BOC minutes: Limited evidence of pass-through from rising energy prices to other goods.

Some Hong Kong AI stocks rose: Zhipu AI (02513.HK) up over 6%; Kingdee International (00268.HK) and Lenovo Group (00992.HK) up over 5%; Cambridge Technology (06166.HK) and GigaDevice (03986.HK) up over 3%.

China's foreign minister Wang Yi spoke by phone with Pakistan's deputy prime minister and foreign minister Durr on the evening of the 24th; Durr said Iran and the United States have entered a new phase of negotiations. Wang said China will work with parties to support the talks and set three priorities: consolidate a comprehensive ceasefire and prevent fighting from restarting; restore normal navigation through the Strait of Hormuz as soon as possible to protect global supply chains, with arrangements that respect littoral sovereignty and international practice; and support Middle Eastern states in improving ties and exploring a new regional security architecture to reduce major‑power rivalry and strengthen regional strategic autonomy.