Peel Hunt maintains view that the Bank of England will cut policy rates twice by 25bp each in 2027.

A-shares closed lower: Shanghai Composite -0.60%, Shenzhen Composite -0.82%, ChiNext -1.62% to below 2,700. Turnover on Shanghai- and Shenzhen-markets was 1.43 trillion yuan, down 26.8 bln yuan from the prior session. Broad weakness saw more than 3,300 stocks fall. The battery sector led losses after CATL plunged about 12%, dragging peers lower. On the upside, DRG-related names led gains while pork producers, some gaming/software stocks and compute-power leasing plays saw strong buying and multiple limit-ups. Liquor stocks weakened into the close, led by Shanxi Fenjiu, Gujing Gong and Luzhou Laojiao.

Indonesia's rupiah weakened further against the dollar to 18,000 per USD.