UK April services index YoY 1.7% vs expected 1.7%, prior 1.5%.

Bank of Korea Governor Shin warned authorities cannot fall behind the curve on inflation, signaling growing urgency to act. He said the ongoing Middle East conflict, including the Iran crisis, is lifting inflationary pressure by pushing up energy prices and disrupting supply chains. Shin added that the combined dynamics of growth, inflation and financial stability point toward a clear policy direction and policymakers must avoid acting too late if price stability is threatened. His comments are likely to reinforce market expectations that the BOK could resume tightening as soon as next month. Even if cost-relief measures ease some pressure, South Korea’s inflation may remain above target for an extended period.

Hong Kong stocks closed higher; HSI up 1.93% and Hang Seng Tech Index up 1.06% after both rallied more than 2% intraday. Base metals led gains: Luoyang Molybdenum (03993.HK) +12%, China Gold International (02099.HK) +8%, Zijin Mining (02899.HK) +7%. Airlines outperformed with China Eastern (00670.HK) +8% and China Southern (01055.HK) +5%. Chinese broker shares rose; China International Capital Co (03908.HK) +6%. Biotech names were active: 02696.HK +10%, 09969.HK +7%. Other strong sectors included domestic banks, ports & transport, power equipment, new consumption, NEV makers, and building materials/cement. Semiconductor names weakened after a high open; GigaDevice (03986.HK) -4%. Themes lagging included brain–computer interface, PCB, OLED, telecom equipment, commercial space and optical communications. Select movers: Li Auto (02015.HK) +7%; MINIMAX-W (00100.HK) -8.97%, marking its lowest close since Jan. 27, 2026 and off more than 70% from its YTD peak of 1,330 per share.