Hang Seng Under Pressure at Finish
The Hang Seng dipped 331 points or 1.4% to close at 24,035 on Thursday, reversing gains from the prior session amid a plunge in U.S. futures following a fresh tariff threat from President Trump. This came just a day after China and the U.S. had struck a positive tone in talks to ease tensions.
Trump said letters detailing new trade deal terms would be sent to many countries within weeks, which they could accept or reject. Markets pulled back from near three-month highs, with all sectors down as traders locked in profits. Sentiment was also increasingly cautious ahead of U.S. PPI data later in the day, after softer-than-expected CPI figures in May, though inflation is expected to rise in coming months.
On the corporate front, Kingsoft Cloud's CFO will step down on June 30. Horizon Robotics lost 3.9% after announcing a HKD 4.67 billion top-up placement by existing shareholders. Other notable losers included Kuaishou Tech (-6.1%), Xiaomi (-3.6%), SMIC (-2.2%), and Geely Auto (-2.8%).
Source : Trading Economics
