The Hang Seng fell 132 points or 0.6% to close at 23,158 on Monday, marking its second straight decline amid broad sectoral losses. Renewed Sino-U.S. trade tensions weighed on sentiment after China rejected President Trump's claims that it had violated a Geneva trade deal, calling the accusations "groundless" and vowing to take "forceful measures" in response.
U.S. futures also dropped sharply after Trump announced a steel tariff hike to 50% starting Wednesday, with the European Commission warning of possible retaliation.
However, markets trimmed earlier losses after Treasury Secretary Bessent reassured investors the U.S. "will never default," despite concerns over the debt ceiling.
Meantime, mainland markets were closed for a holiday and will resume trading Tuesday. Automakers continued to fall on persistent price war fears, with Li Auto down 2.2%, along with BYD (-2.0%), and Nio (-2.5%). Major laggards included Akeso Inc. (-10.4%), Longfor Group (-5.4%), and CSPC Pharma (-4.7%).
Source: Trading Economics
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