At the Hong Kong close the HSI fell 0.39% and the Hang Seng Tech Index lost 1.08%. Gold, China property, power equipment and ports & transport outperformed, while battery stocks, large-cap internet names, cloud computing and Chinese banks lagged; Xiyin-W (00625.HK) slid more than 8%.

Germany's DAX 30 opened up 9.05 points (+0.04%) at 25,852.39 on Thursday, Sept. 3; the UK's FTSE 100 opened up 4.70 points (+0.04%) at 10,761.15; Stoxx Europe 50 opened up 1.55 points (+0.02%) at 6,363.70; Italy's FTSE MIB opened up 33.40 points (+0.06%) at 51,825.50; France's CAC 40 opened down 5.73 points (-0.07%) at 8,274.90; Spain's IBEX 35 opened up 29.82 points (+0.15%) at 19,808.82.

Bernstein raises Dell's price target to $650 from $500, saying growth has broadened beyond single AI servers into traditional servers and storage as AI infrastructure demand lifts the entire data-center hardware mix; scale expansion and improved product mix materially boost margins. Bernstein rates Dell Outperform and models FY2028 at 22x EPS and FY2029 at 19x EPS.