After Samsung Electronics issued earnings guidance, SanDisk (SNDK.O) and Micron Technology (MU.O) fell in US after-hours trading, down 1.2% and 0.7% respectively.

PBOC's Pan said on July 7 at the Hong Kong Fixed Income and Currency Summit and Bond Connect forum that China's foreign-exchange reserves will continue to increase their allocation to assets in Hong Kong, injecting momentum into Hong Kong capital markets. He said the reserves have been conducting asset allocation and investment trading in Hong Kong for more than a year.

China A-shares opened higher, slid and then recovered into the noon break. At midday the Shanghai Composite rose 0.08%, the Shenzhen Composite fell 0.36% and the ChiNext index fell 0.51%; the STAR 50 Index gained 1.96%. Combined turnover on Shanghai-Shenzhen was 2.21 trillion yuan, up 146.6 billion yuan on the prior session. Decliners outnumbered advancers by more than 3,500 stocks. The memory-chip sector staged a V-shaped rebound: Gailun Electronics hit the daily limit and names including Huada Jiutian, Shenghe Jingwei, Weice Technology, Jiangbolong and Huahong Hongli rallied over 10%. Innovative-drug names outperformed, with Ganli Pharma, Huahai Pharma and Luoxin Pharma at limits and Shouyao Holdings, Sanyuan Gene, Chengda Pharma and Hotgen Bio up more than 10%. Cultured-diamond stocks were active (Huanghe Whirlwind at limit; Guoli Electronics, Huifeng Diamond +10%+). Titanium dioxide, pork, dairy and fertiliser sectors were among the gainers. Weakness concentrated in rare-earth permanent magnets (Hengdian Dongci, Lingyi Zhizao, Yingst down), glass-substrate plays (Hongxing Development, Laibao Hi‑Tech, Woge Optoelectronics, Rainbow) and in fibre, PCB and commercial-space concepts.