Equities in Hong Kong End 3-Session of Winning Streak
In Thursday's early trading, Hong Kong stocks declined by 128 points, or 0.6%, to 21,940, halting a three-day winning streak. This downturn occurred as investors capitalized on recent gains following the Hang Seng Index's rise to a three-week high. Concurrently, U.S. stock futures showed slight dips after Wall Street's performance saw strong progress for two consecutive days. These advances were buoyed by softer stances from the White House on China tariffs and reassurances that President Trump would not seek to replace Federal Reserve Chair Jerome Powell. Declines were noted in the property, consumer, and tech sectors, while the financial sector remained stable, as market participants anticipated further insights from the April Politburo meeting amid ongoing U.S.-China tensions. Nonetheless, the extent of the market's downturn was mitigated by stable inflation figures, with Hong Kong's annual inflation rate steady at 1.4% in March. Separately, according to the Financial Times, Trump is contemplating reducing tariffs on auto parts ahead of a May 3 deadline. Early trading saw Meituan decrease by 3.7%, Horizon Robotics fall by 7.7%, Sinopharm Group drop by 2.7%, and Kuaishou Tech decline by 2.1%.
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