Citic Securities says during the 2016–18 and 2022–23 Fed rate-hike cycles southbound Stock Connect flows showed sustained net inflows in the early phase and a marked slowdown in the later phase; CHINA'S YUAN FIXING moves were highly synchronous with those inflow patterns. The firm maintains its Hong Kong dividend strategy recommendation but notes continued rises in overseas risk-free rates have narrowed high‑dividend Hong Kong stocks’ relative yield advantage. It advises allocations to emphasize

Xi Yin-W (00625.HK) fell more than 10% to HK$36.04.

Adam Baron, researcher at New America's Future of Security Project, said a drone attack from Iraq on a Saudi oil pipeline underscores how combustible the Middle East is. Since US and Israeli hostilities with Iran began six months ago, he said, a series of linked, multi-front conflicts has been igniting across the region. The Houthis' rapid seizure of a key Yemeni west-coast city from Saudi-backed forces is "an unequivocal turning point", he said, marking the loss of some of Yemen's most strategically important territory. Given Yemen's position, no military movement is weightier than an armed group's ability to enter the Bab al-Mandeb. He said the internationally recognized government withdrew after little fighting—possibly as a tactical move to prepare for future battles—and that Saudi-led airstrikes alone are unlikely to dislodge the Houthis; a unified ground force will be required.