MicroStrategy, led by Michael Saylor, has dropped out of the top 200 U.S. companies by market capitalization, according to BitcoinTreasuries.NET on X. The company's current market value stands at $47.9 billion, with its Bitcoin holdings incurring a loss exceeding $7.31 billion.

The U.S. ADP employment report for May showed an increase of 122,000 jobs, surpassing the expected 117,000. According to Jin10, the previous month's figure was 109,000 jobs.

Asian stock markets mostly surged on Friday, driven by optimism over a potential peace deal between the United States and Iran, which could alleviate global energy supply disruptions. In Hong Kong, the Hang Seng Index rose 176 points, or 0.7%, to 25,182, with a turnover of HK$462.07 billion. The China Enterprises Index increased by 61 points, or 0.7%, to 8,425, while the Tech Index fell slightly by four points, or 0.1%, to 4,884. In mainland China, the Shanghai Composite Index closed down 30 points, or 0.73%, at 4,068, with a turnover of 1.53 trillion yuan. The Shenzhen Component Index dropped 286 points, or 1.81%, to 15,575, and the ChiNext Index decreased by 87 points, or 2.11%, to 4,037, with a turnover of 850.3 billion yuan. Tokyo's Nikkei share average surged 1,636 points, or 2.53%, to a record high of 66,329, buoyed by optimism for a Middle East peace deal and strong earnings from Dell Technologies, which boosted AI shares. The Nikkei also reached an all-time intraday peak of 66,505 and is up 4.7% for the week. In Seoul, the Kospi rose 290 points, or 3.55%, to an all-time high of 8,476, driven by gains in Samsung Electronics and increased domestic investment by the national pension fund. The Kospi has surged 8% this week, following a 4.7% rise last week. According to RTHK, Matthew Martin of Oxford Economics noted that recession risks are easing as oil prices moderate and worst-case scenarios become less likely. He attributed the improvement in equity prices primarily to a robust earnings season, with AI-related capital expenditure being a significant driver.

Hong Kong's Financial Secretary Paul Chan emphasized the city's strategic position amid global capital flows influenced by geopolitical uncertainties and advancements in artificial intelligence. In his weekly blog, Chan referenced a recent global wealth report highlighting Hong Kong's challenges and opportunities. According to RTHK, Chan noted that geopolitical turbulence and AI developments are driving capital reallocation at an unprecedented scale, with investors seeking stable havens. The report estimated Hong Kong's cross-boundary wealth management assets grew by 10.7% year-on-year to approximately HK$23 trillion, surpassing Switzerland as the leading cross-boundary wealth management center. It also projected an annual growth rate of around 9% for Hong Kong's wealth management sector through 2030. Chan described these figures as a "vote of confidence" in Hong Kong's institutional framework and investment environment. Additionally, the city's assets and wealth management business exceeded HK$35 trillion, as reported by the Securities and Futures Commission. The asset management sector saw significant growth, with assets under management doubling and the number of licensed asset managers nearly doubling to over 2,200. Chan also mentioned that retail sales figures for April, expected to be released soon, are anticipated to show continued solid growth, marking the 12th consecutive month of increases, reflecting the retail sector's steady recovery.

Hong Kong's Financial Secretary Paul Chan stated that the city's economy remained resilient as it entered the second quarter, following a robust 5.9% growth in GDP during the first quarter. Speaking at the Legislative Council's financial affairs panel, Chan highlighted a year-on-year growth in merchandise exports of nearly 43% in April, driven by AI-related electronics products. According to RTHK, the city also experienced an increase in tourist arrivals in April and during the Labour Day Golden Week holiday, alongside improvements in the labor market. Despite these positive developments, Chan cautioned about uncertainties stemming from the Middle East conflict, noting its limited impact on Hong Kong's economy but acknowledging its role in elevating international oil prices and inflation pressures. He warned that the fragile ceasefire agreement between the US and Iran could lead to increased volatility in global financial markets, weaken external demand, and pose risks to both global and local economic outlooks. Chan expressed optimism that strong global demand for advanced electronics and AI-related products would continue to bolster exports. He also anticipated robust growth in Hong Kong's exports of services, supported by booming tourism, thriving cross-border financial activities, and stable demand for business services. Addressing the retail and catering sectors, Chan urged transformation to align with new consumption trends, noting that traditional practices might struggle to survive in the current environment. He pointed out the success of distinctive shops and cafes in various districts and encouraged industry adaptation. The government plans to provide funding and training assistance to support these sectors in their transformation efforts.

Mainland Chinese stocks fell to a six-week low on Monday, driven by a decline in the tech sector following tepid factory data that heightened concerns about slowing growth momentum. In contrast, Hong Kong's Hang Seng Index rose by 215 points, or 0.9%, to 25,398, with a turnover of HK$330.94 billion, according to RTHK. The China Enterprises Index increased by 82 points, or 1%, to 8,507, while the Tech Index climbed 80 points, or 1.7%, to 4,964. In mainland China, the Shanghai Composite Index closed down 10 points, or nearly 0.3%, at 4,057, with a turnover of 1.32 trillion yuan. The Shenzhen Component Index dropped 234 points, or 1.5%, to 15,340, and the ChiNext fell 87 points, or 2.15%, to 3,950, with a turnover of 728.5 billion yuan. The tech sector led the decline, with the CSI AI Index down 2.5% and the CSI Semiconductor Index dropping 5.8% to a two-week low. The Star 50 Index slipped 5% to a three-week low. Wu Zhou, a fund manager at Shenzhen Deyuan Investment, attributed the tech stock decline to the sector's previous gains, overcrowded trades, and news of state semiconductor funds reducing their stakes. "The biggest negative is simply that prices have risen too much," Wu said, noting that heavily concentrated positions in chipmaking and AI could trigger a sell-off. China's factory activity stalled in May as new export orders contracted and input costs rose, according to an official survey. A private survey indicated slower manufacturing sector expansion last month. Investors may be taking profits from tech stocks after a recent rally and adjusting positions ahead of anticipated chip IPOs like ChangXin Memory Technologies, said Kenny Ng, a securities strategist at Everbright Securities International. Elsewhere, China's planned index rebalancing is expected to trigger an estimated US$48 billion in two-way passive investment flows, as major indexes undergo semi-annual adjustments later this month, according to Goldman Sachs. In Tokyo, the Nikkei share average reached a record high, ending the day up 604 points, or 0.9%, at 66,934, driven by AI-related stocks. In Seoul, the Kospi closed up 312 points, or 3.68%, at 8,788, its highest closing level on record, as chipmakers and technology firms rallied on strong exports and optimism around AI cooperation with Nvidia.

