Hong Kong stocks rise after Beijing unveils support plan; US-China trade talks loom
Hong Kong stocks rose for a sixth straight trading day after Beijing unveiled a number of measures to support the economy and stabilise its markets ahead of US-China tariff talks this weekend.
Advertisement
Overnight, the US Federal Reserve kept its interest rate unchanged, reiterating that it was not in a rush to make cuts. Also, the Trump administration said it was prepared to end chip-export restrictions, which led to a Nvidia rally.
The Hang Seng Index rose 0.6 per cent to 22,816.65 at 10am, while the Hang Seng Tech Index was up 0.8 per cent. On the mainland, the CSI 300 Index was up about 0.5 per cent and the Shanghai Composite Index rose 0.3 per cent.
Carmaker Geely Automobile rose 5 per cent to HK$17.68, Li Auto increased by more than 4 per cent to HK$104.10 and food delivery platform Meituan rose 3 per cent to HK$142.90. Chipmaker Semiconductor Manufacturing International Corporation fell 3 per cent to HK$44.80 and tech giant Baidu declined by more than 2.5 per cent to HK$85.15.
The Hong Kong Monetary Authority (HKMA)
kept its base rate unchanged at 4.75 per cent on Thursday , in lockstep with the US Federal Reserve, which left its target range at 4.25 to 4.5 per cent after the year's third Federal Open Market Committee meeting, as policymakers assessed the potential inflationary impact of President Donald Trump's tariffs.
Advertisement
On Wednesday, the Trump administration said it would rescind and replace Biden-era curbs on global artificial intelligence chip exports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
26 minutes ago
- South China Morning Post
At Shangri-La Dialogue, Pete Hegseth warns China aims to alter Indo-Pacific status quo
US Defence Secretary Pete Hegseth told Indo-Pacific defence chiefs that China wanted to 'fundamentally alter the region's status quo', and that American allies must step up defence investments. Speaking on Saturday in Singapore at the Shangri-La Dialogue , Asia's premier defence conference, Hegseth said that the threat posed by China was 'real and could be imminent'. He said this included its efforts to build the capacity to take over Taiwan by force by 2027. 'President Trump has also said that Communist China will not invade Taiwan on his watch,' he added. He said that while the United States did not seek war or to humiliate China, 'it has to be clear to all that Beijing is credibly preparing to potentially use military force to alter the balance of power in the Indo Pacific'. He appealed to senior officials there, saying that Washington 'counts on' American allies and partners to do their part on defence as they shift their strategic focus to the region.
South China Morning Post
31 minutes ago
- South China Morning Post
Family happiness in Hong Kong has risen but still falls short of pre-pandemic levels
Family happiness in Hong Kong has improved for the first time in three years. However, it has not yet returned to pre-pandemic levels. Mental health experts are asking the government to develop family policies modelled after Singapore. is a concern group under Wofoo Social Enterprises. The group revealed that the family happiness index stood at 6.91 out of 10. It is an improvement from 6.43 last year but lower than the 7.26 in 2021. Families with children aged between six and 12 were the least happy. This could be because of stressful environments in primary schools, according to mental health experts.
South China Morning Post
41 minutes ago
- South China Morning Post
Hong Kong hits a high with global legal body, but now comes the hard part
Hong Kong made a groundbreaking move on Friday when it became the headquarters for a new intergovernmental mediation body but the unit's real tests will be in the types of substantive cases it handles and whether more countries will join the convention, experts have said. While the China-led International Organisation for Mediation launched on Friday with 33 signatories, and the conspicuous absence of major Western countries, leading lawyers said they expected more nations would join once the body's work was promoted. Chinese Foreign Minister Wang Yi was front and centre at a high-level ceremony for countries to formally sign as founding members of the organisation. Many of them are part of the Belt and Road Initiative, a push by Beijing to link economies into a China-centred trade and development network. The bulk of them are African states, such as Algeria, Ethiopia and Cameroon, alongside five Asian nations, including Pakistan, Laos and Indonesia, five from Latin America and the Caribbean, five from Oceania and two from Europe. All are generally considered to be developing countries. Asked about the participating countries, former justice minister Teresa Cheng Yeuk-wah stressed that each one was an equal entity that should not be judged as 'big or small'.
