Treasury yields rose further after the data release; the 10-year U.S. Treasury yield climbed 5.81 bps to 5.025%.

The Hang Seng Index opened higher then slid back below the 25,000 level, falling more than 200 points intraday to a low of 24,836.16. At the midday close the index was down 0.76% at 24,896.04; the Hang Seng Tech Index fell 0.97% to 4,395.32 after intra-day drops exceeding 1%. Market turnover was HK$98.82 bln. PCB-linked stocks led gains; biotech and mainland property names were active. AI-application, internet tech and optical-communications sectors underperformed. Notable movers: CanSino Biologics (06185.HK) +10.34%, Vanke Enterprises (02202.HK) +4.80%, Shenghong Technology (02476.HK) +2.95%; Alibaba (09988.HK) -2.87%, Tencent (00700.HK) -2.30%, Zhipu AI (02513.HK) -6.87%, Zhongji Xuchuang/InnoLight (03308.HK) -1.89%.

Fed's Barkin said the labor market is not overheated and is not particularly tight.