Hong Kong stocks snap 3-day decline on optimism about US trade deals

South China Morning Post

13 hours ago

Hong Kong stocks rose on Tuesday, arresting a three-day decline, on optimism that the US will sweeten its tariff deals with key trading partners after the Trump administration postponed the effective date of new levies on 14 countries.
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The Hang Seng Index climbed 0.3 per cent to 23,960.03 as of 10.01am local time, while the Hang Seng Tech Index gained 0.5 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.2 per cent.
Tech stocks led gains, with Baidu rising 2.6 per cent to HK$88.05 and Kuaishou Technology advancing 2.4 per cent to HK$64.55. Xiaomi gained 1.7 per cent to HK$58.20 and Tencent Holdings added 0.2 per cent to HK$503.
US President Donald Trump told Japan and South Korea that new tariffs would take effect on August 1 after applying a 25 per cent rate on the two countries, fanning speculation that there would be additional wiggle room in future negotiations.
The tariff rates imposed on other countries including Malaysia, Indonesia and Laos ranged from 25 to 40 per cent, according to the White House.
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US Treasury Secretary Scott Bessent said in an interview with CBNC that he expected to meet with his Chinese counterpart in the coming weeks to engage in talks on trade and other issues.