FX.co ★ Hang Seng Slips Further But Surges 2% for the Week

The Hang Seng Index experienced a decline of 108 points, or 0.5%, closing at 23,345 on Friday. This marked the second consecutive day of losses, with downturns seen across all sectors. Investor uncertainty loomed regarding the future direction of policies as the 90-day trade war ceasefire between Washington and Beijing was set to expire in July. Although there was a rise in U.S. futures, it did little to bolster confidence as traders braced for China's upcoming April economic data releases, including industrial output and retail sales figures. Additionally, the People's Bank of China (PBoC) was poised to reassess its benchmark lending rates, which have remained at historically low levels in response to both domestic and international economic pressures. Despite the day's losses, the Hang Seng Index still recorded a weekly gain of approximately 2%, extending its positive streak to five consecutive weeks, the longest since February. This upward trend was supported by revised growth forecasts from global investment banks, driven by expectations of continued export acceleration to the U.S. In contrast, Alibaba's shares fell by 3.9% following a revenue shortfall, while Hang Seng Bank, Swire Pacific, and Meituan also recorded significant declines of 3.3%, 3.2%, and 3.1%, respectively.