恆指期貨夜盤收跌0.42%，報25346點，低水221點。

The 10-year US Treasury yield touched 4.75% intraday on Aug. 31, the highest since January 2025. Refinitiv reported that after Walsh's hawkish Aug. 28 speech the two-year yield jumped 12.8bp and the 10-year rose 5.6bp in one day, signaling rate-hike expectations as the immediate catalyst; renewed US–Iran exchanges and oil near $90 added to energy-inflation concerns. The sell-off is not just trading higher inflation: as of Aug. 28 the 10-year breakeven was about 2.31% and the real yield about 2.34%, while the 10-year term premium had risen to roughly 0.87%, implying markets are demanding higher real returns and extra compensation for fiscal, supply and rate risk on long-dated Treasuries.

The Shanghai Stock Exchange said STAR Market companies reported 1H revenue of 1.01 tln yuan and net profit of 144.887 bln yuan, up 38.6% and 437.6% YoY respectively; 1H net profit exceeded last year's full-year level. Integrated circuits and biopharma sectors led gains, posting 1H net profit growth of 966.8% and 223.6% YoY.