China’s Shanghai Composite Opens Down 0.33% at 3718.44

The breadth of the pullback matters more than the headline index move: every major benchmark opened lower, and the growth-tilted gauges — ChiNext and STAR 50 — fell hardest, a pattern that typically signals softer appetite for higher-beta Chinese equities rather than a single-sector story. That divergence is the detail worth tracking, since it hints at where positioning is most fragile. Whether the small-cap CSI 1000's comparatively modest decline holds as the session develops, or the weakness broadens toward the large-cap CSI 300, is the open question.