FX.co ★ Hang Seng Jumps 1.4% as U.S. Court Blocks Trump Tariffs

On Thursday, the Hang Seng Index rallied by 315 points, or 1.4%, concluding the session at 23,573. This rebound came after a setback the previous day following a U.S. court decision that President Trump's imposition of widespread tariffs on trade partners exceeded his legal powers. While the White House has initiated an appeal, potentially taking the matter to the Supreme Court, the ruling has sparked optimism that Trump may soften his most severe tariff threats. Gains were primarily driven by the technology sector, which climbed 2.5% on robust earnings from Nvidia. Consumer and financial sectors also saw an uptick, buoyed by UBS's upward revision of its 2025 Hong Kong GDP growth forecast from 1% to 2.2%. This positive adjustment is in light of strong first-quarter GDP figures, a 90-day pause in US-China tariffs, vibrant IPO activity, and a recovery in tourism. Nevertheless, further gains were tempered by Federal Open Market Committee (FOMC) minutes expressing concerns over inflationary pressures stemming from tariffs. Notable performers included Laopu Gold, which surged 7.6%, Meituan rising 6.9%, Kuaishou Technology up 4.7%, and Trip.com advancing 3.3%. Additionally, pharmaceutical stocks experienced a significant boost as China announced plans to reform drug pricing, with Wuxi Biologics soaring 9.8% and Innovent Biologics gaining 3.1%.