Hang Seng Extends Gains
The Hang Seng rose 168 points or 0.7% to close at 24,994 on Monday, up for the second session amid gains in most sectors. Consumer, tech, and property stocks led the rise, as traders cheered the PBoC’s move to leave its key lending rates at record lows, in line with consensus. The index hit its highest level since February 2022, buoyed by optimism over U.S.-EU trade talks ahead of the August 1 tariff deadline.
U.S. Commerce Secretary Lutnick expressed confidence that a deal could be reached, while China and the EU are set for high-level talks this week, with top EU officials scheduled to meet President Xi Jinping Thursday. Sentiment was also lifted by news that Beijing plans to roll out action plans to support growth in machinery, autos, and electrical equipment.
Meantime, U.S. futures rose ahead of key tech earnings, though gains in Hong Kong were capped by caution before June inflation data. Top gainers included China Hongqiao (4.4%),China Overseas Land (3.0%), and Meituan (2.8%).
Source : Trading Economics