The Hang Seng Index fell 324 points, or 1.2%, to close at 26,163 on Wednesday, snapping a two-session winning streak as investors turned cautious amid a mixed global backdrop. The extension of the US-Iran truce provided limited relief but did not fully ease uncertainty, with stalled talks and continued disruption to key oil shipping routes keeping risk sentiment subdued. Rising oil prices added inflation concerns, while global cues were uneven. In Hong Kong, CATL dropped 4.2% after a major shareholder sold a large block via an accelerated placement at a discount, triggering profit-taking and weighing on EV and tech sentiment. China Unicom fell about 2.4% after weaker-than-expected earnings, with profit and revenue declines sparking a sharp selloff. Major laggards included Tencent Holdings (-2.9%), SMIC (-1.3%), Meituan Class (-2.5%), Xiaomi (-1.9%), Pop Mart (-2.6%). Investors also awaited inflation data due tomorrow for signals on interest rates and global monetary policy direction.