Global Market: China stocks rebound as state support boosts sentiment, tech shares remain under pressure

Chinese equities rebounded sharply with the CSI300 up 1.6 percent and Shanghai Composite gaining 1.2 percent, while the Hang Seng climbed 2 percent, after state-owned investment firms deployed around 60 billion yuan (about $8.86 billion) to buy domestic equities following last week's five percent-plus correction. The rally was led by consumer, property and utility sectors as investors rotated away from technology, with the STAR Composite Index down 1 percent and a semiconductor sub-index falling 3 percent for a seventh straight session of losses. Chipmaker CXMT Corp's $8.6 billion IPO also drew softer institutional demand, signaling greater caution toward richly valued tech names.