China’s Shanghai Composite Closes Down 0.41% at 3875.60

The decline is broad rather than concentrated: every major index on the board closed lower, and the growth-oriented STAR 50 and small-cap CSI 1000 took the larger hits while the Shenzhen Component held up best. That pattern suggests risk appetite cooled across market caps rather than a rotation into defensives, which is the more telling signal for anyone tracking Chinese equity risk sentiment. Whether the STAR 50's underperformance persists relative to the broader benchmarks is the open question.