Multiple Iranian media reported an explosion at a US military base in Kuwait on the 14th (local time).

JP Morgan reiterates Overweight on Tencent Holdings (00700.HK) and keeps its HKD690 target. The bank says Tencent’s durable user engagement, improving game and advertising monetisation, strong margins and balance sheet, and AI monetisation optionality make it the highest-quality compounding growth play in China’s internet sector. JP Morgan expects AI-related depreciation to begin in H2, and has cut its FY26 Non-IFRS EPS forecast by 5% to 28.47 yuan while raising FY26 capex to 200 bln yuan; the firm stresses these changes reflect heavier AI investment and depreciation, not a deterioration in core operations. JP Morgan projects Q2 revenue up about 9% YoY, with value-added services +5–6%, games +9–10%, advertising +18–19% and fintech ~+5%, broadly in line with market expectations.

South Korean equities, among the biggest beneficiaries of the AI rally, are seeing volatility not seen since the 1998 Asian financial crisis. The 60-day price-volatility reading for the MSCI Korea index rose to its highest level since February 1998, exceeding levels seen during the 2008 global financial crisis. The MSCI Korea index, which earlier hit record highs amid frenzied trading and heavy leverage, is down 28% from its June peak and plunged 10% on Monday, retreating to levels from more than two months ago.