The Hang Seng Index plunged 265 points, or 1.1%, to close at 24,508 on Friday (August 1), weakening for a fourth session and hitting a two-week low. Risk sentiment weakened after the US imposed high tariffs on dozens of trading partners, while US futures prices fell sharply after higher June inflation data.
The new tariffs are expected to add to price pressures, fueling concerns about further inflation. Traders are also cautious ahead of US employment data due later today. For the week, the index fell 3.5%, its first weekly decline in four weeks, amid concerns about slowing Chinese momentum. Meanwhile, US-China trade talks ended without any tangible progress, leaving the decision on tariffs in the hands of President Trump.
This decline was capped by new data showing Hong Kong's GDP grew 3.1% year-on-year in the second quarter, the fastest pace since the fourth quarter of 2023, driven by strong exports and domestic demand. Stocks that experienced significant declines included Smoore Holdings (-5.7%), Prada Spa (-5.5%), Innovent Biologics (-5.3%), and Swire Properties (-3.1%). Xpeng fell 0.4%, despite strong July deliveries. (alg)
Source: Trading Economics
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