In the morning session on Thursday, Hong Kong's stock market saw an uptick as shares rose by 53 points, or 0.2%, reaching 25,659 — marking a four-day consecutive rise and achieving a three-week high. Investor sentiment was buoyed by record-breaking closes on Wall Street for the S&P 500 and Nasdaq for the second consecutive day, as traders heightened their expectations for a US Federal Reserve interest rate cut in the upcoming month. Meanwhile, Treasury Secretary Bessent advocated for a series of interest rate reductions, beginning with a 50 basis point cut in September.
In China, the government took steps to boost consumption by pledging interest subsidies for businesses in eight consumer service sectors. Despite these positive indicators, caution prevailed in anticipation of forthcoming July economic data from China, particularly industrial output and retail sales figures. Most sectors experienced gains, with notable strength in the property, consumer, and tech sectors. Tencent saw a nearly 2% rise, reaching its highest point in four and a half years following a better-than-expected quarterly revenue report. Additionally, KE Holdings rose by 4.0%, SMIC by 3.3%, Zhaojin Mining by 1.7%, and Meituan by 1.5%. Conversely, Lenovo experienced a 3.6% decline despite reporting a significant increase in first-quarter profits.
