The Hang Seng Index weakened 38 points, or 0.15%, to close at 25,524 on Tuesday (July 29th), reversing gains from the previous session as most sectors declined. Traders are increasingly cautious about the potential negative impact of the US-EU trade deal, including its implications for growth and inflation.
Meanwhile, President Trump raised global tariffs by 15% to 20% for non-negotiating partners, a level not seen since the Great Depression. Profit-taking also weighed after benchmark indexes in Hong Kong and China recently hit multi-year highs. However, the benchmark indexes pared earlier sharp losses after Commerce Secretary Howard Lutnick indicated Washington might extend a 90-day tariff pause with Beijing, potentially paving the way for a Trump-Xi Jinping meeting later this year.
Investors are now turning to this week's key macro events, including the Fed's interest rate decision, US inflation data, and China's July PMI. Among the stocks that experienced significant declines was KE Holdings. (-3.0%), Xiaomi Corp. (-2.6%), HKEX (-1.7%), and Want Want China (-1.6%).(alg)
Source: Trading economics
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