Tencent Holdings (00700.HK) saw its afternoon decline deepen to 5%.

Middle East sovereign bond spreads over US Treasuries widened to 402bps — their highest since Oct 2022 — after fighting resumed in the US-Iran conflict. A JPMorgan index shows average spreads broadened about 20bps in the week after Trump said the ceasefire "may be over", marking the steepest YTD rise in the region since 2018. Investors are now demanding the largest risk premium since Oct 2022 to finance Middle Eastern governments, shifting capital allocation away from pre-war themes such as Dubai property and Riyadh's Vision 2030 toward geopolitics. Tellimer head of emerging markets equity and geopolitical strategy Hasnain Malik said investors had been "overly optimistic" about the April ceasefire.

白宫：霍尔木兹海峡的封锁已全面生效。