First Squawk
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China’s Hong Kong and Macau Affairs Office states Jimmy Lai’s sentencing reflects HKSAR’s determination to uphold national security and the rule of law.
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Berenberg lifts Lotus Bakeries target price to €10,157, up from €9,420.
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CHINA URGES BANKS TO CURB US TREASURIES EXPOSURE ON MARKET RISK

#BREAKING
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Tin prices on SHFE surge over 6% in most active contract.
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DSM-Firmenich announces share buyback program starting Q1 2026.
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Citigroup lifts GSK target price to 2,250p from 1,900p.
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BLOOMBERG REPORTS

Chinese officials have urged banks to limit purchases of US government bonds and instructed those with high exposure to pare down their positions, sources say
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Citigroup lifts Maersk target price to DKK 15,350, up from DKK 14,929.
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U.S. 10-year Treasury yield climbs 4 bps to 4.2459%.
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5-year JGB yield up 5 bps at 1.735%.
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2-year JGB yield up 3.5 bps at 1.310%.
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Yield on 20-year JGB rises 3.5 basis points to 3.165%.
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KBW lifts Chubb Ltd target price to $373, up from $355.
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TD Cowen lifts Biogen target price to $215, up from $175.
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Indonesia Investment Ministry questions Agincourt Resources on legal and environmental operations at Martabe gold mine.
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Indonesia Investment Ministry says Martabe mine decision will prioritize legal aspects and investor confidence.
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Jefferies lowers MetLife target price to $96 from $101.
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Nikkei hits all-time closing high in Japan.
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TD Cowen lifts GSK target price to 2,555p from 2,006p.
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Jimmy Lai Faces Jail Term “On Par with Life Imprisonment,” Says UK Foreign Secretary
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UK Official Calls for Jimmy Lai to Be Freed for Humanitarian Reasons
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