Germany April seasonally adjusted manufacturing orders m/m -3.8% (consensus -2.0%, prior +5.0%).

Ukrainian President Zelenskiy held talks in the UK with British Prime Minister Starmer, French President Macron and German Chancellor Merz.

Huatai Securities says short-term A-share market has entered a window of thin AI‑chain catalysts coinciding with macro risk re-pricing. Last Friday’s stronger-than-expected US NFP triggered global liquidity tightening: US Treasury yields and the dollar rose and the Nasdaq-100 and other risk assets pulled back; weaker-than-expected guidance from overseas AI leaders and short-term crowded positions have prompted a style rebalancing, shifting the primary risk from industry momentum to macro pricing. If the Nasdaq-100 falls >2% alongside rising US yields, A-shares face a higher probability of monthly downside; financials/value should outperform while growth is under pressure. Recommendation: modestly take profits in AI-chain names and await lower volatility to re-enter; favor banks for higher expected returns amid macro re-pricing and selectively rebalance into minor metals and packaging & printing stocks that look EPS-accretive after Q1 results.