Market Reaction to Fed Chair Nominee: The DXY rose following President Trump's announcement of the Fed Chair nominee, while the Hong Kong stock market experienced significant declines, with the HSI dropping 498 points or 1.8% by the morning session's close.

Gold and Mining Stocks Performance: Gold prices fell over 3%, leading to substantial losses in mining stocks such as SD GOLD and ZIJIN GOLD, which plunged 12.9% and 10% respectively, alongside other mining companies experiencing similar declines.

Pharmaceutical Sector Developments: CSPC PHARMA's stock plummeted 12.5% despite a partnership with AstraZeneca for drug development, which included an upfront payment exceeding HKD9.3 billion.

Corporate News and Market Rumors: The Panama Supreme Court ruled contracts for two local ports unconstitutional, negatively impacting CKH HOLDINGS, while rumors of a potential ownership change at NEW WORLD DEV led to a 3.7% increase in its stock price.

Gold Price Decline: Gold prices have retreated from historical peaks, with spot gold down 4% to USD5,159.07 per ounce, and gold futures for February delivery falling 3.45% to USD5,134.8 per ounce.

Impact on Gold Miners: HK-listed gold miners experienced significant declines, with ZHAOJIN MINING down 9.65%, ZIJIN MINING down 8.8% after issuing USD1.5 billion in convertible bonds, and SD GOLD down 12.72%.

Short Selling Activity: There was notable short selling activity among gold stocks, with ratios exceeding 15% for several companies, indicating bearish sentiment among investors.

Market Outlook: Morgan Stanley suggests that gold prices have not peaked, with a potential bull case predicting prices could reach USD5,700 in the second half of the year.

Market Performance: The Nasdaq fell by 0.7% due to a drop in Microsoft shares, while the DJIA rose slightly by 0.1%. Hong Kong's stock market also opened lower, with significant declines in various indices.

New World Development Rumors: There are rumors that New World Development is changing ownership, with Blackstone negotiating to become the largest shareholder, leading to a 5.6% increase in its stock price.

Gold and Resource Sector Declines: Gold prices saw a significant drop, affecting stocks like SD Gold and Zhaojin Mining, which opened lower. Other resource companies, including Jiangxi Copper and CMOC, also experienced declines.

Tech Sector Performance: Major tech stocks such as Tencent, Alibaba, and JD.com opened lower, reflecting a broader trend of declines in the technology sector amidst increased short selling activity.

Market Overview: The HSI opened 199 points lower at 27,627, with the HSCEI and HSTECH also experiencing declines of 60 points and 46 points, respectively.

Sands China Ltd Performance: Sands China Ltd saw a significant drop of 7.43% at open, despite a 16.4% YoY increase in net revenue for Q4 2025, as its adjusted property EBITDA fell short of forecasts.

Tech Stocks Movement: Major tech stocks like Tencent and Alibaba opened down by 1-1.4%, while Kuaishou saw a slight increase of 2.61%.

Gold and Mining Stocks: Gold and silver prices surged, leading to mixed performances among mining stocks, with some like SD Gold and Zhaojin Mining opening higher, while others like Chinagoldintl experienced a decline.

Market Opening: The HSI opened 198 points higher at 27,325, with the HSCEI and HSTECH also showing gains of 58 points and 31 points, respectively.

Financial Sector Performance: HSBC, HKEX, and AIA saw increases of 2.2%, 0.5%, and 0.2%, while short selling activity was notable across these stocks.

Gold and Mining Stocks: With gold prices surpassing USD 5,200, several mining stocks, including CHINAGOLDINTL and ZIJIN MINING, experienced significant gains.

Tech and Chip Stocks: Major tech stocks like TENCENT and NTES-S opened higher, while chip stocks SMIC and HUA HONG SEMI also saw slight increases, despite some fluctuations in other tech shares.