Hong Kong stocks edged lower on Thursday morning, holding at around 24,906 and ending a three-session winning streak, driven primarily by technology and consumer stocks. Sentiment weakened after US President Trump announced a 100% tariff on imported semiconductors, sparking concerns about a protracted trade war.
Investors also grew cautious ahead of China's July trade data due later today, as Trump's unpredictable tariff policies have increased pressure on the Chinese economy. The losses were offset by a modest rise in US futures, amid reports that trading partners were rushing to finalize a deal before the tariff deadline.
Meanwhile, speculation grew about a potential Fed rate cut and expectations that companies could overcome ongoing trade barriers. Cathay Pacific fell nearly 2% after warnings of falling airfares, difficulties at its low-cost carrier, and an uncertain cargo outlook. Pharmaceutical stocks also declined, with Akeso down 5.3%, Innovent Biologics 5.0%, and Hansoh Pharma 3.2%. (alg)
Source: Trading Economics
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