China composite PMI 50.6 in June, up from 50.5 previously.

China's Ministry of Industry and Information Technology said internet and related services firms above designated size recorded internet business revenue of 874.9 bln yuan in Jan-May, up 10.4% YoY, a 0.5 ppt acceleration versus Jan-Apr. Total profits were 79.9 bln yuan, up 9.7% YoY, with profit growth slowing compared with Jan-Apr. R&D spending maintained rapid growth.

The global AI rally has driven Samsung Electronics and SK Hynix to record highs this year but exposed structural fragility in the KOSPI. The two stocks now account for a record c.60% of the KOSPI's market-cap weighting, up from roughly 40% two years ago. After a sharp sell-off last week, regulators twice suspended KOSPI trading to stabilise markets; plans to launch large-cap options including SK Hynix have been delayed. Reports that retail investors bought Samsung and SK Hynix with borrowed funds raise margin-call risk, and the concentration could prompt institutional de-risking that would amplify downside. Baosheng's head of equity research Mathieu Rashet said recent moves are a clear reminder of concentration risk and that crowded positions make high volatility likely.