Markets no longer fully price in a Fed interest-rate hike this year.

Leverage Shares analyst Sandeep Rao says leveraged ETFs linked to SK Hynix and their hedging flows now account for roughly 60-70% of the chipmaker's trading volume. The surge in leveraged ETF issuance has driven large derivatives activity and hedging, shifting demand from direct stock purchases into leveraged products. With SK Hynix shares up about 780% over the past year, options volumes have swelled and some market participants say flow dynamics may be as important as company fundamentals. Rao adds that inflows are increasingly coming from leveraged ETFs rather than interest in the underlying cash stock, effectively leaving cash equity trading dominated by leveraged ETF-related flows.

港股新能源車企股震盪走高，長城汽車(02333.HK)漲超3%，廣汽集團(02238.HK)、零跑汽車(09863.HK)、理想汽車(02015.HK)、小鵬集團(09868.HK)、比亞迪股份(01211.HK)等個股跟漲。