THE FIGHTING CONTINUES ACCORDING TO THE PLANS, AND THE QUIET IN THE LAST FEW HOURS IS NOT RELATED TO TRUMP'S STATEMENTS

UK 2-YEAR YIELD RISES 14BPS TO 4.71%, HIGHEST SINCE NOV. 2023

Hong Kong’s Hang Seng Index fell 3.54% and the Hang Seng Tech Index dropped 3.28%. Gold miners plunged, with Chifeng Gold down over 25%, Lingbao Gold down 12%, Zhufeng Gold down 11% and Laopu Gold down 8%. Semiconductor stocks weakened, including GigaDevice down over 7%, Fudan Micro down 6%, Hua Hong Semiconductor down 5% and SMIC nearly 5%. Major tech names also fell, with Baidu down over 5%, and JD, Xiaomi and Alibaba each down more than 3%.