Hong Kong stocks fell 50 points, or 0.2%, to 24,851 in Wednesday morning trading, ending a two-day winning streak amid weakness in the technology, consumer discretionary, and financial sectors. Sentiment worsened after Wall Street closed lower overnight, as weak US data underscored the economic impact of tariffs on activity and earnings.
Risk appetite was further dented by reports that two Chinese nationals were arrested in California for allegedly smuggling AI chips, including the Nvidia H100, to China. Caution also grew ahead of China's July trade data and inflation report, with lingering concerns about the impact of rising trade barriers and the risk of continued deflation.
However, further declines were limited after US President Trump said Washington and Beijing were "very close" to extending their trade truce, which is set to expire on August 12. Stocks that experienced significant declines included Li Auto (-3.5%), CSPC Pharmaceutical (-2.9%), Meituan (-2.0%), and MGM China (-1.3%). In contrast, Wuling Motors jumped 7.7% based on its first-half profit projections. (alg)
Source: Trading Economics
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