Hong Kong close: Hang Seng Index down 0.51%, Hang Seng Tech down 0.75%. Kuaishou Technology (01024.HK) fell more than 12% after Tencent reduced its stake. Storage-related names slid: 03986.HK dropped over 12%, 06809.HK fell over 10%.

President Trump said talks with Iran were close to an agreement but warned that if negotiations fail the U.S. would "finish the job." He asserted U.S. forces could destroy Iran's electricity grid, power plants and bridges "in less than an afternoon," but said he prefers a deal to avoid harming Iran's 91 million population. Trump reiterated Iran must not acquire nuclear weapons and said the U.S. would secure enriched nuclear material, while denying an objective of regime change. He also claimed U.S. forces have destroyed all 159 Iranian vessels and all Iranian military aircraft and radar systems. On oil, Trump said global crude is trading below pre-conflict levels and that U.S. forces covertly escorted tankers through the Strait of Hormuz during a blockade to maintain supply and prevent prices reaching $300–350 per barrel.

A draft U.S. Treasury report warns AI market risks could be comparable to the dot‑com bubble, digital outlet NOTUS reports. Prepared by Treasury staff for Treasury Secretary Bessent, Fed Chair Kevin Warsh and several federal financial regulators, the draft was completed weeks ago and is awaiting formal sign‑off before distribution to intended recipients and likely public release. The report says AI firms are more deeply embedded in the U.S. economy than internet‑era companies and could pose systemic risks if financial conditions shift, projected productivity gains fail to materialize, or supply‑chain and other bottlenecks constrain the sector. It flags heightened vulnerability if financing for infrastructure projects dries up or long‑term growth expectations are unmet, drawing parallels with conditions before the internet crash. A Treasury spokesperson called the draft unaudited and not department policy, saying the official position is that AI will be a key driver of a new "golden age," delivering unprecedented productivity gains, expanding economic opportunities and empowering U.S. workers and firms.