FX.co ★ Hong Kong Stocks Rally, Set for Solid Weekly Gain

Hong Kong's stock market experienced a significant rise on Friday morning, with shares climbing 424 points, translating to a 1.8% increase, reaching 24,454. This uptick follows the momentum from the previous session and marks a two-week high for the market. The upward trend mirrors the record highs achieved on Wall Street, where both the S&P 500 and Nasdaq have posted new peaks. Investors are becoming increasingly optimistic about China's potential for a comprehensive policy response, especially after June's producer prices recorded their most significant decline in nearly two years. All market sectors saw gains, with technology, financial, and consumer stocks leading the charge. This week's market performance reflects a 2% increase, recovering from the losses incurred in the previous week. However, gains remain cautious ahead of China's forthcoming release of June trade data and key announcements regarding June's economic activities and the second-quarter GDP next week. Concurrently, it has been reported that President Trump is contemplating the imposition of blanket tariffs ranging from 15% to 20% on major trade partners, following the declaration of 35% tariffs on Canadian imports, effective August 1. Among the top gainers were Wuxi Biologics with a 3.9% increase, SenseTime Group at 3.3%, AIA Group with 2.9%, and Meituan rising by 2.6%.