By midday, the Hang Seng Index was down 1.69% and the Hang Seng Tech Index fell 2.35%. Heavyweight techs led losses: Meituan (03690.HK) off over 6%, Kuaishou (01024.HK) down over 5%, Tencent Holdings (00700.HK) and JD.com (09618.HK) down over 4% each. Autos were weak: Leapmotor (09863.HK) down over 5%, XPeng (09868.HK) and Li Auto (02015.HK) down over 3%. Semiconductors outperformed: Yangtze Optical Fibre and Cable (06869.HK) up nearly 17%, Hua Hong Semiconductor (01347.HK) up over 6%, SMIC (009

London Metal Exchange (LME) stocks: tin down 45 tonnes, aluminium unchanged, lead down 275 tonnes, zinc down 775 tonnes, nickel down 1,104 tonnes, copper down 1,700 tonnes.

Security in the Strait of Hormuz has deteriorated amid US‑Israel‑Iran fighting, prompting Danish shipping giant Maersk to suspend vessel transits and activate contingency plans, including land routing of cargo. Maersk’s chief commercial officer Carsten Kildahl said the measures protect crew but are creating severe economic pressure: direct Gulf trades and other routes face higher costs from rerouting and rising fuel, with incremental expenses already exceeding $500m/month. The group cannot absorb the full burden and will pass some costs to customers, many of whom are also facing higher raw‑material prices. Industry contacts say higher transport and production costs may feed through to consumer prices.