The Hang Seng tumbled 409 points or 1.9% to close at 21,057 on Wednesday, snapping six-session of gains as U.S. futures plunged amid mounting uncertainty over U.S. trade tariffs.
Markets fell from a two-month high after some major banks, including Morgan Stanley and UBS, cut China's 2024 growth outlook due to tariff pressure. Goldman Sachs also warned that previous export frontloading may weigh on Q2 growth. China's economy expanded 5.4% yoy in Q1, holding steady for the second quarter and beating consensus of 5.1%.
Losses were almost broad-based, led by tech stocks, with the sector sinking 3.7% after Nvidia disclosed a potential $5.5 billion charge tied to new U.S. export curbs on its H20 AI chips. Alibaba fell 4.1%, and Tencent dipped 2.6%. Still, the index trimmed its early declines after Premier Li Qiang called for stronger efforts to boost consumption and domestic demand. Notable laggards included Meituan (-7.4%), Kuaishou Tech. (-4.6%), Wuxi Biologics (-4.5%), and Xiaomi (-4.4%).
Source : Trading Economics
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