China ADRs and ETFs continued to rally in overnight trading. YINN, XPeng up more than 6%; Alibaba, Li Auto up 5%; NIO up 3%; JD.com up 2.5%.

Chinese tech megacaps are leaving their once-unbeatable US peers in the dust as DeepSeek spurs demand for the Asian nation’s stocks, an outperformance that many investors say has room to extend.

Chinese Foreign Minister Wang Yi said China will continue to retaliate to the United States’ “arbitrary tariffs” and accused Washington of “meeting good with evil” in a press conference Friday on the sidelines of the country’s annual parliamentary session.