LVMH: Asia ex-Japan down 5%.

President Trump again criticized the New York Times for altering photos of resorts owned by his family.

Hang Seng Index +0.17% at midday; Hang Seng Tech -0.55%. Stablecoin-related names led gains: Yunfeng Financial (00376.HK) up >7%, Jinyong Investment (01328.HK) up >3%. Mainland brokerages outperformed: Guotai Haitong (02611.HK) up >3%, China Galaxy (06881.HK) up >2%. Biotech recovery: Fuhong Hanlin (02696.HK) up >4%. Other relative winners included major internet names, power, AI application plays, domestic banks, environmental and logistics stocks. Decliners concentrated in optical communications — Cambridge Technology (06166.HK) down >8%, Huiju Technology (01729.HK) down >5% — alongside weakness in memory, PCB, new-consumer and NEV-related stocks.