Shares in Hong Kong Rally but Faces Weekly Drop
Hong Kong stocks surged 396 points or 1.7% to 23,862 on Friday morning, snapping a six-session losing streak as U.S. futures rebounded following an overnight slump on Wall Street due to President Trump's threat of more tariffs.
Meantime, China vowed to take all necessary measures to protect its interests after the latest U.S. levies. Adding to the bullish mood, manufacturing production in Hong Kong grew 1.0% yoy in Q4, bouncing back from the prior 0.1% fall.
All sectors advanced, led by consumer and tech. Baidu climbed 2% amid reports of a partnership with Tesla to enhance advanced driving assistance in China. Hong Kong-listed Rusal jumped 5% after reporting a solid surge in annual earnings.
However, the Hang Seng is on track for a weekly loss, down around 1.5% so far, pressured by concerns over China’s ability to meet its 2025 GDP growth target of around 5% amid ongoing trade barriers, deflation risks, and worries that Beijing may offer only modest fiscal stimulus to spur consumption.
Source: Trading Economics