The Hang Seng Index fell 72 points, or 0.3%, to close at 24,518 on Wednesday (July 16th), down from a four-month high reached earlier in the session as traders booked profits. The decline ended a four-day winning streak, with sentiment weighed down by falling US futures prices following June inflation data, which indicated that tariffs may push prices higher and dampen expectations of a Fed rate cut.
Meanwhile, President Trump said he may impose tariffs on pharmaceutical products by the end of July, with levies on semiconductors likely to follow soon after. He predicted these targeted import taxes could be imposed alongside broader "reciprocal" tariffs scheduled to take effect on August 1st.
Dutch tech giant ASML also added to the pressure, warning of stagnant growth in 2026, despite exceeding revenue and profit estimates for Q2 2025. Companies that lagged behind included Pop Mart International (-4.3%), Zhejiang Leapmotor Tech (-3.0%), KE Holdings (-2.7%), and China Longyuan Power (-2.5%). (alg)
Source: Trading Economics
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