The Hang Seng Index weakened 61 points, or 0.24%, to close at 25,105 on Thursday (August 21st), reversing earlier gains after a sluggish start. Sentiment weakened as US index futures weakened, following the FOMC minutes that signaled a hawkish stance amid persistent inflation risks ahead of the Fed's Jackson Hole symposium.
Chairman Powell also expressed reluctance to cut interest rates, warning of tariff-driven price pressures this summer. Meanwhile, Reuters reported that China is considering allowing yuan-backed stablecoins to encourage global currency adoption, a potential shift in its stance on digital assets.
Technology and consumer staples stocks led the decline, with investors cautious ahead of Hong Kong's July inflation data due later today. China Resources Power plunged nearly 6% to a 4.5-month low on lower first-half revenue and dividend plans, while Baidu fell 2.6% on a revenue miss. Other significant decliners included Laopu Gold (-4.0%), Meituan (-3.0%), and Xiaomi Corp. (-2.3%). (alg)
Source: Trading economics
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