China’s official manufacturing PMI came in at 50.3% in April, down 0.1ppt from March but remaining in expansion for a second straight month, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing. The reading signals overall stable manufacturing activity and continued solid operating conditions.

US TREASURY SECRETARY BESSENT: I AM CONFIDENT OIL PRICES WILL BE LOWER AFTER THE IRAN CONFLICT

A $5 billion placement by CATL is expected to trigger renewed share sales activity in Hong Kong, though volatility linked to the Iran war has recently dampened deal flow. Total proceeds from Hong Kong placements and block trades by listed firms fell 9% year on year to $14 billion through April. Market instability, driven by shifting developments such as ceasefire headlines, disrupted investor appetite for overnight bookbuilding deals. This marks a slowdown from last year, when BYD and Xiaomi each completed $5 billion-plus placements. JPMorgan’s Peihao Huang said volatility has weighed on activity but expects a more diversified pipeline and higher overall equity-related issuance this year.