The Hang Seng Index slipped 0.4% on Wednesday, pressured by weakness in technology and consumer stocks amid growing concerns over tighter AI regulations in the US. US equity futures also retreated, with Nasdaq 100 futures down 0.9% and S&P 500 futures off 0.5%, as investors weighed the potential implications of a Democratic victory in the midterm elections.
After the close, stronger-than-expected third-quarter earnings from AMD lifted semiconductor shares in after-hours trading, providing some support to the broader technology sector. On the mainland, the CSI 300 fell 0.2% in the previous session despite Beijing’s latest market-support measures.
In macro data, Hong Kong’s GDP growth accelerated to 5.2% year-on-year in Q3, up from 4.2% in Q2. Among notable movers, Xiaomi (-2.2%), Trip.com (-2.6%), and Meituan (-1.4%) declined, while SMIC (+1.1%) and Wuxi Biologics (+4.3%) advanced.
Investors also kept a close eye on China’s currency policy after the PBoC announced an increase in the foreign exchange reserve requirement ratio, aimed at curbing further appreciation of the yuan.
