FX.co ★ Hong Kong Closes at Near 3-Month Peak

The Hang Seng index advanced by 184 points, equating to a 0.8% increase, concluding at approximately 24,349—marking its highest point in nearly three months. This rise on Wednesday followed a minor decrease in the previous session, and it continues the upward trend observed since early June, driven by widespread sectoral strength. Optimism prevailed regarding advancements in trade negotiations between the U.S. and China, although specific details of the newly agreed framework remain undisclosed. Gains in mainland stocks contributed positively to market sentiment, counterbalancing a slight downturn in U.S. futures ahead of critical inflation reports. In corporate developments, Chinese automotive firms committed to reducing supplier payment periods in light of an intensifying price competition. JL Mag Rare-Earth Co. saw a 2.8% increase after obtaining licenses for export to the U.S., Europe, and Southeast Asia. Meanwhile, Pop Mart experienced a 3.6% rise following a record-breaking sales achievement for its "blind box" toys. Huitongda Network's shares climbed nearly 3% amidst plans to repurchase up to CNY 500 million in H shares. Other notable gainers included China Hongqiao Group with a 5.3% rise, China Resources Land with a 1.5% increase, and HKEX, up by 1.3%.