UEDA: We have already seen supply shocks in food and energy; even if each is a price-level shock, the large number of such shocks could raise average inf.

A-share major indices opened lower and slid in the morning before recovering into the afternoon; at the close Shanghai Composite was up 0.12%, Shenzhen Composite Index up 0.80%, ChiNext Index up 1.96%. Combined turnover on the Shanghai and Shenzhen markets was CNY 2.94 trillion, down about CNY 300 billion versus the prior trading day. More than 3,000 stocks finished higher. The lab-grown diamond sector traded strongly all day: Huifeng Diamond and Sifangda hit 20% limit-up in the session, while Huanghe Xuanfeng and Hengsheng Energy also hit limit-up. Supercapacitor names were active with Huafeng, Jinshi Technology, Torch Electronics and Fenghua Hi-Tech among those hitting limit-up. PET copper-foil plays strengthened after lunch, with Nuode, Da Dongnan, Hailiang, Jiemei Technology and Woge Optoelectronics posting limit-ups. PCB concepts reactivated; Yidong Electronics and Benchuan Intelligent hit 20% limit-up. The 6G theme lifted in the afternoon, sending ZTE and Zhongjing Electronics to limit-up. Fiber-optic, CPO and memory-chip sectors also rallied after lunch. The baijiu (white spirit) sector led decliners: Jinzhongzi and Weilong fell more than 7%, with Jinhuijiu, Huangtai and Shede also down. PRECIOUS, innovative-drug, livestock and dairy stocks were among the larger losers.

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