India's commerce secretary said a bilateral trade pact with the U.S. is progressing smoothly and has encountered no challenges.

China on Saturday published a report titled New Refutation of the South China Sea Arbitration Award at the South China Sea Security Roundtable in Hong Kong. The report says the arbitration ruling’s illegality and absurdity have become clear over the past decade, alleges major errors in the ruling’s legal interpretation, fact-finding and evidentiary basis, and says it has damaged China–Philippines ties and regional stability. It calls for an urgent, comprehensive removal of the ruling’s lingering effects. Attended by legal delegates and academics from multiple countries and regions, the event reiterated that China does not accept any claims or actions based on the award and described that position as a lawful, necessary step to defend China’s South China Sea rights and preserve peace and international law.

A-shares opened lower and weakened through the morning. At midday the Shanghai Composite fell 1.54%, the Shenzhen Composite Index fell 2.61% and the ChiNext Index fell 2.38%. Chinese medicine names reversed after a weak open; Longshen Rongfa and Tianmu Pharmaceutical hit limit-up, while Shanghai Kaibao, Biovalley and Jiu Zhitang outperformed. Banks traded firmer: Suzhou Bank rose more than 6% intraday, with Ningbo Bank, Xiamen Bank and China Construction Bank also higher. Commercial-space stocks plunged: more than 10 names hit limit-down, including Aerospace Development, Shanghai Gangwan, West Materials, Shanghai Hugong, Shenjian and Tongyu Communications; Xinwei Communications, CETC Blue Sky and Mengsheng Electronics were among the heaviest losers.