FX.co ★ Hong Kong Stocks Subdued After Typhoon Ragasa

Hong Kong stocks remained stable during Thursday's morning trade, with the index hovering around 26,528, closely following Wednesday’s upward movement. Gains in technology and consumer sectors balanced out declines in property and financial sectors. Investors noted that the city planned to cancel all typhoon warnings at 11:20 a.m. as Tropical Storm Ragasa moved away after causing some interruptions. Concurrently, China's central bank is set to initiate a 600-billion yuan medium-term lending facility (MLF) today to ensure sufficient liquidity in the market. In the United States, stock markets declined overnight after Federal Reserve Chair Jerome Powell's statements moderated expectations for rate hikes, ahead of the Personal Consumption Expenditures report, a key inflation measure for the Fed. Additionally, the U.S. reduced auto tariffs on European Union imports to 15%, retroactive to August 1. Chinese automobile manufacturer Chery Automobile surged 11.2% in its Hong Kong debut, marking a successful $1.2 billion initial public offering. Conversely, Hang Seng Bank experienced a 2.5% drop, followed by Lenovo Group with a decline of 2.3%, China Resources Land down by 2.2%, and Nongfu Spring with a decrease of 1.6%.