The Hang Seng Index fell 347 points, or 1.4%, to close at 25,177 on Wednesday (July 30th), extending losses from the previous session amid widespread declines. Technology stocks slumped 2.7%, while consumer discretionary and financial stocks each fell about 1.5%, after US-China trade talks ended without substantial progress, leaving President Trump with the final decision on tariffs.
Caution is also growing ahead of today's Fed interest rate decision, with analysts saying most officials prefer to assess the inflationary impact of tariffs, especially with Trump's August 1st deadline approaching. Meanwhile, China's upcoming official and private PMI data for July are drawing attention amid concerns about deflation and the impact of expanding trade barriers.
Losses were limited by a third consecutive gain in mainland Chinese stocks, as investors braced for a possible bull market. Hang Seng Bank plunged 7.3% after its first-half profit plunged 30%. CATL fell 5% as Tesla signed a supply deal with LG Energy. Li Auto, Mixue, and Pop Mart also saw sharp declines. (alg)
Source: Trading Economics
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