Mainland and HK Market Overview

Markets experienced a recovery week driven by technical rebounds, style rebalancing, and portfolio rotations rather than structural trend reversals. Heavyweight tech and cloud earnings anchored benchmarks, while traditional defensive sectors (banks, property) lagged.

US & Global Markets

Equities face near-term headwinds from rising 30-year real yields (2.97%), high valuations and persistent Iranian geopolitical risk (Brent crude near $97/bbl).

US retail investors actively returned to tech and cyclicals, buying single-stock names like NVDA and MU while rotating into defensive ETFs and out of leveraged products.