Crypto surges lead a risk-on tape as equities hold steady and the dollar firms. China and Europe flip to risk-on, with Hong Kong joining. Key upgrades: AAPL to high, TSLA to medium, 1810.HK to high, MC.PA to high, XOM to medium. Downgrades: 8306.T to neutral, 0005.HK to neutral. CATL and 2318.HK added; 002594 and 0388.HK dropped.