The Hang Seng fell 249 points or 1.0% to close at 25,270 on Friday, slipping for the second session as all sectors dipped. Weak July data in China hit investor sentiment as industrial output grew the least in eight months, retail sales notched a six-month low, and the jobless rate rose to a four-month high of 5.2%.
The Chinese statistics agency also warned of persistent risks from global headwinds and weather disruptions. Still, the index rose 1.7% for the week, its second straight gain, helped by Wall Street record highs and optimism over a possible Fed rate cut in September, as well as a 90-day US–China trade truce extension.
Meantime, Beijing rolled out steps to ease pressure on the economy, subsidizing consumer loan interest and directing state firms to buy unsold homes from distressed builders. NetEase slid 3.6% on weak gaming revenue. Other decliners were Sun Hung Kai Properties (-5.3%), Henderson Land (-4.8%), MTR Corp (-3.1%), Sunny Optical Tech. (-2.8%), and Meituan (-2.3%).
Source: Trading Economics
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