China A-shares rallied in the afternoon: Shanghai Composite Index +0.26%, Shenzhen Composite Index +0.23%. ChiNext returned to positive after an earlier intraday drop of more than 2%.

Preliminary Kpler data shows only one commodity vessel transited the Strait of Hormuz on Monday, the fewest since May 7. The ship was a very large gas carrier (VLGC) entering the strait from the Gulf of Oman; six vessels of various types passed on Sunday. Several ships switched off AIS transponders during transit, so counts may be revised.

Lambda, an NVIDIA-backed AI cloud infrastructure provider that leases chips and other AI hardware, is negotiating up to $3 billion in financing at a valuation of up to $12 billion or higher, people familiar with the matter said. Talks are ongoing and terms have not been finalized; the round has drawn multiple bids and could help pave the way for an IPO as soon as next year. Insiders said Lambda expects revenue to exceed $1.5 billion this year.