell 0.6%. Investors are pricing a potentially positive outcome from possible U.S.-Iran talks in Doha even as the ceasefire remains fragile and normal transit through the Strait of Hormuz has not resumed. Market participants remain cautiously optimistic but are taking two‑sided positions until clearer signs of de‑escalation appear, KCM Trade chief market analyst Tim Waterer said.