A股開盤，上證指數跌0.39%，深證成指跌0.01%，創業板指漲0.02%。

At the morning open, China's most-active futures contracts were mostly higher. Pure benzene rose more than 2%; eggs, propylene, low-sulfur fuel oil (LU), live hogs and styrene (EB) gained over 1%. On the downside, SHFE nickel fell nearly 3%; platinum, SHFE silver, SHFE aluminium and SHFE gold slipped over 2%; foundry aluminium and soda ash dropped more than 1%; caustic soda and stainless steel (SS) were down about 1%.

Castle Securities warns investors are underestimating Kevin Warsh's resolve to return inflation to the Fed's 2% target and the drag that stance could impose on risk assets. Noshad Shah, head of fixed-income sales, says recent oil-led disinflation is insufficient to remove reasons for further rate hikes because underlying inflation pressures remain elevated, and the AI-driven equity rally looks increasingly fragile. Warsh's signal that high inflation constrains policy lowers the probability of Fed intervention, weakening the "Fed put".