AI company Anthropic, known for its Claude chatbot, has confidentially filed for an initial public offering (IPO), according to RTHK. This move allows the company to submit its IPO documents to the Securities and Exchange Commission (SEC) without immediately disclosing financial details. Anthropic stated that the IPO will depend on market conditions and other factors, with the number of shares and pricing yet to be determined. The filing follows a recent funding round where Anthropic raised $65 billion, valuing the company at $965 billion, nearing a trillion-dollar valuation. This positions Anthropic ahead of OpenAI, which was valued at $852 billion in March and is also considering going public. Founded in 2021 by Dario and Daniela Amodei, Anthropic has focused on providing generative AI to enterprise clients. Despite its commercial success, the company faces challenges in meeting demand for computing power due to a chip shortage. To address this, Anthropic has secured computing capacity from Amazon, Google, and Broadcom. Additionally, it has signed a $1.25 billion per month agreement with Elon Musk to lease access to his Colossus data centers. Anthropic's IPO filing coincides with a legal dispute with the Pentagon, which labeled the company a supply chain risk after it denied the military unrestricted access to its AI models. Anthropic has called this move unconstitutional retaliation.

Hong Kong Exchanges and Clearing (HKEX) announced it has signed two memoranda of understanding in Kazakhstan to enhance market connectivity with Central Asia. The agreements were part of a larger delegation visit to Kazakhstan, where a total of 43 agreements were signed. According to RTHK, one agreement is with the Astana International Exchange (AIX), which operates within the Astana International Financial Centre (AIFC). This agreement aims to expand cross-border listing opportunities and dual listings in equities and debt securities. The second agreement is with the AIFC Authority, focusing on cooperation in climate transition, decarbonisation, green finance, sustainable aviation projects, commodities trading, and financing early-stage mining projects. HKEX CEO Bonnie Chan expressed enthusiasm about the agreements, stating they would "unlock new opportunities" for global issuers and investors, and strengthen Hong Kong's role as a market connector between the city and Central Asia. Chan highlighted the potential for Kazakh enterprises to raise funds in Hong Kong and noted that many mainland companies have already established businesses in Kazakhstan, using funds raised in Hong Kong to expand in Central Asia. Bakhtiyar Tleubekov, chairman of the AIFC Authority, emphasized the importance of the collaboration in enhancing connectivity between Central Asia and Asia-Pacific. Astana International Exchange CEO Assel Mukazhanova also noted the potential for facilitating cross-border capital flows.

Tech shares in Hong Kong and mainland China rose on Tuesday, driven by significant gains in Tencent and Meituan, while investors assessed Middle East peace talks. The Hang Seng Index climbed 640 points, or 2.5%, to 26,038, marking its largest daily increase in nearly two months, with a turnover of HK$373.78 billion. The China Enterprises Index advanced 255 points, or 3%, to 8,762, and the Tech Index increased 234 points, or 4.7%, to 5,199. Tencent Holdings surged 10.5% following a Financial Times report that the company is nearing the launch of an AI agent for WeChat's 1.4 billion users. Meituan rose 9.3% despite posting a third consecutive quarterly loss, as it met revenue growth estimates and showed signs of easing competition in China's one-hour delivery market. In mainland China, the Shanghai Composite Index rose 17 points, or 0.43%, to 4,075, with a turnover of 1.28 trillion yuan. The Shenzhen Component Index gained 250 points, or 1.63%, to 15,591, on a turnover of 1.51 trillion yuan, while the ChiNext Index surged 104 points, or 2.66%, to 4,055, with a turnover of 714 billion yuan. In Tokyo, the Nikkei fell 200 points, or 0.3%, to 66,734, and the Topix edged down 16 points, or 0.42%, to 3,924.24. In Seoul, the Kospi reached a record closing high, rising 13 points, or 0.15%, to 8,801, led by technology firms on hopes of AI collaboration with Nvidia, ahead of the visit of its CEO Jensen Huang. According to RTHK, Bob Savage, head of markets macro strategy at BNY, noted that markets are balancing geopolitical risks from US-Iranian military exchanges against enthusiasm for AI-driven growth and technology investment. Meanwhile, China remains the only major emerging market attracting inflows across equity, fixed income, and currency markets. Lebanon announced a partial ceasefire between Hezbollah and Israel, while Iranian state media reported Tehran halting indirect negotiations with the US, potentially ending the ceasefire. US President Donald Trump stated that talks with Iran were progressing "at a rapid pace."

The OpenAI livestream at 11:30 PM last night did not release any new models, but it did push Codex to a more prominent position.

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