HK Stocks Close Lower. SMIC Down 5%; Kuaishou Down About 4%; NIO, Alibaba, Meituan Down over 2%; Tencent Down 0.88%; Xiaomi up 1.5%
Hong Kong stock market closed with losses. The Hang Seng Index (HSI) fell by 0.58%, the Hang Seng China Enterprises Index (HSCEI) decreased by 0.48%, the Hang Seng Tech Index (HSTECH) dropped by 1.67%.
Dobot up more than 20%; SMIC down 5%; Kuaishou down about 4%; NIO, Alibaba, Meituan down over 2%; Tencent down 0.88%; Xiaomi up 1.5%.
US President Donald Trump said the US would respond to the European Union’s countermeasures against his new 25 per cent tariffs on steel and aluminium, escalating fears of recession risk globally.
US economic policy was “driving uncertainty” with a flurry of tariffs and tariff threats escalating trade tensions, Moody’s economists including Stefan Angrick said in a report entitled “Global Economy On Unsteady Ground”. Markets were “rattled” and business and consumer confidence were deteriorating, they added.
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