FX.co ★ Hong Kong Equities Slip After Wall Street Sell-Off

In early trading on Tuesday, Hong Kong stocks experienced a decline of 104 points, or 0.5%, reaching 21,292. This downturn came on the heels of a slump on Wall Street the previous night. U.S. President Trump escalated his criticism of Federal Reserve Chair Powell, labeling him as “a major loser” for not reducing interest rates. Trading in Hong Kong resumed following a holiday break, but was overshadowed by renewed tensions as China threatened to retaliate against any U.S. trade deals that compromise its interests. However, losses were partially mitigated by remarks from Premier Li Qiang, who called for intensified efforts to stabilize the stock market. Meanwhile, the People’s Bank of China maintained its benchmark lending rates for the sixth consecutive month, as anticipated. All sectors opened weaker, with significant impacts on technology and consumer stocks. Among the notable decliners were Tongcheng Travel (-10.7%), H World Group (-7.7%), Meituan (-6.7%), and Trip.com (-3.4%). In contrast, Zhaojin Mining Industries saw a 3.5% increase, buoyed by strong earnings.