Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
Germany Producer Prices Rise 1.8% in June, Missing Forecasts 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
ECB Expected to Hold Rates as Middle East Tensions Keep September Hike in Focus 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Oil Prices Surge as U.S.-Iran Conflict Escalates, Raising Supply Fears 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
Asian Currencies Hold Steady as Fed Outlook Offsets Middle East Tensions 
Gold Prices Slip Near $4,000 as U.S.-Iran Conflict Fuels Inflation Fears 
Deutsche Bank Says Fed Balance Sheet Cuts Could Weaken US Dollar Instead of Boosting It 
Oil Prices Set for Weekly Surge as U.S.-Iran Conflict Fuels Supply Fears 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Nikkei Plunges 5% as AI Stock Selloff Spreads Across Asia 
Hong Kong-listed technology and artificial intelligence stocks surged on Monday as investors cheered China's accelerating progress in generative AI, driven by Moonshot AI's newly launched Kimi K3 large language model and growing optimism over DeepSeek's reported initial public offering plans.
The Hang Seng TECH Index gained 3%, outperforming the broader Hang Seng Index, which climbed 2%, as AI-related companies and major internet firms attracted strong buying interest. Investor confidence improved after Beijing-based Moonshot AI introduced its open-weight Kimi K3 model on Friday, claiming performance comparable to leading global AI systems.
The launch strengthened confidence in China's domestic AI industry despite triggering a selloff in U.S. semiconductor and artificial intelligence stocks late last week. Market sentiment was further supported by reports that Moonshot AI is considering a Hong Kong IPO within the next six months following the strong reception to its latest AI model.
Semiconductor shares led the gains, with Semiconductor Manufacturing International Corp (SMIC) rising 4.5% and Hua Hong Semiconductor advancing more than 6%. China's leading internet companies also posted solid gains, with Meituan climbing 4%, JD.com adding 3%, and Alibaba jumping more than 5%.
Alibaba's rally came after the company unveiled a preview of Qwen Max 3.8, its latest flagship AI model, intensifying competition among Chinese artificial intelligence developers.
Meanwhile, investors also focused on DeepSeek after reports suggested the Hangzhou-based AI startup is preparing for a mainland China IPO following a new fundraising round. Reuters previously reported that DeepSeek is seeking fresh capital at a valuation of approximately 500 billion yuan ($74 billion), highlighting growing investor confidence in China's AI sector.
While established technology companies benefited from renewed optimism, rival AI startups faced renewed selling pressure. Shares of Zhipu AI and MiniMax each fell more than 10% as investors reassessed the competitive landscape after Moonshot AI's latest breakthrough.
The latest developments underscore the intensifying race among Chinese AI companies as they compete to build advanced large language models, attract investment, and strengthen China's position in the rapidly expanding global artificial intelligence market.
