Hong Kong-listed sports stocks extended gains: Li Ning (02331.HK) rose more than 8%; Xtep International (01368.HK) and Topsports (06110.HK) each gained over 2%.

VIX rose above 25 for the first time since April.

The Standing Committee of the 14th National People's Congress approved a revised Water Law on Nov. 6; it takes effect March 22, 2027. The law comprises nine chapters covering planning, protection, development and use of water resources; allocation and conservation; river and lake management; water-project construction and operation; dispute resolution and supervision; legal liabilities and final provisions. It requires implementation of Party and state policies and China’s water-governance guidance, prioritizes water saving, spatial balance and systemic governance, and calls for coordinated use of government authority and market mechanisms. The law mandates comprehensive planning, integrated treatment of root causes and symptoms, efficiency-oriented use of water’s multiple functions, and coordinated management of water resources, water ecology, the water environment and water-disaster control.