The Hang Seng Index slipped 0.6% to 24,410 on Wednesday, weighed down by profit-taking after recent gains, broader weakness in global technology shares, and renewed concerns over rising US interest rates.
US equities retreated overnight after stronger-than-expected consumer inflation data and hawkish comments from Federal Reserve officials reinforced expectations of a rate hike in December. The Nasdaq Composite lost 1%, while Nvidia dropped 6.5% amid worries about its competitive position and complications related to its Ohio data-center project.
Heightened US–China rivalry in artificial intelligence and uncertainty over technological cooperation ahead of the November 18–19 Trump–Xi summit further pressured the sector. Alibaba declined 2.87%, and recent weakness in Meituan following a broker downgrade underscored ongoing competitive pressures in China’s internet industry.
Technology, financial and biotech stocks led declines in Hong Kong, with Tencent (-1.6%), Z.AI Co. (-2.7%), MiniMax (-4.0%), AIA (-0.3%) and Manycore Tech (-2.3%) among the notable underperformers.
