Richmond Fed President Barkin, a 2027 FOMC voting member, is due to speak on the economic outlook in ten minutes.

U.S. Treasuries held gains.

China A-shares opened higher but finished weaker, with late selling pushing all three major indexes into the red. At the close the Shanghai Composite fell 0.50%, the Shenzhen Composite Index fell 0.87% and the ChiNext Index fell 0.45% after erasing an early ~2% gain. Turnover across the two markets exceeded 2.5 trillion yuan and more than 4,000 stocks declined. CRO-related names outperformed and power stocks jumped intraday; compute-power leasing and CPO segments spiked then retreated. Base metals led sector losses across multiple subsectors, while education stocks' declines widened into the close.