Hang Seng Jumps 1.4% as U.S. Court Blocks Trump Tariffs
The Hang Seng surged 315 points or 1.4% to close at 23,573 on Thursday, recovering from the prior day’s drop after a U.S. court ruled that President Trump exceeded his authority by imposing broad tariffs on U.S. trade partners.
Although the White House appealed the decision and could escalate it to the Supreme Court, the verdict raised hopes that Trump might ease the highest tariff threats. Tech stocks led gains, up 2.5% on strong earnings from Nvidia. Consumer and financial stocks also advanced, lifted by UBS raising its 2025 Hong Kong GDP growth forecast to 2.2% from 1%, amid robust Q1 GDP, a 90-day US-China tariff pause, strong IPO momentum, and a rebound in tourism. Further gains were capped by FOMC minutes showing concerns over inflation risks linked to tariffs.
Key movers included Laopu Gold (7.6%), Meituan (6.9%), Kuaishou Tech (4.7%), and Trip.com (3.3%). Pharma stocks jumped as China plans to reform drug pricing, with Wuxi Biologics surging 9.8% and Innovent Biologics up 3.1%.
Source: Trading Economics
