沙特外交部官員：麥加防禦協議不會影響我們在海灣、阿拉伯地區和國際上的關係。協議並不威脅該地區任何國家。

Japan’s Tokyo Stock Exchange benchmark index will undergo its largest reconstitution on record, with analysts estimating more than 600 companies could be phased out. Under a new inclusion rule, firms ranking in the bottom 3% by free-float market cap among TSE-listed companies as of August will be removed from the benchmark gradually from October over a two-year window. The prospect is prompting small-cap issuers to take defensive steps this month; delisting from the index would likely pressure prices and reduce liquidity. The change responds to investor complaints that the benchmark contains too many small, illiquid names and raises replication costs. Mizuho senior quant Akemi Hatano said some investors are already shorting small caps expected to be removed, creating scope for short-covering if market odds shift and companies remain in the index.

The Shenzhen and Shanghai stock exchanges have opened a consultation to tighten LOF arrangements, proposing classified triggers and procedures for terminating LOF listings. Under authorization of the Fund Law, the exchanges would supplement the Fund Listing Rules to specify delisting cases, procedures, risk‑disclosure requirements and institutional responsibilities, aimed at addressing high‑premium on‑exchange speculation in LOFs. Market estimates indicate roughly 125 LOFs could be affected, with combined on‑exchange AUM around 26 bln yuan; about 91 are small‑scale LOFs with combined on‑exchange size near 300 mln yuan, so the overall number and scale appear limited. Exchanges note delisting does not equate to fund liquidation, will not alter normal investment operations, and does not affect off‑exchange holders’ subscription/redemption rights. On‑exchange holders can transfer to off‑exchange custody during a transition or redeem/sell on‑exchange; after delisting holders can still redeem via on‑ or off‑exchange distribution channels. The exchanges say delisting will not involve funds net‑selling underlying equities and should have limited direct impact on underlying markets.