Global equity markets experienced a period of adjustment as investors reassessed valuations, interest rate expectations and shifting sector dynamics.

In Mainland China, A-shares saw a rotation away from previously strong technology sectors towards dividend-paying stocks and selected smaller companies. Hong Kong equities also experienced uneven performance, with technology stocks facing valuation pressure while parts of the biotechnology sector demonstrated relative resilience.

In the United States, elevated Treasury yields and growing fiscal concerns remained central to the market outlook. A prolonged high-interest-rate environment could influence global asset valuations, particularly for growth-oriented sectors, while creating different challenges across Asian markets.

Looking ahead, market attention is increasingly shifting from growth narratives towards earnings visibility, liquidity conditions and financial resilience. Against a backdrop of macroeconomic uncertainty, understanding these changing dynamics remains essential to assessing long-term market trends.