Meta Platforms sparked a broader sell-off across the semiconductor complex after reporting its first cash outflow in more than a decade. At the same time, government bonds rallied, pushing the 10-year US Treasury yield back below 5%. Meanwhile, pressure on French assets intensified, with the spread between French and German 10-year government bond yields widening towards 180 basis points. In today’s Moving Markets episode, Richard Tang, Head of Research in Hong Kong, joins us to discuss the outlook for Chinese equities after major indices slipped into bear-market territory.