The Hang Seng fell 124 points or 0.5% to finish at 23,258 on Wednesday, swinging from modest gains in the previous session as broad-based losses across financials, consumer, and tech sectors weighed on the market.
Sentiment turned sour amid rising concerns that China-U.S. trade tensions could escalate once the current three-month pause ends in July. Risk appetite was further dampened by an intensifying price war in China's auto sector after BYD Co. announced new discounts on over a dozen models.
Adding to the cautious mood, investors braced for China's official PMI data in the coming days, with concerns persisting over sluggish factory activity despite Beijing's stimulus efforts.
Meanwhile, U.S. futures retreated modestly following Tuesday's Wall Street rally, as investors awaited Nvidia's earnings later in the day. Automakers declined, with BYD Co. down 2.7%, Li Auto 2.4%, and Geely Auto 2.0%. Pop Mart Intl. plunged 6.7%, marking its biggest one-day drop since early April.
Source: Trading Economics
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