Hong Kong semiconductor stocks extended gains: Huahong Hongli (01347.HK) rose over 18%, Semiconductor Manufacturing International Corp (SMIC) (00981.HK) climbed over 10%, GigaDevice (03986.HK) gained more than 6%, and Lanqi Technology (06809.HK) and Hongguang Semiconductor (06908.HK) each advanced over 5%.

The Federal Reserve Bank of Dallas estimates in a new study that a recent spring oil surge above $120/bbl reduced U.S. output by roughly 0.3 percentage point, far less than similar shocks in the 1980s when U.S. oil import dependence was higher. A U.S.-backed war on Iran cut about 15% of global oil supply, disrupted Strait of Hormuz shipping, roiled commodity markets, pushed prices higher, caused regional shortages and weighed on overall demand.

ECB Vice President Vujcic said euro-area growth has shown greater resilience to supply shocks than expected.