Hang Seng Trims Losses at Finish
The Hang Seng slipped 114 points or 0.4% to close at 26,086 on Thursday, snapping four-day declines and retreating from its four-year high amid broad sector losses. Sentiment weakened after the New York Times reported the U.S. may impose curbs on Chinese medicines and tighten scrutiny of licensing deals for experimental drugs.
Pharma stocks led weakness, with Hansoh Pharma plunging 8.3%, followed by CSPC Pharma (-7.1%), Akeso Inc. (-4.7%), and Wuxi Biologics (-4.7%). Other notable laggards included Meituan (-4.6%), Li Auto (-2.9%), and Geely Auto (-1.1%).
Still, losses were partly pared after Bloomberg News said China may support local governments by directing state banks to extend loans to cover unpaid bills, boosting mainland stocks.
Meanwhile, U.S. futures edged higher as soft producer price data strengthened bets on more Fed rate cuts this year, with a 25bps reduction as early as next week. In Europe, the ECB is expected to keep rates unchanged for a second meeting later today.
Source : Trading Economics
