The Hang Seng Index slipped 0.3%, or 81 points, to 24,752 on Thursday, marking a second straight session of losses as a global bond sell-off, a stronger US dollar, and a rebound in oil prices weighed on risk appetite. US Treasury yields jumped overnight, with the 10-year yield climbing to its highest level since 2007, while the dollar advanced to near a two-month high. This backdrop is expected to pressure Hong Kong’s technology and growth stocks, which are particularly sensitive to rising global borrowing costs.
Investors also kept a close eye on the Trump–Xi summit in Washington, after US Treasury Secretary Scott Bessent said the US and China had agreed to extend their trade truce by two months, to January 10. At the same time, oil prices rebounded amid uncertainty surrounding progress in US–Iran talks, stoking fresh inflation concerns.
Among the notable decliners were Tencent (-0.5%), Z.AI Co. (-1.9%), Kingboard Laminates (-1.5%), Lenovo (-3.7%), and SMIC (-1.8%).
