Eli Lilly (LLY.N) reported ELORA-TZP study results showing its amylin-containing drug combination delivered a 23% reduction in body weight in the trial.

Hong Kong stocks traded mixed in the morning session. The Hang Seng Index slipped 0.04% to 24,513.14, while the Hang Seng TECH Index fell 0.15% to 4,243.12. Semiconductors, liquid-cooled server components and leisure-product names underperformed; mainland property names dipped then recovered. Innovative-drug/biotech names led gains: CanSino Biologics (06185.HK) +16%+, GenScript Biotech (01548.HK) +8.4%, Zhongliang Holdings (02772.HK) +6%+, CSPC PHARMA (01093.HK) and Hengrui Medicine (01276.HK) both +5%+, and 01952.HK +5%+. On the downside, Tianshu Zhixin (09903.HK) fell nearly 7%; 01347.HK and Tencent Music (01698.HK) were down about 3%; Midea Group (00300.HK) and BYD Electronic (00285.HK) dropped over 2%.

Morgan Stanley China chief economist Xing Ziqiang said recent rate increases have led his team to revise forecasts to expect one hike in December this year and another in March next year. He said they will closely monitor how rate moves could affect global liquidity. Conversations with overseas investors show stronger demand for China’s tech sector and other areas with improving cyclical momentum; he cautioned that such industrial waves raise productivity but can disrupt employment and incomes, requiring preparation to manage those shocks.