The Hang Seng Index fell 1.7%, or 419 points, to 24,333 on Friday, marking a third straight session of losses as a sharp rise in global bond yields and persistent worries over inflation and interest rates dampened risk appetite. The drop followed a steep climb in US Treasury yields on Thursday, with the 10-year yield touching about 5.20%—its highest level since 2007—and the 30-year yield reaching its strongest level since 2004. These moves reinforced expectations that the Federal Reserve may keep interest rates elevated for an extended period.
In commodities, Brent crude stayed above $103 per barrel after a Houthi missile attack on Saudi Arabia reignited concerns over potential supply disruptions.
Technology and financial shares led the decline, with notable losses in Tencent (-1.1%), AIA (-2.2%), Xiaomi (-3.4%), HKEX (-1.4%), and Meituan (-2.5%). Investors were also awaiting China’s latest PMI readings and continued to scrutinize the Trump–Xi Jinping summit for signals on future trade and economic policy.
