Hang Seng Index futures night session settled up 0.71% at 24,363, trading 152 points above the spot index.

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Term premium has jumped to levels not seen in over a decade, spurring a fresh round of U.S. Treasury selling and driving yields to 24-year highs. Frank Rebinski, head of macro strategy at Aegon Asset Management, said multiple measures of the term premium are rising and the move looks persistent. Barclays research led by Demi Hu points to macro uncertainty, a breakdown in traditional stock–bond correlation, heavier bond supply and fiscal-policy worries as key drivers, with recent gains likely reflecting a mix of those factors. Capital Economics chief economist Neil Shearing added the change could also reflect technicals such as end‑month portfolio rebalancing or spillovers from European concerns about France’s debt burden.