US Treasury yields and the dollar were largely unchanged on Tuesday after May CPI broadly matched expectations and amid renewed Iran tensions. Headline CPI rose to 4.2% YoY in May from 3.8% in April; core CPI excluding food and energy ticked up to 2.9% from 2.8%. Markets expect the Fed to hold rates next week but assign high odds to further hikes thereafter. The US launched strikes on Iran; Trump said Tehran’s negotiations took too long. DXY ~99.90; 10-year yield 4.526%; 2-year yield 4.127%, lit

Hong Kong stocks closed lower after a weak open. Hang Seng Index fell 0.64%; Hang Seng Tech Index closed down 0.94% after intraday losses exceeding 2%. Biopharma led gains—09688.HK +5%+, 06990.HK +3%+. Mainland broker names active: 01456.HK and 06806.HK both >3% higher. PV/solar stocks recovered in the afternoon, 03800.HK +5%+. Outperforming sectors included cloud computing, marquee internet names, telecom, mainland banks, household appliances and pork producers. PCB segment plunged: 01989.HK -9%+, 02476.HK -5%+. Chip stocks tumbled—02577.HK -13%+, 03986.HK -7%+. Among laggards were optical communications, film & TV, commercial space, coal, gold, building materials/cement and port & shipping names.

At the midday close, front-month domestic futures contracts were mostly lower. SHFE silver fell nearly 5% and platinum dropped over 4%. Fuel oil, SHFE gold and low-sulfur fuel oil (LU) lost more than 3%; LPG declined nearly 3%. SC crude and PET bottle-chip futures slipped over 2%. Winners included polysilicon, up nearly 5%; silicon metal and alumina, up over 3%; Europe-route container freight, up more than 2%; caustic soda, iron ore, eggs and lithium carbonate, each up over 1%.