FX.co ★ Hang Seng Under Pressure at Finish

The Hang Seng Index declined by 331 points, or 1.4%, closing at 24,035 on Thursday. This downturn reversed the gains from the previous session, driven by a sharp drop in U.S. futures following President Trump's new tariff threats. This development followed positive discussions between China and the U.S. aimed at reducing trade tensions. President Trump announced that letters containing new trade deal terms would be dispatched to various countries, which would have the option to accept or reject the terms. The markets retreated from their near three-month highs as many investors chose to take profits. Additionally, a cautious sentiment prevailed ahead of the release of U.S. Producer Price Index (PPI) data, following below-expected Consumer Price Index (CPI) figures for May. However, inflation is predicted to increase in the forthcoming months. On the corporate side, Kingsoft Cloud announced that its Chief Financial Officer would resign by June 30. Meanwhile, Horizon Robotics experienced a 3.9% decline after revealing a HKD 4.67 billion share placement by existing shareholders. Other significant declines included Kuaishou Technology (-6.1%), Xiaomi (-3.6%), Semiconductor Manufacturing International Corporation (SMIC) (-2.2%), and Geely Automobile (-2.8%).