The Hang Seng fell 182 points, or 0.8%, to close at 23,600 on Wednesday (3/12), reversing a subdued close in the previous session amid widespread losses. Sentiment was weighed down by concerns over China's deflation risks and the ongoing global trade spat. The EU escalated its trade dispute with the US by launching retaliatory new steel and aluminium tariffs, planning to impose duties on EUR26 billion worth of American goods. Caution also grew ahead of the US February CPI report after January's reading beat expectations. However, the losses were partly offset by a 34.4% yoy surge in Chinese auto sales in February. Meanwhile, US futures rose slightly after Trump downplayed recession fears. On the global front, Ukraine agreed to a month-long ceasefire with Russia. Technology stocks were the biggest losers, with around 2% dragged down by Horizon Robotics (-5.8%), Meituan (-2.3%), and Kuaishou Tech (-1.1%). Other worst performers included Lenovo (-7.0%), Prada Spa (-6.7%), and Sands China (-4.1%).
Source: Trading Economics
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