The Economic Information Daily reported on the 25th that losses in tech stocks widened further. Alibaba (09988) opened over 2% lower this morning and has now extended its decline to 3%, trading at HK$106.7; Xiaomi started down 1.5% and is now down 3.3% at HK$25.7; Tencent (00700) fell 1.3% to HK$432.8, marking its third consecutive day of decline with a cumulative drop of 4.2%; Kuaishou (01024) dropped 3.2% to HK$29.52, also experiencing its third straight day of losses with a cumulative decline of 5.5%.

Although the U.S. Treasury conducted a long-term bond buyback auction on Thursday, it ultimately purchased only about $4.08 billion, falling short of the previously announced maximum buyback amount of $6 billion. The smaller-than-expected buyback intensified market selling of U.S. Treasuries. Overnight, yields on 30-year U.S. Treasuries rose as high as 5.491%, the highest since 2004; 10-year yields also reached 5.225%, the highest since 2007.

Meanwhile, rising international oil prices have renewed downward pressure on global stock markets. Brent crude futures have now rebounded to $105.80 per barrel. Loretta Mester, President of the Federal Reserve Bank of Cleveland, stated that the outlook for U.S. inflation remains highly uncertain, and supply shocks pose significant challenges to monetary policy. She warned that the longer high inflation persists, the more difficult and costly it will be to bring price pressures back down to the Fed's target level.

Currently, the Hang Seng Index stands at 24,334, down 426 points or 1.7%, with turnover on the main board exceeding HK$32.8 billion. The Hang Seng China Enterprises Index is at 8,109, down 156 points or 1.9%. The Hang Seng Tech Index is at 4,258, down 102 points or 2.4%. (am)