The Hang Seng Index plunged 404 points, or 1.6%, to close at 24,773 on Thursday (July 31), marking its third consecutive decline and its lowest close in two weeks. Sentiment worsened after China's official PMI showed services activity grew at its slowest pace in eight months and factory output fell the most in six months, amid rising trade barriers and extreme weather.
Meanwhile, US President Trump's "reciprocal" tariff suspension is set to expire on Friday, with only eight trade deals reached in the past 120 days. On the monetary front, Fed Chairman Powell dismissed expectations of a September interest rate cut, but kept rates unchanged for the fifth consecutive meeting. The decline was broad-based, led by property, consumer discretionary, and financial stocks.
Stocks that experienced significant declines included Laopu Gold (-9.2%), Meituan (-4.7%), Pop Mart Intl. (-4.5%), and China Overseas Land (-4.2%). Despite this, the index surged 2.9% in July, its third monthly increase, driven by hopes of an extension of the US-China tariff truce and Beijing's pro-growth measures. (alg)
Source: Trading Economics
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